Sbu and Tom formed a partnership to provide plumbing services. They agreed to share profits/losses equally subject to the other terms of their written partnership agreement. The following information was extracted from the business records for the year ended 28 February 2023:

Additional information: 1. Changes in contribution of capital during the current financial year: the changes have been correctly recorded:

2. The following drawings were made in the current financial year in lieu of salaries due to them in terms of the partnership agreement: Drawings salaries: Sbu; R3 000 per month x 12 Drawings salaries: Tom; R2 000 per month x 12 3. The partnership agreement provides for the following which needs to be recorded: 3.1 Both partners are entitled to interest on capital to be calculated at 12% per year. 3.2 Partners are entitled to / must be charged, interest at 10% per year on their current account balances at the beginning of the year.. 3.3 Each partner is entitled to a monthly salary of R6 500 for the current year. 3.4 Tom is entitled to a bonus equal to 5% of the profit for the year before any appropriations have been made. 3.5 Interest on partners drawing accounts were calculated as follows: 3 Sbu R3 400 Tom R4 700 3.6 The remaining profits must be shared equally.

Required: Prepare the statement of changes in equity for the financial year ended 28 February 2023 to comply with International Financial Reporting Standards (IFRS) appropriate to the business of the partnership. Show all workings. Round off all calculations to the nearest Rand.

\begin{tabular}{|l|r|} \hline Ledger balances at 28 February 2023: & R \\ \hline Capital - Sbu & 400000 \\ Capital - Tom & 350000 \\ Current account - Sbu (Credit balance at 1 March 2022) & 13400 \\ Current account - Tom (Debit balance at 1 March 2022) & 5500 \\ Drawings account: general - Sbu & 25000 \\ Drawings account: general - Tom & 35000 \\ Profit for the year ended 28 February 2023 & 520000 \\ \hline \end{tabular} Changes in contribution of capital during the current financial year: the changes have been correctly recorded: \begin{tabular}{|l|r|} \hline Ledger balances at 28 February 2023: & R \\ \hline Capital - Sbu & 400000 \\ Capital - Tom & 350000 \\ Current account - Sbu (Credit balance at 1 March 2022) & 13400 \\ Current account - Tom (Debit balance at 1 March 2022) & 5500 \\ Drawings account: general - Sbu & 25000 \\ Drawings account: general - Tom & 35000 \\ Profit for the year ended 28 February 2023 & 520000 \\ \hline \end{tabular} Changes in contribution of capital during the current financial year: the changes have been correctly recorded