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QUESTION TWO Meena and Jane are in partnership. Their financial year ends on 31 December....

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QUESTION TWO Meena and Jane are in partnership. Their financial year ends on 31 December. The following information is provided to you: \begin{tabular}{|l|c|c|} \hline \multicolumn{2}{|l|}{ Extract from the ledger as at 31 December 2021} \\ \hline & \begin{tabular}{c} DR \\ (R) \end{tabular} & \begin{tabular}{c} CR \\ (R) \end{tabular} \\ \hline Capital: Meena & & 80000 \\ \hline Capital: Jane & & 70000 \\ \hline Current account: Meena (1 January 2021) & 15000 & \\ \hline Current account: Jane (1 January 2021) & & 16500 \\ \hline Drawings: Meena & 17600 & \\ \hline Drawings: Jane & 14000 & \\ \hline \end{tabular} The following must be considered: a) The net profit for the financial year ended 31 December 2021 amounted to R232000. b) The partners are entitled to interest at 10% per annum on their capital balances. c) Interest on drawings is charged at 5% per annum. d) The partners are entitled to the following monthly salaries: Meena R6 000 Jane R4 800 e) Meena is entitled to a bonus R12 000 . f) The balance of the profit must be shared between Meena and Jane in the ratio 3:2 respectively. Required: 2.1 Partnership Appropriation Account

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