ancial Reporting and Analysis X PDF al%20Reporting%20and%20Analysis%20Supplementary%20OSA.pdf Financial Reporting and Analysis X a Ask Copilot +...

Transcribed Image Text:

ancial Reporting and Analysis X PDF al%20Reporting%20and%20Analysis%20Supplementary%20OSA.pdf Financial Reporting and Analysis X a Ask Copilot + Balances in the ledger as at 28 February 2023 Capital: Kelly Capital: Solly Current a/c: Kelly (01 March 2022) Current a/c: Solly (01 March 2022) Drawings: Kelly Drawings: Solly 6 Qgoogle- Search of 10 QD Debit R 40 000 800 000 600 000 Credit R 1 000 000 600 000 100 000 The following must be considered: (a) The net profit according to the Statement of Comprehensive Income amounted to R1 600 000 on 28 February 2023 (the end of the financial year). The sales for the year ended 28 February 2023 amounted to R4 000 000. A (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: The partners increased their capital contributions by R200 000 each on 28 February 2023. The capital changes have been recorded. The partners are entitled to the following monthly salaries: Kelly R20 000 Solly R15 000 Kelly is entitled to a special bonus equal to 5% of the amount by which the annual sales exceed R3 000 000. Kelly and Solly share the remaining profits or losses in the ratio 3:2 respectively. ancial Reporting and Analysis X PDF al%20Reporting%20and%20Analysis%20Supplementary%20OSA.pdf Financial Reporting and Analysis X a Ask Copilot + Balances in the ledger as at 28 February 2023 Capital: Kelly Capital: Solly Current a/c: Kelly (01 March 2022) Current a/c: Solly (01 March 2022) Drawings: Kelly Drawings: Solly 6 Qgoogle- Search of 10 QD Debit R 40 000 800 000 600 000 Credit R 1 000 000 600 000 100 000 The following must be considered: (a) The net profit according to the Statement of Comprehensive Income amounted to R1 600 000 on 28 February 2023 (the end of the financial year). The sales for the year ended 28 February 2023 amounted to R4 000 000. A (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: The partners increased their capital contributions by R200 000 each on 28 February 2023. The capital changes have been recorded. The partners are entitled to the following monthly salaries: Kelly R20 000 Solly R15 000 Kelly is entitled to a special bonus equal to 5% of the amount by which the annual sales exceed R3 000 000. Kelly and Solly share the remaining profits or losses in the ratio 3:2 respectively.

Answer rating: 100% (QA)

The provided image contains information regarding a partnerships financial scenario which will help determine the allocation of net profits to the par... View the full answer