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table [ [ Extract from the ledger of Benson Traders as at 2 9 February 2 0 2 4 ] , [ , Deblt

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\table[[Extract from the ledger of Benson Traders as at 29 February 2024],[,Deblt (R),Credlt (R),],[Capital: Bennie,,1000000,],[Capital: Sonny,,800000,],[Current a/c: Bennie (01 March 2023),60000,,],[Current a/c: Sonny (01 March 2023),,80000,],[Drawings: Bennie,500000,,],[Drawings: Sonny,600000,,]]
The following must be considered:
(1) The Statement of Comprehensive Income for the year ended 29 February 2024 reflected a net profit of R1200000.
(2) The partnership agreement provided for interest on capitals at 15% p.a. on the balances in the capital accounts. However, the partners agreed to increase the interest rate to 18% p.a. with effect from 01 September 2023. Bennie also increased his capital contribution by R200000 on the same date. The capital change has been recorded.
(3) The partners are entitled to the following monthly salaries:
Bennie R20000
Sonny R18000
(4) Sonny is entitled to a special bonus of 10% of the net profit (before any appropriations).
(5) The balance of the profit or loss must be shared between Bennie and Sonny in the ratio of their capital balances at the beginning of the financial year.
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