QUESTION $3(27$ MARKS$)$

Dean and Sumit have been in partnership for some years running a manufacturing business.

Dean receives a salary of R$70000$ a year from the partnership. Interest on capital is paid at the rate of $10\%$ and profits are split in the ratio of $3$:$2.$ The partnership agreement also provided for interest on drawings.

On $1$ January $2015,$ their balances were as follows:

The following further information was available for the year ended $31$ December $2015$:

Profit for the year R$640000$

Bursaries and Graduate Programme $-$ Orientation Content

on $1$ January $2015,$ the$$r balances were as follows:

The following further information was available for the year ended $31$Dec

Profit for the year

R$640000$

Required:

$3\mathrm{.}2$ Prepare the partnership appropriation account for the year ended $31$ December $2015.(8$ MARKS$)$