(20 MARKS) PARTNERSHIPS QUESTION 2 The information given below was extracted from the accounting records of Magnate Traders, a partnership business with Magnum and Nathan as partners. REQUIRED Ppare the Statement of Changes in Equity for the year ended 28 February 2020. INFORMATION Extract from the ledger of Magnate Traders on 28 February 2020: Debit Credit R R 600 000 Capital: Magnum 400 000 Capital: Nathan Current account: Magnum (01 March 2019) 40 000 Current account: Nathan (01 March 2019) 30 000 3 Drawings: Magnum 300 000 Drawings: Nathan 250 000 The following must be taken into account: (a) The net profit according to the Profit and loss account amounted to R800 000. (b) The partners are entitled to the following monthly salaries: Magnum R20 000 Nathan R18 000 (c) The partners are entitled to interest on their capitals at a rate of 15% per year. (d) Magnum is entitled to a special bonus equal to 10% of the net profit before any of the above appropriations are taken into account. (e) The remaining profit or shortfall must be shared between Magnum and Nathan in the ratio 3:2 respectively