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QUESTION 2 ( 2 0 Marks ) REQUIRED Prepare the Statement of Changes in Equity for the year ended 2 9 February 2 0 2

QUESTION 2
(20 Marks)
REQUIRED
Prepare the Statement of Changes in Equity for the year ended 29 February 2024.
INFORMATION
Charles and Toni are partners in a business called Chartton Traders. The following information relates to the financial year ended 29 February 2024 :
\table[[Extract from the ledger of Charlton Traders on 29 February 2024:],[,Debit,Credit,],[Capital: Charles,R,R,],[Capital: Toni,,1500000,],[Current account: Charles (01 March 2023),,1200000,],[Current account: Toni (01 March 2023),50000,60000,],[Drawings: Charles,500000,,],[Drawings: Toni,400000,,]]
The following must be considered:
(1) The net profit according to Statement of Comprehensive Income for the year ended 29 February 2024 amounted to R1000000.
(2) The partners are entitled to interest on their capitals at a rate of 15% per year. Charles increased his capital contribution by R300000 on 01 September 2023. The capital change has been recorded.
(3) The partners are entitled to the following salaries:
Charles R21000 per month
Toni R23000 per month
(4) Charles is entitled to a special bonus equal to 10% of the net profit (before any appropriations).
(5) The remaining profit or shortfall must be shared between Charles and Toni in the ratio 3.2 respectively.
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