4.1 4.2 Extract from the ledger of Tomkat Traders on 28 February 2015 R 300 000...

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4.1 4.2 Extract from the ledger of Tomkat Traders on 28 February 2015 R 300 000 200 000 10 000 Capital: Tom Capital: Kat Current account: Tom (01 March 2014) Current account: Kat (01 March 2014) Drawings: Tom Drawings: Kat QUESTION FOUR PARTNERSHIPS (20 MARKS) The information given below was extracted from the accounting records of TomKat Traders, a partnership business with Tom and Kat as partners. REQUIRED Prepare the following accounts in the General Ledger to reflect all the relevant entries on 28 February 2015: Current a/c: Tom Appropriation a/c INFORMATION The following must be taken into account: (a) (b) (c) (d) (e) DR 6 000 CR 120 000 130 000 (8) (12) The net profit according to Profit and loss account amounted to R400 000. The partners are entitled to the following monthly salaries until 30 November 2014: Tom R8 000 Kat R9 000 The partners' salaries were increased by 10% with effect from 01 December 2014. The partners are entitled to interest on their capital contributions at a rate of 12% per annum for the first six months of the financial year. Thereafter the interest rate increases to 15% per annum. Note: Tom increased his capital by R100 000 on 01 September 2014 and the entry for this has been made. Tom is entitled to a special bonus equal to 5% of the net profit before any the above appropriations. The remaining profit or shortfall must be shared between Tom and Kat in the ratio 3:2 respectively. 4.1 4.2 Extract from the ledger of Tomkat Traders on 28 February 2015 R 300 000 200 000 10 000 Capital: Tom Capital: Kat Current account: Tom (01 March 2014) Current account: Kat (01 March 2014) Drawings: Tom Drawings: Kat QUESTION FOUR PARTNERSHIPS (20 MARKS) The information given below was extracted from the accounting records of TomKat Traders, a partnership business with Tom and Kat as partners. REQUIRED Prepare the following accounts in the General Ledger to reflect all the relevant entries on 28 February 2015: Current a/c: Tom Appropriation a/c INFORMATION The following must be taken into account: (a) (b) (c) (d) (e) DR 6 000 CR 120 000 130 000 (8) (12) The net profit according to Profit and loss account amounted to R400 000. The partners are entitled to the following monthly salaries until 30 November 2014: Tom R8 000 Kat R9 000 The partners' salaries were increased by 10% with effect from 01 December 2014. The partners are entitled to interest on their capital contributions at a rate of 12% per annum for the first six months of the financial year. Thereafter the interest rate increases to 15% per annum. Note: Tom increased his capital by R100 000 on 01 September 2014 and the entry for this has been made. Tom is entitled to a special bonus equal to 5% of the net profit before any the above appropriations. The remaining profit or shortfall must be shared between Tom and Kat in the ratio 3:2 respectively.

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Dr Toms current ac Cr Date Account Amount Date Account Amount 201... View the full answer