REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Richmond Traders for the year ended 29 February 2020. Use the following format: Total STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 29 FEBRUARY 2020 Capital Accounts Richie Mondli Balance at 28 February 2019 Changes in capital Balance at 29 February 2020 Current Accounts Balance at 28 February 2019 Net profit for the year Interest on capital Salaries Bonus Profit Share Drawings Balance at 29 February 2020 INFORMATION Extract from the ledger of Richmond Traders as at 29 February 2020 Debit Credit R R 300 000 200 000 50 000 Capital: Richie Capital: Mondli Current alc: Richie (01 March 2019) Current alc: Mondli (01 March 2019) Drawings: Richie Drawings: Mondli 30 000 250 000 350 000 The following must be taken into account: (a) On 29 February 2020 the Profit and Loss account reflected a net profit of R700 000 (b) The partners are entitled to interest at 15% p.a. on their capital balances. Note: Mondli decreased his capital contribution by R100 000 on 31 August 2019. This capital change has been recorded (C) Partners are entitled to the following monthly salaries: Richie R13 000 Mondli R11 000 (d) Mondli is entitled to a bonus equal to 10% of the net profit before any of the above appropriations have been taken into account. (e) The remaining profit/shortfall must be shared between Richie and Mondli in the ratio 3:2 respectively