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I need answers as soon as possible I need answers as soon as possible REQUIRED Use the information provided below to prepare the Statement of
I need answers as soon as possible
I need answers as soon as possible
REQUIRED Use the information provided below to prepare the Statement of Changes in Equity for the year ended 28 February 2022. INFORMATION The information given below was extracted from the accounting records of Clairwood Traders, a partnership business with Claire and Woody as partners. Balances in the ledger as at 28 February 2022 The following must be considered: (a) The net profit for the financial year ended 28 February 2022 amounted to R900000. (b) The partnership agreement makes provision for the following: Interest on capital must be provided at 15% per annum on the balances in the capital accounts. Note: Claire increased her capital by R100 000 on 01 September 2021 . On the same date, Woody decreased his capital by R 100000 . The capital changes have been recorded. The partners are entitled to the following monthly salaries: Claire R7 000 Woody R6 000 Note: The partners' salaries were increased by 12% with effect from 01 November 2021. Claire is entitled to a bonus equal to 80% of her salary for February 2022. Claire and Woody share the remaining profit or loss equally. QUESTION 2 (20 MARKS) CLAIRWOOD TRADERS ISTATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2022 Capital Accounts Claire Woody Total Balance at 28 February 2021 Changes in capital Balance at 28 February 2022 Balance at 28 February 2022 Current Accounts Claire Woody Total Balance at 28 February 2021 NCOSA My Modules \begin{tabular}{l:l:} \hline Current Accounts \\ \( \hdashline \) & Balance at 28 February 2021 \end{tabular} Net profit for the year Net profit for the year Drawings Balance at 28 February 2022 WORKINGS (If any) Interest on capital WORKINGS (If any) Interest on capital Claire Woody Salaries Salaries Claire WoodyStep by Step Solution
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