QUESTION 2 PARTNERSHIP (20 Marks) The following information was extracted on 31 December 2018 from the accounting records of PT TRADING, a partnership with PYE AND TAUN as partners. Use the information provided to prepare the Statement of changes in equity for the year ended 31 December 2018. Draw this format in your answer book. TOTAL PT TRADING STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2018 CAPITAL ACCOUNTS PYE TAUN Balances on 01 January 2018 Changes during the year Balances on 31 December 2018 CURRENT ACCOUNTS PYE TAUN TOTAL Balances on 01 January 2018 Net profit for the year Salaries Interest on capital Bonus Interest on drawings Share of remaining profit Drawings Balance on 31 December 2018 INFORMATION: 1. Balances extracted from the General Ledger on 31 December 2018. Capital: Pye 150 000 Capital : Taun 200 000 Current Account: Pye [ 01 January 2018] 10 000 [DR] Current Account : Taun ( 31 December 2018] 2 000 [CR] Drawings: Pye 180 000 Drawings: Taun 170 000 Interest on Drawings: Pye 3000 Interest on Drawings: Taun 2 600 2. The Net profit for the year was, R368 000. 3. The partnership agreement makes provision for the following: Each partner is to receive 16% p.a. interest on their capital. NB: Both partners had increased their capitals by R50 000 each on 01 July 2018 and was properly documented and recorded. Each partner receives a monthly salary as follows: Pye, R10 000 Taun, R9 000 NB: Both partners' salaries were increased by 10% with effect from 01 September 2018. Pye receives a bonus of R30 000 Partners are to pay interest on their drawings. The amount due by them has been calculated and recorded by the bookkeeper. Partners are to share the remaining profits or losses in the ratio of their capitals at the beginning of the year