QUESTION 3 (20 MARKS) REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Sunray Traders for the year ended 28 February 2023. INFORMATION EXTRACT FROM THE LEDGER OF SUNRAY TRADERS AS AT 28 FEBRUARY 2023 Debit Credit R R Capital: Sunny 600 000 Capital: Raymond 400 000 Current a/c: Sunny (01 March 2022) 100 000 Current a/c: Raymond (01 March 2022) 60 000 Drawings: Sunny 500 000 Drawings: Raymond 700 000 The following must be considered: (a) On 28 February 2023 the Statement of Comprehensive Income reflected a net profit of R1 400 000. (b) The partners are entitled to interest at 15% p.a. on their capital balances. Note: Raymond decreased his capital contribution by R200 000 on 31 August 2022 whilst Sunny increased his capital balance by the same amount on 01 December 2022. These capital changes have been recorded. (c) The partners are entitled to the following monthly salaries: Sunny R25 000 Raymond R20 000 (d) Raymond is entitled to a bonus equal to 10% of his annual salary. (e) The remaining profit/shortfall must be shared between Sunny and Raymond in the ratio of the capital balances as at the beginning of the financial year

QUESTION 2

(20 Marks)

TRENT LTD
STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2023
ASSETS	Workings (If any)	R
Non-current assets
Current assets
Inventories
Trade and other receivables
Trade debtors
Provision for bad debts
Cash and cash equivalents
Total assets
EQUITY AND LIABILITIES
Equity
Non-current liabilities
Current liabilities
Trade and other payables
Trade creditors
Total equity and liabilities

QUESTION 3

(20 Marks)

SUNRAY TRADERS
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2023
Capital Accounts	Sunny		Raymond		Total
Balance at 28 February 2022
Changes in capital
Balance at 28 February 2023
Current Accounts	Sunny	Raymond	Total
Balance at 28 February 2022
Net profit for the year
Drawings
Balance at 28 February 2023

WORKINGS (if any)

Interest on capital

Sunny	Raymond

Salaries

Sunny	Raymond