QUESTION $3$

$(20$ Marks$)$

REQUIRED

Prepare the following accounts in the general ledger of Petrus Traders as at $29$ February $2024.$ Balance or close off the accounts.

$3\mathrm{.}1$ Appropriation a$/$c

$(12$ marks$)$

$3\mathrm{.}2$ Current a$/$c: Peter. Note: The partner's drawings must be transferred to his current account.

$(8$ marks$)$

INFORMATION

The information given below was extracted from the accounting records of Petrus Traders, a partnership business with Peter and Russel as partners.

$\backslash$table$[[$Extract from the ledger of Petrus Traders as at $29$ February $2024($end of the financial year$)],[,$Debit $($R$),$Credit $($R$)],[$Capital: Peter,,$600000],[$Capital: Russel,,$400000],[$Current a$/$c: Peter $(01$ March $2023),,40000],[$Current a$/$c: Russel $(01$ March $2023),30000,],[$Drawings: Peter,$90000,],[$Drawings: Russel,$130000,]]$

The following must be considered:

$($a$)$ The net profit for the year ended $29$ February $2024$ amounted to R$600000.$

$($b$)$ The partners are entitled to interest at $12\%$ per annum on their capital balances. On $01$ September $2023$ Peter increased his capital by R$100000.$ Russel decreased his capital by R$100000$ on the same date. The capital changes have been recorded.

$($c$)$ The partners are entitled to the following monthly salaries:

Peter R$9000$

Russel R$10000$

$($d$)$ Peter is entitled to a bonus equal to $10\%$ of the net profit before taking any of the above appropriations into account.

$($e$)$ The balance of the profit or shortfall must be shared in the ratio of the capital balances as at the end of the financial year.