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Count (without journalising and posting is to draw up the financial statements sing this method, the following steps me income, statement of changes in
Count (without journalising and posting is to draw up the financial statements sing this method, the following steps me income, statement of changes in out entering any amounts next to the relevant detail in the the adjustments to the amounts QUESTION 1 REQUIRED Page 1 of 2 FINANCIAL REPORTING AND ANALYSIS ACTIVITIES: UNIT 3 Prepare the Statement of Changes in Equity for the year ended 28 February 2023. INFORMATION A02/16RS The information given below was extracted from the accounting records of Tomango Traders, a partnership business with Tom and Ango as partners. Balances in the ledger on 28 February 2023 financial statements with the Capital: Tom Capital: Ango are the: Current a/c: Tom (01 March 2022) Current a/c: Ango (01 March 2022) Drawings: Tom Drawings: Ango Debit Credit R R 400 000 250 000 10 000 15 000 200 000 180 000 The net profit according to the Statement of Comprehensive Income amounted to R472 000 for the year ended 28 February 2023. The following must be considered: (a) (b) The partnership agreement makes provision for the following: Interest on capital must be provided for at 18% per annum on the balances in the capital accounts. Note: Ango, with the approval of Tom, increased his capital contribution on 01 September 2022 by providing equipment worth R50 000 for use in the office. This has been recorded. Partners are entitled to the following monthly salaries: Tom Ango R10 000 R12 000 Tom and Ango share the remaining profits or losses in the ratio 3:2 respectively.
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