A) B) Sonwabo Clothing Store The following information was extracted from the accounting records of Sonwabo Clothing Store. The store is a partnership between Miss Sonwabile and Miss Abongile REQUIRED: Prepare the Current Account note as it would appear on 28 February 2021 INFORMATION Balances in the General Ledger on 28 February 2021 Capital: Ms Sonwabile Capital: Ms Abongile Current Account Ms Sonwabiile Current Account: Ms Abongile Drawings: Ms Sonwabile Drawings: Ms Abongile Additional Information i) Ms Abongile donated stock to the value of R25 000 this was for Mandela Day. This transaction was not recorded R450 000 R650 000 R 2 300 (DR) R 4 500 (CR) ii) On 1 December 2020 Ms Sonwabile increased capital by R150 000. No entry has been made for this transaction iii) The partnership agreement stipulated the following: ● R385 000 R350 000 Partners are entitled to interest at 15% p.a on their capital balance at the end of the year. . On 1 January 2021 Ms Sonwabile received a 10% increase on her monthly salary of 24 200 Ms Abongile earns R380 000 p.a as her salary ● ● At the end of the financial year Ms Abongile receives a bonus of 10% of her annual Salary Ms Sonwabile receives a bonus of R10 000 at the end of the financial year Ms Abongile's portion of the final distribution of profit amounted to R25 000 Ms Sonwabo and Ms Abongile share the remaining profits or losses in the ratio 3:2 respectively TOTAL [25]
