prepare the statement of changes in equity forb the year end 28 february 2021 royal traders

NORMAT The women en bewed from the Presion Trade, Panday Carmee onderwy 2001 IN Cre R Captaley 500 000 Capital Tony Current Prey (OT March 2020 10 000 QuinteTony 01 March 2020 50 000 Dreng Presley 300.000 Drawing Tony 3600 The following must be taken into account: (a) (b) The Statement of Comprehensive Income reflected a net profit of R900 000 on 28 February 2021. The partners are entitled to interest at 12% p.a on their capital balances Note: Presley decreased his capital by R200 000 on 01 June 2020 whilst Tony increased his capital by R200 000 on 01 September 2020. These capital changes have been recorded (c) The partners are entitled to the following monthly salaries for each of the two six-month periods: 01 March 2020 to 31 August 2020 01 September 2020 to 28 February 2021 Presley R16 000 R17 000 Tony R15 000 R16 000 (d) Tony is entitled to a bonus equal to 5% of the net profit before any of the above appropriations have been taken into account (e) The remaining profitloss must be shared between Presley and Tony in the ratio 3.2 respectively. INFORMATION a The information given below was extracted from the accounting records of Preston Traders, a partnership business with Presley and Tony as partners. Extract from the trial balance of Preston Traders on 28 February 2021 Debit Credit R R 600 000 Capital: Presley 400 000 Capital: Tony 40.000 Current alc: Presley (01 March 2020) 50 000 Current alc: Tony (01 March 2020) Drawings: Presley 340 000 Drawings: Tony 360 000 The following must be taken into account: (a) The Statement of Comprehensive Income reflected a net profit of R900 000 on 28 February 2021. (b) The partners are entitled to interest at 12% p.a. on their capital balances. Note: Presley decreased his capital by R200 000 on 01 June 2020 whilst Tony increased his capital by R200 000 on 01 September 2020. These capital changes have been recorded. (c) The partners are entitled to the following monthly salaries for each of the two six-month periods: 01 March 2020 to 31 August 2020 01 September 2020 to 28 February 2021 R16 000 R17 000 Presley Tony R15 000 R16 000 (d) Tony is entitled to a bonus equal to 5% of the net profit before any of the above appropriations have been taken into account (e) The remaining profitloss must be shared between Presley and Tony in the ratio 32 respectively