1 1.1 Partnership agreement: An annual interest rate of 12% is applied to the capital account balances. 1.2 Dave and Anna agreed to share profits and losses equally 1.3 Each partner has a monthly salary entitlement of R18,800 Year-end adjustments: Time left 0:27:23 a 2 2.1 The security expenses billed to the business every month include a R450 monthly fee for security at Anna's private house. The security bill amounting to R2 150 for February 2024 has not yet been accounted for 2.2 The long-term loan with Burg Bank secured by land and buildings, bearing a 13.5% annual interest rate, was secured on April 1, 2023, with interest payments due semi-annually at the end of September and March. 2.3 During the year, red paver bricks valued at R18 000 were taken from the inventory and used to pave the additional parking lot for customers. After the completion of the project, 20% of the bricks weren't used and Dave took the remaining bricks to build a fireplace at his house. This adjustment is yet to be made 2.4 2.5 The inventory's value was calculated to be R180 000 as of February 29, 2024 Dave withdrew his salary from March to May 2024 as he had personal financial challenges. The total amount paid was debited to the salaries and wages account. Which one of the following alternatives represents the correct amount that must be disclosed as security expense in the statement of dows profit or loss and other comprehensive income of GNU Bricks for the year ended 29 February 2024? Settings to activatie Wir
1 1.1 Partnership agreement: An annual interest rate of 12% is applied to the capital account balances. 1.2 Dave and Anna agreed to share profits and losses equally 1.3 Each partner has a monthly salary entitlement of R18,800 Year-end adjustments: Time left 0:27:23 a 2 2.1 The security expenses billed to the business every month include a R450 monthly fee for security at Anna's private house. The security bill amounting to R2 150 for February 2024 has not yet been accounted for 2.2 The long-term loan with Burg Bank secured by land and buildings, bearing a 13.5% annual interest rate, was secured on April 1, 2023, with interest payments due semi-annually at the end of September and March. 2.3 During the year, red paver bricks valued at R18 000 were taken from the inventory and used to pave the additional parking lot for customers. After the completion of the project, 20% of the bricks weren't used and Dave took the remaining bricks to build a fireplace at his house. This adjustment is yet to be made 2.4 2.5 The inventory's value was calculated to be R180 000 as of February 29, 2024 Dave withdrew his salary from March to May 2024 as he had personal financial challenges. The total amount paid was debited to the salaries and wages account. Which one of the following alternatives represents the correct amount that must be disclosed as security expense in the statement of dows profit or loss and other comprehensive income of GNU Bricks for the year ended 29 February 2024? Settings to activatie Wir
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1
1.1
Partnership agreement:
An annual interest rate of 12% is applied to the capital account balances.
1.2
Dave and Anna agreed to share profits and losses equally
1.3
Each partner has a monthly salary entitlement of R18,800
Year-end adjustments:
Time left 0:27:23
a
2
2.1
The security expenses billed to the business every month include a R450 monthly fee for security at Anna's private house. The
security bill amounting to R2 150 for February 2024 has not yet been accounted for
2.2 The long-term loan with Burg Bank secured by land and buildings, bearing a 13.5% annual interest rate, was secured on April 1,
2023, with interest payments due semi-annually at the end of September and March.
2.3
During the year, red paver bricks valued at R18 000 were taken from the inventory and used to pave the additional parking lot for
customers. After the completion of the project, 20% of the bricks weren't used and Dave took the remaining bricks to build a fireplace at
his house. This adjustment is yet to be made
2.4
2.5
The inventory's value was calculated to be R180 000 as of February 29, 2024
Dave withdrew his salary from March to May 2024 as he had personal financial challenges. The total amount paid was debited
to the salaries and wages account.
Which one of the following alternatives represents the correct amount that must be disclosed as security expense in the statement of dows
profit or loss and other comprehensive income of GNU Bricks for the year ended 29 February 2024?
Settings to activatie Wir
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