QUESTION FOUR [25] Stan and Ben are in partnership, sharing profits and losses in the ratio of their capital account balances at the beginning of the financial year. On30 June 2019, Stan deposited an additional R150 000 into the partnerships bank account. The introduction of Stan's capital has been correctly recorded. REGENT BUSINESS SCHOOL (RBS) - JANUARY 2020 36 BACHELOR OF COMMERCE IN SUPPLY CHAIN MANAGEMENT YEAR 1 ACADEMIC AND ASSESSMENT CALENDAR DISTANCE The following is an extract of relevant accounts from the trial balance at financial year end 31 December 2019 R 450 000 Capital - Stan Capital - Ben 300 000 Current account - Stan at 1 January 2019-credit balance 37 500 Current account - Ben at 1 January 2019 -debit balance 12 000 Drawings - Stan 48 450 Drawings - Ben 32 250 Profit for the year 937 500 Turnover/sales for the year 1 800 000 Additional information: The partnership agreement provided for the following: Interest on capital to be allowed at 10% per year. Interest to be provided at 12% per year on current account balances at the beginning of the year. Interest on drawings to be charged at 12% per year on daily balances. This was calculated as follows: Stan - R3 825; and Ben - R2 775. Salaries to be allowed as follows: Stan - R22 500 per month; and Ben R15 000 per month Stan is to be allowed a commission equal to 5% of turnover for the year. Ben is to be allowed a bonus equal to 7,5% of the net profit after allowing for interest on capital. The remaining profits are to be shared in the ratio of the partners capital accounts at the beginning of the year. Required: Prepare the following ledger accounts for the year ended 31 December 2019 BACHELOR OF COMMER SUPPLY CHAIN MANAGEMENT YEAR 1 ACADEMIC AND ASSESSMENT CALENDAR DISTANCE (15) (10) NB: The accounts must be properly balanced/closed. The detail column must show the contra account for each transaction. 4.1 Appropriation account 4.2 Current account - Ben QUESTION FIVE [25]