QUESTION 3 FunTexd is a partnership betveen Miriam, Janey and Geraldo. They are all professional accountants and provide taxation services to clients across Namibia. The following are the draft balances in the records of FunTaxit as at 30 Apri 2016: Date (25 MARKS) Details Debit Credit 30 Apr'16 Property plant and equipment 11,000 36 200 Inventories 30104/2016 Prepald Income Tax Trade receivables 4600 97,760 50,800 37,500 Bank overdraft Drawings Mirian 33,600 30,000 46,400 Drawings Janey Drawings Geraldo Capital Mirlam Capital Janey Capital Geraldo Current account Miriam Current Account Janey Current Account Geraldo 60,000 40,000 50,000 35,500 30,240 53,200 Profit for the year (before appropriation) 239,200 77,500477,500 The partnership agreement of FunTaxit makes provision for the folowing: 1. Capital will remain unchanged, namely: Miriam N$ 60,000 Janey N$ 40,000 Geraldo N$ 50,000 At the end of each year the partners are burdened with interest on their drawings. For the year ended 30 April 2016, interest amounts to NS 3,360, N$ 3,000 and N$ 4.640 for Miriam, Janey and Geraldo respectively Each partner receives interest on his capital at 10% per annum. 2. 3. Page 4 of 7 4. Miriam and Janey both receive salaries of NS 8,000 per annum, but Gerakdo geta N$ 6,000 per annum pide a bonus of 10% of the profit, after interest and salaries have been taken into account 5. The reset of the profit should be divicled in the ratio 120:2 REQUIRED a) Prepare the statement of changes in equity for FunTait for the year ended 30 Apil 2016 (1) b) Prepare the current accounta of the partners for the year ended 30 April 2016 c) Propare the statement of financial position as at 30 Apiril 2010