QUESTION THREE [25] The following information was extracted from the accounting records of Shock Electricians for the year ended 20 February 2021. Nzuza and Scott are owners in this partnership sharing profits and losses equally. Balances extracted from the general ledger at 28 February 2021 R 440 000 350 000 250 000 Profit and loss account - profit for the year. Capital - Nzuza. Capital - Scott Current account-Nzuza (Credit balance at 1 March 2020). Current account - Scott (Debit balance at 1 March 2020). Drawings - Nzuza Drawings - Scott 30 000 20 000 31 300 37 500 Additional information: 1. During the year partners were paid salaries of R30 000 each. This was posted to Salaries and Wages expense account and deducted to calculate profit for the year. This error needs to be corrected. 2. The following Provide for interest on capital at 10% per year. NOTE that Nzuza brought in additional capital of R50 000 on 30 November 2020. Investment of additional capital has been correctly recorded and included in the above figures. It was also decided to increase rate of interest on capital to 12% from 1 December 2020. 3. Interest must be provided at 12% per year on opening balances of current accounts. 4. Each partner is entitled to a salary of R3 000 per month. 5. Interest on drawings was calculated on daily balances and amounts to the following for the year Nzuza R3 120 Scott R3 880 6. The remaining profits must be shared equally between Nzuza and Scott Required: 3.1 Prepare the following general ledger accounts for the year ended 28 February 2021 to reflect all the above; (Show all workings): 3.1.1 Appropriation Account 3.1.2 Current Account: Scott (13) (9) 3.2 Nzuza and Scott do not have a partnership agreement in writing. Scott has been in many discussions with Nzuza in this regard. Scott is insisting that the partnership is not legal if there is no written partnership agreement. Provide a brief explanation of the need for a written partnership agreement. (3)