QUESTION $1$

$S$ and $B$ are the only two members of Thabo CC with an equal interest of $50\%.$ On February $2018,$ the end of the financial year, the bookkeeper presented you, the accounting officer, with the following:

$\backslash$table$[[,],[$Loan to member: S$,100800],[$Loan to member: B$,33600],[$Salary: S$,134400],[$Salary: B$,200000],[,],[,]]$

Additional information

The member decided that as from $1$ March $2017$ interest at a rate of $15\%$ per annum will be taken into account on their loan accounts. A new loan of R$66000$ was granted to S at $30$September $2017.$ Interest on these loans is capitalised. Both loans are unsecured and immediately callable.

The members decided to distribute R$420000$ of the profit of the close corporation, after taxation, for the year ended $28$ February $2018$ in the ratio $1$: $1$ these amounts will not be paid in cash but will be left in the close corporation as loans to the corporation. These loans are secured and an interest rate of $20\%$ per annum is applicable. It is further decided that $40\%$ of these loans would be repaid on $31$ December. The balances on these accounts are repayable in August $2019.$

Required:

$3\mathrm{.}1$

a$.$ Only the following notes to the financial statements:

i$.$ Loans to members

$[9]$

ii$.$ Loans from members

$[8]$

iii. Transaction with members

$[4]$