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REQUIRED Use the information provided below to prepare the Statement of Chenges in Equity of Semson Traders for the year ended 28 February 2023. INFORMATION
REQUIRED Use the information provided below to prepare the Statement of Chenges in Equity of Semson Traders for the year ended 28 February 2023. INFORMATION The information given below was extracted from the accounting records of Samson Traders, a parthership business with Sammy and Sonmy as partners. The financlal year ends on the last day of February each year. The following must be considered: (a) The net proft according to the Profit and loss accourt amounted to R1 200000 on 28 February 2023. (b) The partnership agreement makes provision for the following: Interest on capital must be provided at 15% per annum on the belances in the capital accounts. The partners are entilled to the following monthly salaries: Sammy: R25 000 Sonny: R30 000 Sammy is entitled to a special bonus equal to 10% of his annual salary. Sammy and Sonny share the remaining profts or losses in the ratio of their capital belences at the end of the year
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