QUESTION THREE $[20]$ Kane and Abel are in partnership sharing profits and losses in the ratio of $1$:$1.$ The following relates to their business Two Wheels whereby they sell motor bikes. Their dealership is popular with many motor$-$bike enthusiasts. The list of balances at $28$ February $2024$ before relevant additional information was taken into account is as follows: R Capital: Kane Capital; Abel Current account $$ Kane $(1$ March $2023)-$ Debit Current account $$ Abel $(1$ March $2023)-$ Credit Drawings $$ Kane Drawings $$ Abel Profit and loss account $$ profit for the year $4000006000004400013000090900879601084800$ Additional information: $1$ On $1$ September $2023,$ Abel contributed a further R$100000$ as capital into the partnership. The transaction has been recorded correctly. $2$ The partnership agreement stipulates the following: $2\mathrm{.}1$ Partners are entitled to salaries as follows: $$ Kane is entitled to R$18000$ per month. From $1$ December $2023$ his salary must be increased to R$20000$ per month, $$ Abel is entitled to a salary of R$14000$ per month. $2\mathrm{.}2$ Interest on capital must be provided at $12\%$ per year. $2\mathrm{.}3$ Interest on current accounts must be provided at $5\%$ per year on current account balances at the beginning of the year $(1$ March$).2\mathrm{.}4$ Kane is entitled to a bonus equal to $10\%$ of the profit for the year before any appropriation is made in terms of the partnership agreement. $2\mathrm{.}5$ Kane and Abel share profits and losses equally. $53$ During the year R$144000$ and R$96000$ were paid as salaries to Kane and Abel respectively. These amounts were credited to the bank account but incorrectly debited to the debtors$$ control account. Correction is required. Required: Prepare a statement of changes in equity for the year ended $28$ February $2024$ for Two Wheels that is appropriate to the business of the partnership. You may omit the total column in the Current account section. Show all workings. Use the following format: $($include identifying features$)$: Capital accounts: Kane $-$ R Abel $-$ R Total $-$ R Balance at Changes in contribution Balance at Current Accounts: Kane R Abel R Appropriation R Balance at Profit for the year Appropriations: Salaries Interest on capital Interest on current a$/$c Bonus Remaining profit Share of profits Drawings Balance at $6$ QUESTION FOUR $[10]$ Bling Ltd was registered on $1$ March $2023$ with the following authorised share capital: $-900000$ Ordinary shares $($Class A$)-4000009\%$ preference shares of R$5$ each $($Class B$)$ The following transactions took place for the financial year ended $28$ February $2024$: $20233$ March The company offered $100000$ ordinary shares at R$2,00$ each and $200009\%$ preference shares to the subscribers to the memorandum $($founders of the company$).$ The founders took up the offer in full and paid for the shares immediately. $11$ March The company offered $200000$ ordinary shares at R$2,00$ each to the public. The closing date for applications was $10$ May $2023.10$ May Applications for $210000$ shares were received from the public with application monies and the regulatory application documents. $1$ June Shares were allotted to successful applicants. $8$ June Unsuccessful applicants were repaid. $202421$ January Directors presented a proposal to declare a dividend of $10$ cents per share payable on $28$ February $2024.$ Shareholders approved the proposal at the annual general meeting on $21$ January $2024.28$ February The dividends were paid as approved. Required: Record the above transactions in the general journal of Bling Ltd for the financial year ended $28$ February $2024.$ NB: Record the date and a brief narration for each journal entry.