REQUIRED

Prepare the Statement of Changes in Equity for the year ended $29$ February $2024.$ INFORMATION

The information given below was extracted from the accounting records of Benson Traders, a partnership business with Bennie and Sonhy as parners.

$\backslash$table$[[$Extract from the ledger of Benson Traders as at $29$ February $2024,,],[,$Debit $($R$),$Credit $($R$)],[$Capital: Bennie,,$1000000],[$Capila: Sonny,,$800000],[$Current ale: Bennie $(04$March $2023),60000,],[$Current alc.Sonny $(01$ March $2023),,80000],[$Drawings$.$ Bennie,$500000,],[$Drawings$.$ Sonny,$600000,]]$

The following must be considered:

$(1)$ The Statement of Compreh$$nsive lobome for the year ended $29$ February $2024$ reflected a net profit of R$1200000.$

$(2)$ The partnership agreemenf provided for interest on capitals at $15\%$ p$.$a$.$ on the balances in the capital accounts. However, the partners agreed to increase the interest rate to $18\%$ p$.$a$.$ with effect from $01$ September $2023.$ Bennie also increased his capital contribution by R$200000$ on the same date. The capiltal change has been recorded.

$(3)$ The partiers are entitied to the following monthly salaries:

Bernie Pe$0000$

Sonny R$18000$

$(4)$ Sonny is entitited to a special bonus of $10\%$ of the net profit $($before any appropriations$).$

$(5)$ The balance of the profit or loss must be shared between Bennie and Sonny in the ratio of their capita batances at the beginning of the financial year.