QUESTION TWO I Singh and U Song are in partnership sharing profits and losses in the ratio of 2:3. The following relates to their business Best Deals whereby they sell furniture to the public. They are not registered as VAT vendors. Bank Capital: Singh Capital; Song Current account - Singh (1 March 2020) - Debit Current account - Song (1 March 2020) - Credit Drawings - Singh Drawings - Song Long term borrowing 1 The list of balances at 28 February 2021 before relevant additional information was taken into account is as follows: Furniture and equipment at carrying amount Inventory Debtors control Allowance for credit losses Creditors control Profit and loss account - profit for the year 2 Additional information: [25] R 323 090 315 450 351 400 5 850 33 900 200 000 300 000 22 000 65 000 45 540 43 980 120 000 146 270 542 400 On 1 September 2020, A Song contributed a further R50 000 as capital into the partnership. The transaction has been recorded correctly. The partnership agreement stipulates the following: