Question 8 and 9

Given information for questions 8 and 9: Sphenge, Nomliseni and Ndlelehle are in a partnership trading as Seponono Palace. The following information is extracted from the accounting records of the partnership on 28 February 2019, the end of the financial year: Capital: Sphenge............... Capital: Nomliseni............ Capital: Ndlelehle ....... Current account: Sphenge Current account: Nomliseni Current account: Ndlelehle Drawings: Sphenge... Goodwill....... Long-term loan ... Trade and other payables...... Revaluation reserve........... Vehicles at cost.. Accumulated depreciation: Vehicle Furniture and equipment at cost. Accumulated depreciation: Furniture.... Trade and other receivables..... Bank ..... .. ........ 157 000 88 000 63 000 37 000 15 000 7 000 33 000 34 000 142 000 28 000 68 000 172 000 61 000 274 000 27 000 30 000 99 000 Additional information: 1. The partners decided to liquidate the partnership on 1 March 2019 by means of a simultaneous liquidation. The vehicles were sold for R122 000 and the furniture and equipment for R118 000 2. Liquidation costs amounted to R4 000. 3. The loan and payables were settled at 7% discount. 4. 70% of debtors settled their accounts at 8% discount, whilst the remainder settled their accounts without qualifying for the discount. QUESTION 8 Which one of the following alternatives represents the profit or loss on the liquidation account on 1 March 2019? 1. R638 100 2. R526 320 3. R110 100 4. R111 780 QUESTION 9 Assuming that the total profit made from the liquidation is R25 000. Which one of the following alternatives represents the correct amount that must be recorded as the settlement of the capital account of Sphenge? 1. R191 075 2. R 50 331 3. R241 406 4. R156 413