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Mani and Richi trade in partnership as MR Traders. The following is an extract from the trial balance for the year ended 31 December 2020:
Mani and Richi trade in partnership as MR Traders. The following is an extract from the trial balance for the year ended 31 December 2020: DR CR Capital Mani 18 000 Richi 14 000 Current Accounts Mani 2 600 8 000 Richi Drawings Mani 1 892 Richi 2 000 Additional information: 1. The partnership agreement stipulates the following: 1.1 Partners will receive 10% interest on capital annually and 8% interest is allowed on current accounts 1.2 Mani will receive a salary of R3 000 per annum and Richi a salary of R5 000 per annum. 1.3 Mani and Richi divide profits or losses in the ratio of 1:2 2. The net profit for the year ended 31 December 2020 was R5 183 Required: Prepare the Statement of Changes in Equity of MR Traders for the year ended 31 December 2020
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