Question 7(Marks: 10)Plane CC was registered on 1 August 2015. The founding statement of the Close Corporation (CC)sets out the following:The nature of the business - a spare parts retailerNames of the members and their interests and contributions made on 1 August 2015:Members'% InterestContributionsBarry Behr50%R500 000 (cash and equipment)Doris Daniels40%R400 000 (cash)Mo Mgotso10%R100 000 (cash)The following balances, amongst others, appeared in the CC's books at the end of the currentfinancial year, 31 July 2020:Members contributionsR1 000 000Retained Earnings (1 August 2019)R236 000With regards to the financial year ending 31 July 2020, the following information was available:1.On 31 July 2020, the CC recorded a profit of R940 000. This profit was after taking intoaccount transactions with members like remuneration.2.The income tax for the year is calculated at R260 000.3.The members are entitled to a distribution of profit of R45 000 each, irrespective of howlong they have been a member.Required:Open, post to and balance the Appropriation Account for the year ended(10)31 July 2020.

According to the accounting standards, it is the process of classifying, analysing, recording,…

Answered: Open, post to and balance the…

Business

Accounting

Open, post to and balance the Appropriation Account for the year ended 31 July 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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