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Prepare the Statement of Changes in Equity for the year end 30 June 2021 Information: Ross-Lindley Traders Balances in the ledger on 30 June 2021.
Prepare the Statement of Changes in Equity for the year end 30 June 2021 Information: Ross-Lindley Traders Balances in the ledger on 30 June 2021. 1. On 30 June 2021 the Profit and loss a/c reflected a net profit of R250 000 . 2. Interest on capital at 12% p.a. on the balances capital accounts must be provided for. On 1 June 2020 Ross decreased his capital by R100 000. On 1 April 2021 Lindley increased his capital by R60 000 . The capital changes have been recorded. 3. Interest on drawings has been calculated on the daily balances of drawings accounts. Interest amounts are as follows: - Ross R2 250 - Lindley R2 750 4. The balance of the profit must be shared between Ross and Lindley in the ratio of their capital balances at the end of the financial year. Prepare the Statement of Changes in Equity for the year end 30 June 2021 Information: Ross-Lindley Traders Balances in the ledger on 30 June 2021. 1. On 30 June 2021 the Profit and loss a/c reflected a net profit of R250 000 . 2. Interest on capital at 12% p.a. on the balances capital accounts must be provided for. On 1 June 2020 Ross decreased his capital by R100 000. On 1 April 2021 Lindley increased his capital by R60 000 . The capital changes have been recorded. 3. Interest on drawings has been calculated on the daily balances of drawings accounts. Interest amounts are as follows: - Ross R2 250 - Lindley R2 750 4. The balance of the profit must be shared between Ross and Lindley in the ratio of their capital balances at the end of the financial year
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