Activity $21$

$3\mathrm{.}5\mathrm{.}1$ Required

Calculate the share of the remaining profit for each partner $($Ed and Con$)$ from the following information.

Information

The balaces in the capital accounts in the ledger of Edcon Traders on $28$

Fetruary $20\mathrm{.}15($end of the financial year$)$ are as follows:

$\backslash$table$[[$Capital: Ed$,$R$75000],[$Capital: Con,R$50000]]$

Additional information

The net profit for the year according to the statement of comprehensive income amounted to R$80000.$

Interest on capital al $15\%$ p$.$a on the balances on the capital accounts must be provided for. On $01$ December $20\mathrm{.}14$ Ed increased his capital by R$25000$ whilo Con decreased his capital by R$25000.$ These capital changes hive been recorded

Interests on drawings amounts to R$800$ for Ed and R$900$ for Con

The remaining profit or loss must be shared by the partners in the ratio of there capital contributions at the end of the financial year.