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QUESTION TWO [20] I Singh and U Song are in partnership sharing profits and losses in the ratio of 2:3. The following relates to their business Best Deals whereby they sell furniture to the public. They are not registered as VAT vendors.

The list of balances at 28 February 2019 before relevant additional information was taken into account is as follows in the picture attached...

Additional information: 1. On 1 September 2018, A Song contributed a further R50 000 as capital into the partnership. The transaction has been recorded correctly.

2. The partnership agreement stipulates the following:

2.1 the partners are entitled to salaries as follows: Singh is entitled to R9 000 for the first 9 months and R10 000 for the remaining 3 months, Song is entitled to R7 000 per month.

2.2 Interest on capital must be provided at 12 % per year.

2.3 Interest on current accounts must be provided at 5% per year on current account balances at the beginning of the year (1 March).

2.4 Singh is entitled to a bonus equal to 10% of the profit for the year before any appropriation is made in terms of the partnership agreement.

2.5 Singh and Song share profits and losses in the ration of 3:2.

3. During the year R72 000 and R48 000 were paid as salaries to Singh and Song respectively. These amounts were credited to the bank account but incorrectly debited to the debtors control account.

Required: Prepare a statement of changes in equity for the year ended 28 February 2019 of Best Deals that is appropriate to the business of the partnership. You may omit the total column of this statement. Comparative figures and notes to the statement are not required. Show all workings.

BACHELOR OF CUNI urnal showed a deposit of R39 625 by a debtor, S Ndlovu, while 7. The cash receipts journal showed a deposit of R39 625 the correct amount of R37 925 appeared on the bank statement. 8. A cheque number 972 drawn by Rasch Traders for R7 550 appeared on Rush Retailers bank statement but not in their journals. 9. A receipt of R16 350 issued to G Lucky, a debtor, was incorrectly entered in the cash receipts journal as R14 100. 10. Cheque number 769 for R4 605 in favour of M Stone, a creditor, was issued but subsequently cancelled and not given to the creditor. Kim erroneously entered the cheque payment in the cash payments journal. Required: Prepare the following for Rush Retailers for the month ended 28 February 2019: 1.1 The supplementary cash receipts journal and the supplementary cash payments journal. Begin each journal with the relevant preliminary total provided above. Only the bank columns need to be completed. Total the bank column and post to the general ledger bank account. (8) 1. Complete the general ledger bank account and balance the account as at 20 February 2019. 1.3 The bank reconciliation statement at 28 February 2019. The list of balances at 28 February 2019 before relevant additional information was taken into account is as follows: Furniture and equipment at carrying amount Inventory Debtors control Allowance for credit losses Bank Capital: Singh Capital Song Current account - Singh (1 March 2018) - Debit Current account - Song (1 March 2018) - Credit Drawings - Singh Drawings - Song Long term borrowing Creditors control Profit and loss account - profit for the year 323 090 315 450 351 400 25 850 33 900 200 000 300 000 22 000 65 000 45 540 43 980 120 000 146 270 542 400 Additional information: 1. On 1 September 2018, A Song contributed a further R50 000 as capital into the partnership. The transaction has been recorded correctly. 2. The partnership agreement stipulates the following: 2.1 the partners are entitled to salaries as follows: Singh is entitled to R9 000 for the first 9 months and R10 000 for the remaining 3 months, Song is entitled to R7 000 per month. 2.2 Interest on capital must be provided at 12% per year. 2.3 Interest on current accounts must be provided at 5% per year on current account balances at the beginning of the year (1 March). 2.4 Singh is entitled to a bonus equal to 10% of the profit for the year before any appropriation is made in terms of the partnership agreement. 2.5 Singh and Song share profits and losses in the ration of 3:2. BAULU 3. During the year R72 000 and R48 000 were paid as salaries to Singh and Song respectively. These amounts were credited to the bank account but incorrectly debited to the debtors' control account. Required: Prepare a statement of changes in equity for the year ended 28 February 2019 of Best Deals that is appropriate to the business of the partnership. You may omit the total column of this statement. Comparative figures and notes to the statement are not required. Show all workings. [20] QUESTION TWO Singh and U Song are in partnership sharing profit following relates to their business Best Deals whereby they sell Tum They are not registered as VAT vendors. and losses in the ratio of 2:3. The ereby they sell furniture to the public. The list of balances at 28 February 2019 before relevant additional information was taken into account is as follows: Furniture and equipment at carrying amount Inventory Debtors control Allowance for credit losses Bank Capital: Singh Capital Song Current account - Singh (1 March 2018) - Debit Current account - Song (1 March 2018) - Credit Drawings - Singh Drawings - Song Long term borrowing Creditors control Profit and loss account - profit for the year 323 090 315 450 351 400 25 850 33 900 200 000 300 000 22 000 65 000 45 540 43 980 120 000 146 270 542 400 Additional information: 1. On 1 September 2018, A Song contributed a further R50 000 as capital into the partnership. The transaction has been recorded correctly. 2. The partnership agreement stipulates the following: 2.1 the partners are entitled to salaries as follows: Singh is entitled to R9 000 for the first 9 months and R10 000 for the remaining 3 months, Song is entitled to R7 000 per month 2.2 Interest on capital must be provided at 12% per year. 2.3 Interest on current accounts must be provided at 5% per year on current account balances at the beginning of the year (1 March). 2.4 Singh is entitled to a bonus equal to 10% of the profit for the year before any appropriation is made in terms of the partnership agreement. 2.5 Singh and Song share profits and losses in the ration of 3:2 BACHELOR OF COMMERUL ar R72 000 and R48 000 were paid as salaries to Singh and Song 3. During the year R72 000 and R48 000 were paid a tively. These amounts were credited to the bank account but incorrectly debited to the debtors' control account. Required: Prepare a statement of changes in equity for the year ended 28 February 2019 of Best Deals that is appropriate to the business of the partnership. You may omit the total column of this statement. Comparative figures and notes to the statement are not required. Show all workings. Inghadu Borg h ing po inter 23 The 22 w prav 2 per R Furniture and equipment at carrying amount Inventory Debtors control Allowance for credit losses Bank Capital: Singh Capital; Song Current account - Singh (1 March 2018) - Debit Current account - Song (1 March 2018) - Credit Drawings - Singh Drawings - Song Long term borrowing Creditors control Profit and loss account - profit for the year 323 090 315 450 351 400 25 850 33 900 200 000 300 000 22 000 65 000 45 540 43 980 120 000 146 270 542 400