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Question 3 The following balances appeared in the books of I and Spy Traders on...

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Question 3 The following balances appeared in the books of I and Spy Traders on 1 January 2016: Capital: Capital: Spy Current: 1 Current: Spy R66,000 R40,000 R12,000 (dr) R18,000 Transactions during the year-ended 31 December 2016: Spy withdrew R6,500 cash on 30 April 2016, and he took a computer with a cost price of R4,000 on 1 October 2016. The partnership agreement provided for the following: Interest on drawings for I and Spy is R1,000 and R2,000 respectively. Interest on capital (opening balances) is calculated at 9% per annum. Interest on current accounts (opening balances) is calculated at 10% per annum. The partners I and Spy will share profits and losses in the ratio 3:2. Spy is employed full-time by the business and will receive a salary of R10,000 per month. He will also receive a bonus at the end of the year of R7,500. The net profit for the year (before taking any content of the partnership agreement ortransactions of the partners into consideration) is R250,000. Required: Prepare the current accounts of the partners in the general ledger of I and Spy Traders for the year ended 31 December 2016. (20 marks) Source: COAG121C - Version A Test 1 2019

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