Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question two the information given below was extra

QUESTION TWO The information given below was extracted from the Accounting records of SamYang Traders,...

50.1K

Verified Solution

Question

Accounting

image
image
QUESTION TWO The information given below was extracted from the Accounting records of SamYang Traders, a partnership business with Sam and Yang as partners. Balances in the ledger on 28 February 2019 The following must be taken into consideration: 2.1 The net profit according to the Profit and Loss account amounted to R800 000 on 28 February 2019 The sales for the year ended 28 February 2019 amounted to R2 000000 2.2 The partnership agreement makes provision for the following: - Interest on Capital must be provided at 12% per annum on the balances in the Capital accounts. Note: The partners increased their capital contributions by R 100000 each on 28 February 2019. The Capital changes have NOT yet been recorded. - The partners are entitied to the following monthly salaries: Sam R12 000 Yang R11 500 - Sam is entitled to a special bonus equal to 5% of the annual sales. Sam and Yang share the remaining profits and losses in the ratio 3.2 respectively. Required: Use the information provided hereurider to prepare the Statement of Changes in Equify for the year ended, 28 February 2019 . Use the following format

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students