ACTIVITY 1 REXEL STORES The following balances /totals appeared in the books of Rexel Stores on...

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ACTIVITY 1 REXEL STORES The following balances /totals appeared in the books of Rexel Stores on 29 February 2020, the end of the financial year. The partners are Alex and Rex. REQUIRED 1. Draw up the following accounts in the general ledger, balance and close them off properly: Current Account: Alex Current Account: Rex Appropriation Account 2. Prepare note 7 and note 8 All the calculations must be converted to the nearest rand. INFORMATION A: Information from General Ledger of Rexel Stores on 29 February 2020 Capital (01 March 2019) cr Current account: (01 March 2019) Drawings Profit and loss INFORMATION B: No entries have been made for the following transactions: Alex 160 000 Rex 100 000 Cr 7 000 Cr 6 500 250 800 157 500 427 000 Rex registered his personal Van worth R40 000 in the same partnership on 01 September and requested that this be regarded as an additional contribution. His partner Alex agreed. A salary cheque of R14 000 for February 2020 issued to Rex was erroneously posted into the Drawings account of Alex. INFORMATION C: The partnership agreement stipulates the following: The partners are entitled to the monthly salaries, Alex R14 500, and Rex R14 000. The salary of Alex was increased by R60 000 per annum on 01 December 2019. The interest on capital must be provided for at 15% p.a. The balance of the profit and loss is to be shared in proportion to capital balances on 29 February 2020 ACTIVITY 1 REXEL STORES The following balances /totals appeared in the books of Rexel Stores on 29 February 2020, the end of the financial year. The partners are Alex and Rex. REQUIRED 1. Draw up the following accounts in the general ledger, balance and close them off properly: Current Account: Alex Current Account: Rex Appropriation Account 2. Prepare note 7 and note 8 All the calculations must be converted to the nearest rand. INFORMATION A: Information from General Ledger of Rexel Stores on 29 February 2020 Capital (01 March 2019) cr Current account: (01 March 2019) Drawings Profit and loss INFORMATION B: No entries have been made for the following transactions: Alex 160 000 Rex 100 000 Cr 7 000 Cr 6 500 250 800 157 500 427 000 Rex registered his personal Van worth R40 000 in the same partnership on 01 September and requested that this be regarded as an additional contribution. His partner Alex agreed. A salary cheque of R14 000 for February 2020 issued to Rex was erroneously posted into the Drawings account of Alex. INFORMATION C: The partnership agreement stipulates the following: The partners are entitled to the monthly salaries, Alex R14 500, and Rex R14 000. The salary of Alex was increased by R60 000 per annum on 01 December 2019. The interest on capital must be provided for at 15% p.a. The balance of the profit and loss is to be shared in proportion to capital balances on 29 February 2020