ENERIC Financial and Reporting Analysis (Financial Management 1B).pdf - Adobe Acrobat Reader DC Edit View Window Help ome Tools GENERIC Financial 91.doc.pdf X 9 19 O 75% QUESTION 5 (20 Marks) The information given below was extracted from the accounting records of Britar Traders, a partnership business with Brian and Taryn as partners. REQUIRED Use the information provided to prepare the Statement of Changes in Equity for the year ended 29 February 2020 INFORMATION Extract from the ledger of Britar Traders as at 29 February 2020 Debit Credit R R Capital: Brian 900 000 Capital: Taryn 600 000 Current alc: Brian (01 March 2019) 50 000 Current alc: Taryn (01 March 2019) 30 000 Drawings: Brian 350 000 Drawings: Taryn 250 000 The following must be taken into account: 1. On 29 February 2020 the Statement of Comprehensive Incomec reflected, amongst others the following: R1 200 000 Sales returns R50 000 Net profit R700 000 Sales 2 The partners eam interest at 12% pa on their capital balances. Note: Brian increased his capital balance by R100 000 on 01 September 2019 whilst Taryn decreased per capital balance by R100 000 on the same date The partners were entitled to the following monthly salaries from 01 March 2019 to 30 November 2019 Brian R13 000 Taryn R1400 3. REQUIRED Use the information provided to prepare the Statement of Changes in Equity for the year ended 29 February 2020 INFORMATION Extract from the ledger of Britar Traders as at 29 February 2020 Debit Credit R R Capital: Brian 900 000 Capital: Taryn 600 000 Current alc: Brian (01 March 2019) 50 000 Current alc: Taryn (01 March 2019) 30 000 Drawings: Brian 350 000 Drawings: Taryn 250 000 The following must be taken into account: 1 On 29 February 2020 the Statement of Comprehensive Incomec reflected, amongst others, the following Sales R1 200 000 Sales returns R50 000 Net profit R700 000 2 3. The partners eam interest at 12% p.a. on their capital balances. Note: Brian increased his capital balance by R100 000 on 01 September 2019 whilst Taryn decreased fer capital balance by R100 000 on the same date The partners were entitled to the following monthly salaries from 01 March 2019 to 30 November 2019 Brian R13 000 Taryn R14 000 The partners' salanes were increased by 10% with effect from 01 December 2019, Taryn is entitled to a special bonus equal to 10% of the net sales for the financial year. The remaining profitloss must be shared equally between Brian and Taryn 4 5 END OF PAPER