QUESTION 4 PARTNERSHIPS (20) information given below was extracted from the accounting records of Salmon Ta REQUIRED ty as partners. The financial year ends on the last day of February each year. repare the following accounts in the General ledger of Salmon Traders: 4.1 Current a/c: Monty (Balance the account.) 4.2 Appropriation account (Close off the account.) 2 (13) INFORMATION Balances in the ledger on 28 February 2017 Capital: Sally Capital: Monty Current a/c: Sally (01 March 2016) Current a/c: Monty (01 March 2016) Drawings: Sally Drawings: Monty 400 000 200 000 20 000 (DR) 33 000 (CR) 200 000 180 000 The following must be taken into account: The net profit according to the Profit and Loss account amounted to R500 000 on 28 February 2017 The partnership agreement makes provision for the following: Interest on capital must be provided at 15% per annum on the balances in the capital accounts. Note: Sally increased his capital by R100 000 on 01 September 2016. Monty decreased his capital by R100 000 on the same date. The capital changes have been recorded. (a) (b) 70 PROGRAMME HANDBOOK: JANUARY 2018 INTAKE