QUESTION THREE [15] Justin Timber and Mark Woods are in a partnership trading as TW Office Furniture. The following was extracted from the accounting records for financial year ended 30 June 2019. List of selected balances as at 30 June 2019 R Capital: J Timber 400 000 Capital: Woods 400 000 Current Account J timber (1 July 2018 - Credit balance) 94 500 Current Account M Woods (1 July 2018 - Debit balance) 13 800 Drawings: J Timber 62 400 Drawings: M Woods 55 770 8% Loan from J Timber 90 000 Inventories 420 550 Trade receivables 367 920 Allowance for credit losses (Provision for bad debts) 8 600 Profit and loss account (Profit for the year) 410 000 Additional information: 1. On 1 January 2019, M Woods contributed R100 000 cash as additional capital. 2. The following is extracted from the partnership agreement: 2.1 Partners are entitled to the following salaries for the year. J Timber R7 000 per month, and M Woods R6 000 per month 2.2 Interest on capital must be provided at 12% per year. 2.3 Interest on the current account of partners must be provided at 8% per year calculated on the opening balances of their current accounts. 2.4 The partners share in profits and losses equally- 3. During the current financial year, partners were paid the following as salaries which were posted to the trade receivables account J Timber total for the year R70 000 M Woods: total for the year R60 000 Required Prepare the statement of changes in equity for TW Office Furniture for the year ended 30 June 2019. Omit the total column of this statement. Show all workings