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REQUIRED Prepare the Statement of Changes in Equity for the year ended 28 February 2022. INFORMATION The information given below was extracted from the accounting
REQUIRED Prepare the Statement of Changes in Equity for the year ended 28 February 2022. INFORMATION The information given below was extracted from the accounting records of Tomango Traders, a partnership business with Tom and Ango as partners. The following must be considered: (a) The net profit according to the Statement of Comprehensive Income amounted to R472 000 for the year ended 28 February 2022. (b) The partnership agreement makes provision for the following: Interest on capital must be provided for at 18% per annum on the balances in the capital accounts. Note: Ango, with the approval of Tom, increased his capital contribution on 01 September 2021 by providing equipment worth R50000 for use in the office. This has been recorded. Partners are entitled to the following monthly salaries: Tom R10 000 Ango R12000 Tom and Ango share the remaining profits or losses in the ratio 3:2 respectively. QUESTION 1
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