QUESTION 2 STATEMENT OF CHANGES IN EQUITY (PARTNERSHIP) REQUIRED: Statement of Changes in Equity for the year ending 28 February 2018 120 Marks) Information Extract of a trial balance of MADIBA-FORD Partners as at 28 February 2018 Debt Capital: Madba Capital Ford Current account Madiba 01/03/2017 Current account Ford 01/03/2017 Drawings Madiba Drawings: Ford Credit 300 000 200 000 50 000 60 000 240 000 140 000 Take the following information into account 1. Partners monthly salaries are as follows: Madiba R10 000 Ford R8000 2. Partners are both entitled to a 15%pa interest on capital. Note: Madiba increased his capital by R100 000 on 01 December 2017. On the same date, Ford decreased his captal by R100 000, 3. Ford is entitled to a borus of 10% of the net proft in excess of R150 000 4. The net profit for the year amounted to R400 000 5. Profits should be shared in a ratio of partners' capital balances at the beginning of the financial year Format for Statement of Changes in Equity Statement of Changes in Equity of MADIBA FORD as a 28 February 2018 CAPITAL ACCOUNTS MADIBA FORD Balance on February 2017 TOTAL Balance on 28 February 2018 CURRENT ACCOUNTS Balance 28 February 2017 MADIBA FORD TOTAL Balance on 28 February 2018