Information Given Below Was Extracted From The Accounting Records Of Salmon Traders 2814054

Information given below was extracted from the accounting records of salmon Traders. A partnership business with Sally and Monty as Partners. The financial year ends on the last day of February each year.


Prepare the following accounts in general ledger of salmon traders:

Current a/c: Monty (balance the account)

Appropriation account (close off the account)


Balance in the ledger on 28 February 2017


Capital: Sally

400 000

Capital: Monty

200 000

Current A/c: Sally(01 march 2016)

20 000 dr

Current A/c :Monty(01 March 2016)

33 000 cr

Drawings: Sally

200 000

Drawings: Monty


The following must be taken into account

The net profit according to the profit and loss acc amounted to 500 000 on the 28 Feb 2017

The partnership agreement makes provision for the following:

Interest on capital must be provided at 15% per annum on the balance in the capital accounts. Note: sally increased his capital by R100 000 on the 01 September 2016.Monty decreased his capital by R100 000 on the same date. The capital changes have been recorded.