Show all calculations and workings for 1.1- 1.2.

PARTNERSHIP (20) QUESTION 1 Use the following information extracted from the accounting records of JELNET SUPPLIERS, a partnership business owned by partners JEL and NET, to prepare: 1.1. The Current Accounts section of the Statement of Changes in Equity for the year ended 30 June 2018.(16) 1.2. The Partnership Equity section of the Statement of Financial Position as at 30 June 2018. NB: Copy the formats given below CURRENT ACCOUNTS Balances at beginning of the year Net Profit for the year JEL NET TOTAL Drawings Balances at the end of the year Capital Accounts Current Accounts INFORMATION: A. Extract from Trial Balance on 30 June 2018 Debit Credit 500 000 400 000 Accounts Capital: JEL Capital: NET Current Account: JEL [01 July 2017] Current Account: NET [01 July 2017] Drawings JEL Drawings: NET 9 000 3 000 284 000 290 000 B. The net profit for the year is R600 000 C. The Partnership Agreement makes provision for the following: . Partners are entitled to the following monthly salaries JEL, R16 000 NEL, R14 000 NB: each partner's salary was increased by 10% with effect from 01 February 2018. Partners are to receive 12% pa. interest on their capital. The following must be taken into account. - JEL had decreased his capital on 01 January 2018 by R100 000 and this has been properly recorded -Partners have agreed on a 4% increase on their rate on capital with effect from 01 April 2018. . Partner NET is to receive a bonus of R40 000. Interest on each partner's drawing for the year amounted to - JEL, R18 000 - NET, R10 000 Partners are to share the remaining profit/loss in the ratio of their capitals at the end of the year