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The following must be considered: (a) The net profit according to the Profit and loss account amounted to R1 200000 on 28 February 2023. (b)
The following must be considered: (a) The net profit according to the Profit and loss account amounted to R1 200000 on 28 February 2023. (b) The partnership agreement makes provision for the following: Interest on capital must be provided at 15% per annum on the balances in the capital accounts. The partners are entitled to the following monthly salaries: Sammy, R25 000 Sonny: R30 000 Sammy is entitled to a special bonus equal to 10% of his annual salary. Sammy and Sonny share the remaining profits or losses in the ratio of their capital balances at the end of the year
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