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Required: Prepare the Statement of Changes in Equity for the year ended 30 June 2020. (8 Marks) INFOFMATION: Extract from the ledger of Muray Trading
Required: Prepare the Statement of Changes in Equity for the year ended 30 June 2020. (8 Marks) INFOFMATION: Extract from the ledger of Muray Trading on 30 Jure 2017 The following must be taken into account: (a) On 30 Jure 2020 the Profit and Los5 account reflected a net proft of Rg40 000 . (b) Partners are entitled to interest at 14% p.a on their capital balances. Note: Murdoch decreased his capital corbibution by R90 000 on 01 July 2019 . This capital decrease has been recorded. (c) Partners are entilled to the followirg monthly salaries: Murdoch R13 000 for the first ten months of the finamcial year and R15 000 for the next two morths; Raymord R10 000 (d) Partner Raymond is entitled to a bonus equal to 10% of the net profit before any of the above appropriation have been taken into acoount. (e) The remaining profitshortifll must be shared equally between Murdoch ard Raymond. Required: Prepare the Statement of Changes in Equity for the year ended 30 June 2020. (8 Marks) INFOFMATION: Extract from the ledger of Muray Trading on 30 Jure 2017 The following must be taken into account: (a) On 30 Jure 2020 the Profit and Los5 account reflected a net proft of Rg40 000 . (b) Partners are entitled to interest at 14% p.a on their capital balances. Note: Murdoch decreased his capital corbibution by R90 000 on 01 July 2019 . This capital decrease has been recorded. (c) Partners are entilled to the followirg monthly salaries: Murdoch R13 000 for the first ten months of the finamcial year and R15 000 for the next two morths; Raymord R10 000 (d) Partner Raymond is entitled to a bonus equal to 10% of the net profit before any of the above appropriation have been taken into acoount. (e) The remaining profitshortifll must be shared equally between Murdoch ard Raymond
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