QUESTION ONE [25] 1.1 Discuss three (3) disadvantages of a partnership. 1.2 Explain why a bank reconciliation is prepared. 1.3 Differentiate between interim and annual dividends. (6) (4) (4) 1.4 Distinguish between Authorised and Issued Share Capital (4) 1.5 List seven (7) items which should to be specified in a Partnership Agreement. QUESTION TWO [25] Mani and Richi trade in partnership as MR Traders. The following is an extract from the trial balance for the year ended 31 December 2020: Additional information: 1. The partnership agreement stipulates the following: 1.1 Partners will receive 10% interest on capital annually and 8% interest is allowed on current accounts 1.2 Mani will receive a salary of R3000 per annum and Richi a salary of R5000 per annum. 1.3 Mani and Richi divide profits or losses in the ratio of 1:2 2. The net profit for the year ended 31 December 2020 was R 5183 Required: Prepare the Statement of Changes in Equity of MR Traders for the year ended 31 December 2020