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The information given below was extracted from the accounting records of Albert Traders, a partnership business with Al and Bert as partners. REQUIRED Prepare the
The information given below was extracted from the accounting records of Albert Traders, a partnership business with Al and Bert as partners. REQUIRED Prepare the Statement of Changes in Equity for the year ended 28 February 2018 using the following format: STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2018 INFORMATION The following must be taken into account: (a) The net profit for the year, according to the Profit and loss account, amounted to R500 000 . (b) The partners are entitled to interest at 15% per annum on their capital balances. On 01 September 2017Al increased his capital by R200 000 . The capital change has been recorded. (c) The partners are entitled to the following monthly salaries: AlBertR9000R10000 (d) Bert is entitled to a bonus equal to 10% of the net profit before taking any of the above appropriations into account. (e) The balance of the profit or loss must be shared equally between Al and Bert
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