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:sources $-$ Bursaries and Graduate Programme $-$ Orientation Content

on $1$ January $2015,$ them balances were as follows:

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

Profit for the year

R$640000$

Required:

$3\mathrm{.}1$ Prepare the current accounts of Dean and Sumit for the year

ended $31$ December $2015.$ Balance the accounts and bring down

the balance on $1$ January $2016.(15$ MARKS$)$