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REQUIRED Study the information given below and peepare the following: 3.1 Statement of Net lnwestment of Parthers for the year ended 28 February 2023. 3.2
REQUIRED Study the information given below and peepare the following: 3.1 Statement of Net lnwestment of Parthers for the year ended 28 February 2023. 3.2 Current acoount of Wendy in the general ledger. (Balance the acoount) (12 marks) INFORMATION (8 marks) The information given below wos extractod from the accounting records of Wendywood Tradors, a partnership business with Wendy and Wood as partness. The following must be considered: (a) The net proft according to the statement of comprehensive income amounted to R1 600000 on 28 February 2023. The sales for the year ended 28 February 2023 amounted to R4 000000. (b) The partnership agreement makes provision for the following: The parthership agreement makes provisiontor the folowing: Intert on capial must be provided at 12% per annum on the balances in the capital accounts. Note: The parthers increased their capital contributions by R200 000 each on 28 February 2023. The capital changes have been recorded. The parthers are entitled to the following monthly salaries: Wendy R24 000 Wood R23 000 Wendy is entifed to a special bonus equal to 5% of the annual sales. Wendy and Wood share the remaining profits or losses in the rato 32 respectively. The drawings account of each parther must be translerred to their respective current acoounts
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