Use the following information to answer questions 01 to 10. Meikie and John were in partnership and traded as Maputla Traders. They shared profits/losses in the ratio of 5:3 respectively. The following information is presented to you on 28 February 2021, the end of the financial year. Maputla Traders Balances as at 28 February 2021 IR Capital: John (28 February 2020). Capital: Meikie(28 February 2020) Current account: John (D) (1 March 2020) Current account Meikie (cn (1 March 2020) Drawings: John (cash) Drawings: Meikie(cash) Office fumiture at cost Vehicles at cost (01 March 2019) Accumulated depreciations Office furniture (30 September 2020) Accumulated depreciation: Vehicles (28 February 2020). Long-term loan (unsecured) Trade receivables control 360000 60000 33000 18000 78000 66000 228000 240000 87840 22 150000 120000 . Bank (overdraft) Allowance for credit losses Stationery inventory (01 March 2020) Sales Inventory (28 February 2020) Profit on sale of office furniture Delivery expenses in respect of sales) Settlement discount granted, Purchases Delivery expenses (in respect of inventories) Sales returns Purchases returns Settlement discount received Rent expense Bank charges Depreciation office furniture) Intre 11760 3060 3900 555360 51000 7? 4140 6744 469971.60 7800 8400 3500 22 32400 1770 7536 e di Salaries and wages Telephone expenses Maintenance and repairs (office furniture) Fuel and sundry vehicle expenses Stationery (purchased) Marketing fees Insurance premium 186000 4344 1500 17280 3048 6552 6500 Additional Information 1. The following amounts have not yet been provided for 1.1 Depreciation On the vehides - according to the straight-line method. The expected lifespan of each vehicle is estimated to be 10 years. The residual value thereof is estimated at R25 000 A new Toyota bakkie was acquired on the 31 December 2020 for R340 000. There was no vehicle disposed or during the year Additional Information 1. The following amounts have not yet been provided for 1.1 Depreciation a) On the vehicles - according to the straight-line method. The expected lifespan of each vehicle is estimated to be 10 years. The residual value thereof is estimated at R25 000. A new Toyota bakkie was acquired on the 31 December 2020 for R340 000. There was no vehicle disposed of during the year b) On the office furniture - at 20% per annum on the diminishing balance method, no residual value. Office Furniture with a cost of R25 000 was sold on the 31 September 2020 for R19 000, the furniture was acquired on the 01 April 2019. 111 The long-term loan was acquired from Campitec Bank on 01 June 2020 at 21% interest per annum The loan is unsecured and is repayable in 10 equal annual instalments from 1 June 2021. 1.2 Credit losses of R7 000 must be written off. The closing balance of the allowance for credit losses account must be increased with R2 700 1.3 The following are stipulated in the partnership agreement: 1.3.1 Interest on capital must be calculated at 8,5% per annum on the opening balances of the capital accounts 13.2 The partnership must create separate drawings and current accounts for each partner 1.3.3. Interest on current accounts must be calculated at 20% per annum on the opening balances of the current accounts 14 Drawings still to be accounted for a) John-trading inventory, R5 000 b) Meikie-stationery inventory, R360 1.5 A total Settlement discount of 1% on Purchases for the year was received. Stationery on hand on 28 February 2021 R600 and Inventory on hand at 28 February 2021 at R22 000,00 1.6 The insurance premium for March 2021 was paid in advance. The premiums are paid in equal monthly amounts. 1,7 At the end of each financial year the drawings accounts must be closed off against the applicable current accounts. 6. Which of the following amount to be recorded on the face of the Statement of profit/loss for the year ended 28 February 2021 relating to Revenue is: Which of the following alternative to be recorded on the face of the Statement of profit/loss for the year ended 28 February 2021 relating to Revenue? O A R 540 216,00 B. R 555 360,00 OCR 546 960,00 ODR536 076,00