Question 3 and 4

Given information for questions 3 and 4: Sewula and Afrika are in a partnership trading as SewulaAfrika Beverages with a capital contribution of R80 000 and R95 000 respectively. The financial year end of the partnership is 31 December In terms of the partnership agreement Sewula and Afrika are each entitled to R14 000 salary per month. Afrika is also entitled to a commission calculated at 6% of total sales of the first nine months. Interest is calculated at 9% and 5% on the partner's capital and drawings accounts respectively. During the year the partnership recorded interest on drawings to the amount of R3 210 and R5 460 for Sewula and Afrika respectively. During the year the following amounts were withdrawn by the partners as salaries: Sewula R77 300 Afrika R103 000 Current account balance as at 1 January 2019 amounted to R62 000 (Dr) for Sewula and R51 000 (Cr) for Afrika. The total comprehensive income for the year amounted to R945 000 Annual sales of SewulaAfrika Beverages amounted to R1 547 600 after a 65% increase in the last four months of the year. QUESTION 3 Which one of the following alternatives represents the correct amount available as partner's share of total comprehensive income for the year ended 31 December 2019? 1. R609 000 2. R531 876 3. R523 206 4. R540 546 QUESTION 4 Assuming that the correct amount available as partner's share of total comprehensive income is R350 000. Which one of the following alternatives represents the correct closing balance of the current account of Afrika as at 31 December 2019? 1. R370 400 2. R375 924 3. R478 924 4. R370 464