Question 2 Given information to questions 1 - 6: Not yet answered Marked out of 4.00 Flag question Phaduli Boerdery, a cattle feedlot business supplying to various abattoirs around Mpur Time left 2:58:44 partnership between Itani and Ndivhuwo. The following information relates to the business c of the partnership for the year ended 30 June 2023. EXTRACT OF BALANCES AS AT 30 JUNE 2023 Land and building at cost Vehicle at cost Accumulated depreciation: Vehicles Inventory Bank (positive) Trade receivables control Allowance for credit losses Prepayment: Veterinary services Trade payables control Drawings: Itani (30 June 2023) Drawings: Ndivhuwo (30 June 2023) Capital: Itani R R672,800 R362,240 R16,710 R29,770 R130,070 R163,080 R4,000 R54,040 R76,490 R5,936 R11,830 R152,100 Capital: Ndivhuwo R147,180 Current account: Itani (CR: 1 July 2022) R15,270 Current account: Ndivhuwo (DR: 1 July 2022) R12,640 Profit for the year R191,420 2. Supplementary information: 2.1 Partnership agreement specifics between the partners: 2.1.1 Profit and loss share between Itani and Ndivhuwo are shared equally. 2.1.2 Each partner is due a salary of R18,500 monthly. As of 30 June 2023, Itani and Ndivhuwo received R15,200 and R16,500 respectively as their monthly salaries for only 11 months of the year, which has not yet been recorded in the partnership's financial records. 2.1.3 An annual interest rate of 14% is applied to the opening balances of the partners' capital and current accounts. 2.2 Adjustments at the end of the year: 2.2.1 As of 30 June 2023, it was decided that an outstanding debt of R22 850, owed to the business, would be classified as irrecoverable and thus needs to be written off. 2.2.1 The business needed to expand and get additional land for the backgrounding of cattle bought at less than 250kg. On 30 June 2023, Itani's father provided a loan of R600,000 to the partnership to buy the additional adjacent land. The farmland was purchased only purchased on 2 January 2024 at a cost of R600 000. This loan is considered long-term, bearing an 8% annual interest rate, and is structured to be repaid over 6 years with equal payments, starting from 30 June 2024. This transaction is yet to be recorded. Time left 2:58:43 Which one of the following alternatives represents the correct amount that must be disclosed as total equity in the statement of changes in equity of Phaduli Boerdery for the year ended 30 June 2022? a. R 299,000 b. R 299,280 c. R 327,190 d. R 301,910 O e. R 296,650 Question 3 Not yet answered Marked out of 2.00 Flag question Which one of the following alternatives represents the correct amount that must be disclosed as cash and cash equivalents or bank overdraft in the statement of financial position of Phaduli Boerdery as at 30 June 2023? a. R 130,070 b. R 130,700 O c. R 730,700 d. R 730,070 e. R 730,000 Question 4 Not yet answered Marked out of 3.00 Which one of the following alternatives represents the correct amount that must be disclosed as property, plant and equipment in the statement of financial position of Phaduli Boerdery as at 30 June 2023? Flag question a. R 1,618,000 b. R 1,618,330 O c. R 1,018,330 Od. R 1,035,040
