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QUESTION 3 (20 MARKS) REQUIRED Use the informalion provided below to prepare the Statement of Changes in Equity of Sunray Traders for the year ended
QUESTION 3 (20 MARKS) REQUIRED Use the informalion provided below to prepare the Statement of Changes in Equity of Sunray Traders for the year ended 28 February 2023. The following must be considered: (a) On 28 February 2023 the Statement of Comprehensive Income reflected a nel profit of R1 400000. (b) The partners are entiled to interest at 15% p.a. on their capital balances. Note: Raymond decreased his capital cantribution by R200 000 on 31 August 2022 whilst Sunny increased his capilal balance by the same amount on 01 December 2022. These capital changes have been recorded. c) The parthers are entited to the following monthly salaries: Sunny R25000 Raymond R20 000 (1) Raymond is enttled to a bonus equal to 10% of his annual salary. (e) The remaining profitshortall must be shared between Sunny and Raymond in the ratio of the capilal balances as at the beginning of the financial year
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