QUESTION TWO [20]

The information provided relates to ST Traders. The business is a partnership owned by Sam and Tom Tibs. The financial year ended on 28 February 2020. Information: 1. Extract from the Trial Balance on 28 February 2020 Capital: Sam 750 000 Capital: Tom 500 000 Current Account: Sam (01 March 2019) 6 750 Current Account: Tom (01 March 2019) 9 800 (DR) Drawings: Sam ? Drawings: Tom ? Loan: Drago Bank 820 000 Bank (cr) 7 750 (CR) Cash Float 1 300 Inventories 28 620 Trade and other Receivables 37 500 Trade and other payables 32 300 Sales 1 120 000 Profit and loss (net profit for the year) ? 3 2. Partners earnings and drawings: Sam earns a salary of R102 000 per year. Tom earns 5% more than Sam. Interest on capital is calculated at 8% pa. Toms interest amounts to R40 000. Note that Sam increased his capital by R25 000 on 1 December 2019. This was recorded accordingly. Tom is entitled to a production bonus equal to 1,5% of turnover. The remaining profit or loss is shared between Sam and Tom in the ratio 3 : 2 respectively. The remaining profit earned by Tom was R7 500 after all adjustments were done. Tom also withdrew 60% of his total earnings for this financial year. Sam ended with a credit balance of R32 550 on his current account. Required: Complete the Current account note (Use below format and figures provided as well, calculate and fill in the missing figures)