The following information relates to Oslo Close Corporation:
.	Trial balance at 28 February 2004:
	Members contributions		R
	A Andre		60 000
	B Botha		60 000
	N Nortje		40 000
	Accumulated profits 28 February 2003		23 300
	Loan from A Andre		30 000
	Loan to B Botha		20 000
	Provision for bad debts 28 February 2003		780
	Land and buildings at cost		100 000
	Equipment at cost		72 000
	Investment at cost 34 000 ordinary shares of R1 each
	in USO Ltd (market value, R30 000)		34 000
	Inventory merchandise at cost		67 986
	stationery		2 310
	Long-term loan (cr)		24 000
	Accumulated depreciation on equipment 28 February 2003		25 920
	Accrued expenses		2 880
	Prepaid expenses		1 986
	Bank overdraft		10 328
	Petty cash		300
	Sundry accounts receivable		11 760
	Sundry creditors		4 764
	Net income for the year before tax		95 370
	Provisional tax payments		35 000
	Interim profit distributions to members:
	A Andre		12 000
	B Botha		12 000
	N Nortje		8 000

2. Additional information:

2.1 The provision for bad debts must be adjusted to 5% of outstanding accounts receivable balances.

2.2 The long-term loan from Bousaam Limited is secured by a first mortgage over land and buildings.

2.3 Provision for income tax for the year, R45 000.

2.4 A further profit appropriation of R32 000 must be made to members.

Required:

1. The statement of changes in equity of Oslo Close Corporation for the year ended 28 February 2004.

2. The balance sheet of Oslo Close Corporation at 28 February 2004, in compliance with generally accepted accounting practice.

NB: The calculation of the accumulated profits must be shown separately.