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Question 7.7. REQUIRED Prepare the following accounts in the general ledger of Moki & Huystek Partners for the year ended 30 June 20.18: The Current account: Moki Distribution account The INFORMATION The following balances appeared, amongst others, in the trial balance of Moki & Huystek Partners on 30 June 20.18, the 1 . end of the partnership's financial year: Debit Credit R R 120 500 Capital: Moki 120 000 Huystek 50 000 Current account: Moki Huystek 40 000 Drawings: Moki 15 000 2. Huystek 28 000 Additional information 1. Moki increased his capital with R30 000 during the year. The transaction was recorded correctly. W N Huystek's capital balance remained unchanged during the year. The profit for the year, as per the profit or loss account, is R520 000. 4 . All monies paid to partners during the year were debited to their drawings accounts. 5. The following stipulations of the partnership agreement of Moki & Huystek Partners must still be taken into account: AW Partners earn interest at 16% per annum on the opening balances of their capital accounts. Interest is charged at 8% per annum on the drawings that the partners have made during the year (excluding money withdrawn for salaries). For the current year the interest was calculated as follows: Moki R840 Huysteen R1 600. Partners are allowed the following salaries: Moki R1 200 per month. Huystek R1 000 per month. Partners are allowed the following bonuses: Moki R5 000. Huystek R3 000. 10% of the profit available for distribution, after all the salaries and bonuses, but before interests were taken 5. into account, must be transferred to the asset replacement reserve. All remaining profits must be divided between Moki and Huystek in the ratio 3:2 respectively. 6