Which one of the following alternatives represent the correct balance on the current account of Sima at year end before the appropriation of comprehensive income?.

1. R187 900

2. R189 400

3. R116 000

4. R149 500

GIVEN INFORMATION FOR QUESTIONS 3 - 5 Sima and Shuly are in partnership trading as Shuma Trading. The following information relates to the partnership: Extract of balances as at 31 May 2018: R Capital: Sima (1 June 2017)...................... Capital: Shuly (1 June 2017)....... Current Account: Sima (Cr). Current Account: Shuly (Cr)... Drawings: Sima ........... 320 000 280 000 85 000 74 000 15 000 Continued on the next page FAC1601/101/3/2019 1.2 Drawings: Shuly... 20 000 Bank (Dr)........... 305 000 Land and buildings.................. 450 000 Vehicles at cost (1 June 2017)........... 270 000 Equipment at cost (1 June 2017)... 95 000 Accumulated depreciation: Vehicles (1 June 2017)...... 135 000 Accumulated depreciation: Equipment (1 June 2017)... 20 000 Inventory..... 95 000 | Profit for the year (before any applicable additional information)......... 115 000 Additional information: 1. Abstract from terms of the partnership: 1.1 Interest on capital will be calculated at 12% per annum on the opening balances. Interest will be charged at a rate of 5% per annum on the balance of the drawings accounts at the end of the year. Sima and Shuly are entitled to receive monthly salaries amounting to R8 000 and R7 000 respectively. Partners will share profit and losses in the ratio of 3.2 respectively. Year-end adjustments: 2.1 On 1 March 2018, Sima made a cash contribution to the partnership amounting to R28 000. On the same date. Shuly contributed to the partnership her vehicle valued at R45 000. 2.2 Land and buildings were revalued to R590 000 at 31 May 2018. 2.3 Depreciation for the year has not yet been provided for. It is Shuma's policy to depreciate assets as follows: Vehicles: According to the straight-line method over 6 years. Equipment: According to the diminishing balance method at 10% per annum. Equipment has a residual value of R5 000. 2.4 On 31 May 2018 the net realisable value of the closing inventory was determined at R90 700 2.4 During the year the partners withdrew inventory, for own personal use, as follows: Sima R15 000 Shuly R20 000 GIVEN INFORMATION FOR QUESTIONS 3 - 5 Sima and Shuly are in partnership trading as Shuma Trading. The following information relates to the partnership: Extract of balances as at 31 May 2018: R Capital: Sima (1 June 2017)...................... Capital: Shuly (1 June 2017)....... Current Account: Sima (Cr). Current Account: Shuly (Cr)... Drawings: Sima ........... 320 000 280 000 85 000 74 000 15 000 Continued on the next page FAC1601/101/3/2019 1.2 Drawings: Shuly... 20 000 Bank (Dr)........... 305 000 Land and buildings.................. 450 000 Vehicles at cost (1 June 2017)........... 270 000 Equipment at cost (1 June 2017)... 95 000 Accumulated depreciation: Vehicles (1 June 2017)...... 135 000 Accumulated depreciation: Equipment (1 June 2017)... 20 000 Inventory..... 95 000 | Profit for the year (before any applicable additional information)......... 115 000 Additional information: 1. Abstract from terms of the partnership: 1.1 Interest on capital will be calculated at 12% per annum on the opening balances. Interest will be charged at a rate of 5% per annum on the balance of the drawings accounts at the end of the year. Sima and Shuly are entitled to receive monthly salaries amounting to R8 000 and R7 000 respectively. Partners will share profit and losses in the ratio of 3.2 respectively. Year-end adjustments: 2.1 On 1 March 2018, Sima made a cash contribution to the partnership amounting to R28 000. On the same date. Shuly contributed to the partnership her vehicle valued at R45 000. 2.2 Land and buildings were revalued to R590 000 at 31 May 2018. 2.3 Depreciation for the year has not yet been provided for. It is Shuma's policy to depreciate assets as follows: Vehicles: According to the straight-line method over 6 years. Equipment: According to the diminishing balance method at 10% per annum. Equipment has a residual value of R5 000. 2.4 On 31 May 2018 the net realisable value of the closing inventory was determined at R90 700 2.4 During the year the partners withdrew inventory, for own personal use, as follows: Sima R15 000 Shuly R20 000