QUESTION 4 PARTNERSHIPS (20) REQUIRED 4.1 Prepare an extract of the Statement of Changes in Equity to reflect only the Capital accounts section. (3) 4.2 Prepare the following accounts in T-form) in the general ledger of Edgar Traders for the year ended 28 February 2017 4.2.1 Current account: Eddie 4.2.2 Appropriation account (10) INFORMATION The information given below was extracted from the accounting records of Edgar Traders, a partnership business with Eddie and Gary as partners. Balances in the general ledger on 28 February 2017 Debit (R) Credit (R) Capital: Eddie Capital: Gary Current a/c: Eddie (01 March 2016) Current a/c: Gary (01 March 2016) Drawings: Eddie Drawings: Ga 600 000 400 000 S0 000 10 000 280 000 220 000 The following must be taken into account (a) The net profit according to the Profit and loss account amounted to R600 000 on 28 February 2017 (b) The partnership agreement makes provision for the following Interest on capital must be provided at 12% per annum on the balances in the capital accounts. Note Eddie increased his capital by R100 000 on 01 September 2016. On 01 December 2016, Gary decreased his capital by R100 000. The capital changes have been recorded The partners are entitled to the following monthly salaries from 01 March 2016 to 30 November 2016 Eddie R10 000 Gary R12 000 Note: The partners' salaries were increased by 10% with effect from 01 December 2016 Eddie is entitled to a bonus of 10% of the net profit before any appropriations are made Eddie and Gary share the remaining profits or losses in the ratio of their capital contributions as at 01 March 2016 " " QUESTION S The trial balance and additional information given below were extracted from the accounting records of Sunbeam Traders on 28 February 2017, the end of the financial year FINANCIAL STATEMENTS (20) REQUIRED Prepare the Statement of Financial Position of Sunbeam Traders as at 28 February 2017. (Note: Where applicable, show workings in brackets. The Statement of Comprehensive Income and notes to the financial statements are NOT required.)