Answer ALL questions QUESTION 1 PARTNERSHIP (20 Marks Use the information extracted from the accounting records of LS TRADING, a partnership owned by partners LONG and SHORT, and prepare the Statement of Changes in Equity for the year ended 28 February 2017 NB: copy the format gwin below in your artant book INFORMATION: 1 Extracts from the Trial Balance on 28 February 2017 Accounts De Capital: Long Capital Short Current Account Long Current Account: Short 11 000 Drawings: Long 225 000 Drawings: Short 255 000 Credit 300 000 300 000 3000 2. The net profit on 28 February 2017 amounted to R500 000 The partnership agreement made provision for the following: Partners are entitled to the folowing monthly res: Long, R9500 Short. R11 000 Interest on each partners must be provided 12a NB: Parties had made the following changes to the colouring the year and were property recorded Longhi capital by R500 to 2016 Short rased his car by RO 0000 01 September 2016 Shortis nisl bonus 10% of neprofore you Partners are shayamang proses y HEPSTON NHET par HOFSTUNT Short Total LS TRADING Statement of Changes in Equity for the year ended 28 February 2017 CAPITAL ACCOUNTS Long Balance on 01 March 2016 Changes in capital Balance on 25 February 2017 Long Short Total CURRENT ACCOUNTS Balances on of March 2016 Net profit for the year Interest on cap Salaries Bonus Interest on Share toemaning profess Drawings Balance on 28 February 2017 ANTI