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3 (20) The information given below was extracted from the accounting records of Mapholoba Traders. Required 3.1 Prepare the Statement of Changes in Equity for
3 (20) The information given below was extracted from the accounting records of Mapholoba Traders. Required 3.1 Prepare the Statement of Changes in Equity for the year end 28 February 2021 Information Balances in the ledger on 28 February 2021 Capital: Fuze Capital: Nyuswa Current a/c: Fuze (01 March 2020) Current a/c: Nyuswa (01 March 2020) Drawings: Fuze Drawings: Nyuswa R 200 000 300 000 22 000 CR 10 000 DR 45 000 55 000 The following must be taken into account. a) On 28 February 2021 the Profit and loss a/c reflected a net profit of R250 000. b) Interest on capital at 12% p.a. on the balances in the capital accounts must be provided for. On 1 June 2020 Fuze decreased his capital by R100 000. On 1 December 2020 Nyuswa increased his capital by R60 000. The capital changes have been recorded. c) Interest on drawings has been calculated on the daily balances of drawings accounts. Interest amounts are as follows: Fuze Nyuswa R2 250 R2 750 d) The balance of the profit must be shared between Fuze and Nyuswa in the ratio of their capital balances at the end of the financial year
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