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 Sonny as partners.

$\backslash$table$[[$Extract from the ledger of Benson Traders as at $29$ February $2024,,],[,$Debit $($R$),$Credit $($R$)],[$Capital: Bennie,,$1000000],[$Capital: Sonny,,$800000],[$Current alc: Bennie $(01$ 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 Comprehensive Income for the year ended $29$ February $2024$ reflected a net profit of R$1200000.$

$(2)$ The partnership agreement provided for interest on capitals at $15\%$ p$.$ on the balances in the capital accounts. However, the partners agreed to increase the interest rate to $18\%$ p$.$a$.$ with