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(20 Marks) QUESTION 4 The information given below was extracted from the accounting records of Marigold Traders, a partnership business with Marie and Goldie as
(20 Marks) QUESTION 4 The information given below was extracted from the accounting records of Marigold Traders, a partnership business with Marie and Goldie as partners. REQUIRED Prepare the Statement of Changes in Equity for the year ended 28 February 2018 INFORMATION Extract of balances in the ledger as at 28 February 2018 Debit Credit 600 000 400 000 Capital: Marie Capital: Goldie Current a/c: Marie (01 March 2017) Current a/c: Goldie (01 March 2017) Drawings: Marie Drawings: Goldie 24 000 30 000 200 000 180 000 The following must be taken into account: (a) The net profit according to the Profit and Loss account amounted to R400 000 on 28 February 2018. The partnership agreement made provision for the following: Marie is entitled to a special bonus equal to 10% of the net profit. Partners are entitled to the following monthly salaries: (b) Marie R12 000 Goldie R12 500 Interest on capital must be provided for at 15% per annum on the balances in the capital accounts. Marie and Goldie share the remaining profits or losses in the ratio 3:2 respectively
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