QUESTION TWO The information given below was extracted from the accounting records of James Redmond Traders, a partnership business with James and Redmond as partners. Required: Prepare the Statement of Changes in Equity for the year ended 29 February 2020. The following must be taken into account: (a) The Statement of Comprehensive Income reflected a net profit of R450 000 for the year ended 29 February 2020 (b) The partnership agreement provided for interest on capital at 12% p.a. on the balances on the capital accounts. Note: James increased his capital contribution by 2100000 on 01 June 2019 whilst Redmond decreased his capital contribution by R100000 on 01 September 2019. The capital changes have been recorded. (c) Interest of 10% is charged on the opening current account balances for each partner. (d) The partners are entitled to the following monthly salaries from 01 March 2019 to 30 November 2019: James R12000 Redmond R10000 Note: The salaries of the partners were increased by 10% with effect from 01 December 2019 (d) The balance of the profit must be in the ratio of the partners' capital account balances at the beginning of the financial year