QUESTION THREE The following is an extract of a trial balance of Ruslan-Ford Partners as at...
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QUESTION THREE The following is an extract of a trial balance of Ruslan-Ford Partners as at 28 February 2023 Capital: Ruslan Capital: Ford Current account: Ruslan 01/03/2022 Current account: Ford 01/03/2022 Drawings: Ruslan Drawings: Ford Take the following information into account 1. Partners monthly salaries are as follows: Ruslan R10 000 Debit 60 000 240 000 140 000 Credit 300 000 200 000 50 000 [20] Ford R 8 000 2. Partners are both entitled to a 15% p.a. interest on capital. Note: Ruslan increased his capital by R100 000 on 01 December 2022. On the same date, Ford decreased his capital by R100 000 3. Ford is entitled to a bonus of 10% of the net profit in excess of R150 000 4. The net profit for the year amounted to R400 000 5. Profits should be shared in a ratio of partners' capital balances at the beginning of the financial year. Required Compile The Statement of Changes in Equity for the year ended 28 February 2023 QUESTION THREE The following is an extract of a trial balance of Ruslan-Ford Partners as at 28 February 2023 Capital: Ruslan Capital: Ford Current account: Ruslan 01/03/2022 Current account: Ford 01/03/2022 Drawings: Ruslan Drawings: Ford Take the following information into account 1. Partners monthly salaries are as follows: Ruslan R10 000 Debit 60 000 240 000 140 000 Credit 300 000 200 000 50 000 [20] Ford R 8 000 2. Partners are both entitled to a 15% p.a. interest on capital. Note: Ruslan increased his capital by R100 000 on 01 December 2022. On the same date, Ford decreased his capital by R100 000 3. Ford is entitled to a bonus of 10% of the net profit in excess of R150 000 4. The net profit for the year amounted to R400 000 5. Profits should be shared in a ratio of partners' capital balances at the beginning of the financial year. Required Compile The Statement of Changes in Equity for the year ended 28 February 2023 QUESTION THREE The following is an extract of a trial balance of Ruslan-Ford Partners as at 28 February 2023 Capital: Ruslan Capital: Ford Current account: Ruslan 01/03/2022 Current account: Ford 01/03/2022 Drawings: Ruslan Drawings: Ford Take the following information into account 1. Partners monthly salaries are as follows: Ruslan R10 000 Debit 60 000 240 000 140 000 Credit 300 000 200 000 50 000 [20] Ford R 8 000 2. Partners are both entitled to a 15% p.a. interest on capital. Note: Ruslan increased his capital by R100 000 on 01 December 2022. On the same date, Ford decreased his capital by R100 000 3. Ford is entitled to a bonus of 10% of the net profit in excess of R150 000 4. The net profit for the year amounted to R400 000 5. Profits should be shared in a ratio of partners' capital balances at the beginning of the financial year. Required Compile The Statement of Changes in Equity for the year ended 28 February 2023
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To compile the Statement of Changes in Equity for the year ended 28 February 2023 for RuslanFord Partners using the given extract and additional infor... View the full answer
Related Book For
International Financial Reporting and Analysis
ISBN: 978-1408075012
5th edition
Authors: David Alexander, Anne Britton, Ann Jorissen
Posted Date:
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