(20) QUESTION 4 The information given below was extracted from the accounting records of Salmon Traders, a partnership business with Sally and Monty as partners. The financial year ends on the last day of February each year. REQUIRED Prepare the following accounts in the General ledger of Salmon Traders: 4.1 Current a/c: Monty (Balance the account.) 4.2 Appropriation account (Close off the account.) PARTNERSHIPS (13) INFORMATION Balances in the ledger on 28 February 2017 400 000 200 000 Capital: Monty Current a/c: Sally (01 March 2016) Current a/c: Monty (01 March 2016) Drawings: Sa Drawi 20000 (DR) 33 000 (CR) 200 000 180 000 The following must be taken into account (a) The net profit according to the Profit and Loss account amounted to R500000 on 28 February 2017 (b) The partnership agreement makes provision for the following: Interest on capital must be provided at 15% per annum on the balances in the capital accounts. Note: Sally increased his capital by R100 000 on 01 September 2016. Monty decreased his capital by R100 000 on the same date. The capital changes have been recorded. 70 PROGRAMME HANDBOOK: JANUARY 2018 INTAKE MANCOSA: BBA YEAR 1 71 The partners are entitled to the following monthly salaries: Sally Monty R13 000 Note: The partners' salaries were increased by 10% with effect from 01 December 2016 R12 000 Sally and Monty share the remaining profits or losses in the ratio of their capital balances as at the beginning of the financial year