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.

Balances extracted from the general ledger at $28$ February $2021$

R

Profit and loss account $$ profit for the year..............................

$440000$

Capital $$ Dan..................................................................

$350000$

Capital $$ Michael....................................................................

$250000$

Current account$$Dan $($Credit balance at $1$ March $2020)........$

$30000$

Current account $$ Michael $($Debit balance at $1$ March $2020)..............$

$20000$

Drawings $$ Dan................................................................

$31300$

Drawings $$ Michael $..................................................................$

$37500$

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. Thiserror needs to be corrected.

$2.$

Their agreement provides for interest on capital at $10\%$ per year. NOTE that Dan broughtin additional capital of R$50000$ on $30$ November $2020.$ Investment of additional capitalhas been correctly recorded and included in the above figures. It was also decided toincrease rate of interest on capital to $12\%$ from $1$ December $2020.$

$3.$

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 forthe year:

$-$

Dan R$3120$

$-$

Michael R$3880$

$6.$

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 Account

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