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# Peter and Pan - Captain Hook Stationers ## List of Balances as at 31 December 2022 | Description | Amount | |---|---| | Office furniture and equipment | R525 000 | | Accumulated depreciation on office furniture and equipment | R65 000 | | Inventory | R84 560 | | Bank | R675 895 | | Debtors contr...

# Peter and Pan - Captain Hook Stationers ## List of Balances as at 31 December 2022 | Description | Amount | |---|---| | Office furniture and equipment | R525 000 | | Accumulated depreciation on office furniture and equipment | R65 000 | | Inventory | R84 560 | | Bank | R675 895 | | Debtors control | R65 875 | | Allowance for credit losses | R2 675 | | Long-term loan | R432 500 | | Creditors control | R45 632 | | Capital: Peter | R120 000 | | Capital: Pan | R150 000 | | Current account: Peter | R4 500 | | Current account: Pan | R12 000 | | Drawings: Peter | R35 000 | | Drawings: Pan | R65 000 | | Profit for the year | R628 023 | ## Additional Information 1. On 1 January 2022, Peter increased his capital to R150 000. The increase was incorrectly charged to the payables account. 2. Peter earns a salary of R8 000 per month and Pan earns R4 500 per month. The total salaries paid to Pan were incorrectly recorded in the debtors control account, while the salaries paid to Peter were correctly accounted for. 3. Interest of 15% per year must be provided for on the capital. 4. Interest on current accounts must be provided at 7.5% per year on the opening balances. 5. Interest of 5% is charged on the drawings. 6. The partners share profits and losses in the ratio of capital contributed at the start of the financial year. 7. Office furniture and equipment depreciates at 10% per year on the straight-line method. Depreciation was not yet considered. ## Required 1.1 Prepare the current account of Peter as at 31 December 2022. 1.2 Prepare the statement of changes in equity as at 31 December 2022.