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table [ [ Extract from the ledger of Benson Traders as at 2 9 February 2 0 2 4 ] , [ , Deblt
tableExtract from the ledger of Benson Traders as at February Deblt RCredlt RCapital: Bennie,,Capital: Sonny,,Current ac: Bennie March Current ac: Sonny March Drawings: Bennie,Drawings: Sonny,
The following must be considered:
The Statement of Comprehensive Income for the year ended February reflected a net profit of
The partnership agreement provided for interest on capitals at pa on the balances in the capital accounts. However, the partners agreed to increase the interest rate to pa with effect from September Bennie also increased his capital contribution by R on the same date. The capital change has been recorded.
The partners are entitled to the following monthly salaries:
Bennie R
Sonny R
Sonny is entitled to a special bonus of of the net profit before any appropriations
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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