REQUIRED Use the information provided below to prepare the following for the year ended 28 February 2022: 4.1 Current Account: Tina in the general ledger. Balance the account. 4.2 Appropriation Account in the general ledger. Close off the account. (7 marks) 4.2 An extract of the Statement of Changes in Equity that reflects the Capital (9 marks) Accounts of each partner. (The total column is not required.) (4 marks) INFORMATION The information given below was extracted from the accounting records of Toti Traders, a partnership business with Toni and Tina as partners. The following must be considered: (a) The net profit for the year, according to the Profit and loss account, amounted to R600 000 . (b) The partners are entitled to interest on capital at 15% per year. Partner Toni increased her capital by R200 000 on 01 June 2021. Partner Tina decreased her capital by R200 000 on the same date. The entries to record the capital changes have been made. (c) In terms of the partnership agreement the partners are entitled to the following monthly salaries: Toni R13 000 Tina R15 000 (d) Partner Tina is entitled to a bonus equal to 20% of the net profit in excess of R200 000 . (e) The balance of the profit (shortfall) must be shared between Toni and Tina in the ratio of their capital balances as at the beginning of the financial year. REQUIRED Use the information provided below to prepare the following for the year ended 28 February 2022: 4.1 Current Account: Tina in the general ledger. Balance the account. 4.2 Appropriation Account in the general ledger. Close off the account. (7 marks) 4.2 An extract of the Statement of Changes in Equity that reflects the Capital (9 marks) Accounts of each partner. (The total column is not required.) (4 marks) INFORMATION The information given below was extracted from the accounting records of Toti Traders, a partnership business with Toni and Tina as partners. The following must be considered: (a) The net profit for the year, according to the Profit and loss account, amounted to R600 000 . (b) The partners are entitled to interest on capital at 15% per year. Partner Toni increased her capital by R200 000 on 01 June 2021. Partner Tina decreased her capital by R200 000 on the same date. The entries to record the capital changes have been made. (c) In terms of the partnership agreement the partners are entitled to the following monthly salaries: Toni R13 000 Tina R15 000 (d) Partner Tina is entitled to a bonus equal to 20% of the net profit in excess of R200 000 . (e) The balance of the profit (shortfall) must be shared between Toni and Tina in the ratio of their capital balances as at the beginning of the financial year
