The following information was extracted from the accounting records of Plum Plumbers for the year

ended $28$ February $2021.$ Dan and Michael are owners in this partnership sharing profits and losses

equally.$|$

QUESTION TWO $[25$ marks$]$

Additional information:

$1$ During the year partners were paid salaries of R$30000$ each. This was posted to theSalaries and

Wages expense account and deducted to calculate profit for the year. Thiseror needs to be corrected.

$2$ Their agreement provides for interest on capital at $10\%$ per year. NOTE that Dan broyghtip, additional

capital of R$50000$ on $30$ November $2020.$ Investment of additional capitalbas,been correctly recorded and

included in the above figures. It was also decided tojpcrease rate of interest on capital to $12\%$ from $1$ December

$3$ Interest must be provided at $12\%$ per year on opening balances of current accounts.

$4$ Each partner is entitled to a salary of R$3000$ per month.

$5$ Interest on drawings was calculated on daily balances and amounts to the following factbe year:

$6$ Dan R$3120$

$7$ Michael R$3880$

The remaining profits must be shared equally between Dan and Michael.

Required:

$2\mathrm{.}1$ Prepare the following general ledger accounts for the year ended $28$ February $2021$

to reflect all the above; $($Show all workings$)$:

$2\mathrm{.}1\mathrm{.}1$ Appropriation Aocount $(13)$

$2\mathrm{.}1\mathrm{.}2$ Current Aocount: Michael