Question $1(30$ marks$)$ The following information was taken from the books of Fengu & Gundo Creations Abbreviated Trial Balances of Fengu & Gundo Creations for the financial year end $-31$ December $2019.$ Account Debit $($R$)$ Credit $($R$)$ Capital: F$.$ Fengu $(1$ January $2019)690560\mathrm{.}00$ Capital: G$.$ Gundo $(1$ January $2019)610280\mathrm{.}00$ Current: F$.$ Fengu $(1$ January $2019)138112\mathrm{.}00$ Current: G$.$ Gundo $(1$ January $2019)122056\mathrm{.}00$ Drawings: F$.$ Fengu $69056\mathrm{.}00$ Drawings: G$.$ Gundo $61028\mathrm{.}00$ Net profit for the year $($profit and loss$)3902520\mathrm{.}00$ Property, plant and equipment $5057220\mathrm{.}00$ Appropriations of profit according to the partnership agreement at the financial year end $31$ December $2019$: $1.$ Interest on capital must be appropriated at $8\mathrm{.}00\%$ per annum. Capital account balances remain constant. $2.$ Interest on drawings must be appropriated at $10\mathrm{.}50\%$ per annum, as if the drawings were made $4$ months prior to the end of the financial year. $3.$ Interest on current accounts must be appropriated at $9\mathrm{.}00\%$ per annum $($on opening balances$).4.$ Both partners must receive an annual salary at the end of the financial year: a$.$ F$.$ Fengu $-$ R$468302\mathrm{.}40$ b$.$ G$.$ Gundo $-$ R$390252\mathrm{.}005.$ G$.$ Gundo must receive an annual bonus at the end of the financial year: R$78050\mathrm{.}406.$ The remaining profit must be split between the partners in the following ratio: a$.$ F$.$ Fengu $-3$ b$.$ G$.$ Gundo $-2$ Required: $1\mathrm{.}1.$ Open, post to and balance the following accounts in the general ledger of Fengu & Gundo Creations for the year ended $31$ December $2019.$ Appropriation account $(10$ marks$)$ Current: F$.$ Fengu $(5$ marks$)$ Current: G$.$ Gundo $(5$ marks$)1\mathrm{.}2.$ Present the Equity section Notes to the statement of financial statement for Fengu &Gundo Creations as at $31$ December $2019.(10$ marks$)$ Question $2(20$ marks$)$ Fresh Meats CC was registered on $1$ August $2015.$ The founding statement of the CC sets out the following: Names of members, their interests and contributions: Name $\%$ interest Contribution N$.$ Moeti $50\%$ R$260000$ B$.$ Faith $50\%$ R$240000$ The accounting date: $30$ June. The following abbreviated trial balance of the close corporation was available on $30$ June $2017$: Details Debit Credit Members$50000000$ Retained earnings $20000000$ Mortgage bond $200000000$ Loan to B$.$ Faith $6000000$ Land and buildings $250000000$ Bank $14000000$ R$270000000$ R$270000000$ With regard to the $2017/2018$ financial year the following was available: $$ N$.$ Moeti transferred $20\mathrm{.}00\%($nominal value R $52000)$ of her contribution on $30$ June $2018$ to B$.$ Faith. $$ N$.$ Moeti lent the CC R $40000,$ repayable on $30$ June $2019.$ On $31$ March $2018,$ the land and buildings were re$-$valued at R $3000000.$ All interest was paid and received promptly on $30$ June. $$ Retained earnings for the year ended $30$ June $2018$ amounted to R $300000.$ The distribution of income is equal to $50\mathrm{.}00\%$ of retained earnings at the end of the financial year. Required: $1.$ Calculate the change in members$\%$ interest and members$$ funds at $30$ June $2018.(15$ marks$)2.$ Calculate the values of the members$$ net investment at $30$ June $2018.(5$marks$)$