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The information given below was extracted from the accounting records of Ashton Traders, a partnership business with Ashley and Tony as partners. REQUIRED Prepare the
The information given below was extracted from the accounting records of Ashton Traders, a partnership business with Ashley and Tony as partners. REQUIRED Prepare the Statement of Changes in Equity for the year ended 28 February 2018 . Use the following format: STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2018 INFORMATION Balances in the ledger on 28 February 2018 The following must be taken into account: (a) The net profit according to the Profit and loss account amounted to R400 000 on 28 February 2018. (b) No entry was made for the following transaction: Partner Tony registered his personal vehicle worth R100000 in the name of the business on 28 February 2018 and his request for this to be regarded as additional capital contribution was approved by his partner. (c) The partnership agreement made provision for the following: Interest on capital must be provided for at 15% per annum on the balances in the capital accounts. Note: Ashley increased his capital contribution by R100 000 on 01 September 2017. This has been recorded. Partners are entitled to the following monthly salaries: Ashley R9000 Tony R8000 Tony is entitled to a special bonus equal to twice his monthly salary. Ashley and Tony share the remaining profits or losses equally
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