QUESTION 4 PARTNERSHIPS The information given below was extracted from the accounting business with Tim and Mol as partners. REQUIRED Prepare the Statement of changes in equ following format (20 MARKS) e accounting records of TiMol Traders, a partnership changes in equity for the year ended 31 December 2018 using the (20) STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED Capital Accounts Balance at 1 January 2018 Changes in capital Balance at 31 December 2018 "T FOR THE YEAR ENDED 31 December 2018 Tim (R) Mol (R) Total (R) Tim (R) Mol (R) Total (R) Current Accounts Balance at 1 January 2018 Net profit for the year Interest on capital Salaries Bonus Profit Share Drawings Balance at 31 December 2018 INFORMATION Extract from the ledger of TiMol Traders as at 31 December 2018: Debit (R) Capital: Tim Capital: Mol Current account: Tim (01 January 2018) Current account: Mol (01 January 2018) Drawings: Tim 480 000 Drawings: Mol 520 000 Credit (R) 1 000 000 600 000 80 000 20 000 The following must be taken into account: The net profit according to the Profit and loss account amounted to R1 400 000. The partners are entitled to the following monthly salaries: Tim R24 000 Mol R30 000 The partners are entitled to interest on their capitals at a rate of 15% per year. The partners increased their capital contributions by R200 000 each on 31 December 2018. The capital changes have beer recorded Tim is entitled to a special bonus equal to 5% of the net profit before any of the above appropriatio are taken into account The remaining profit or shortfall must be shared equally between Tim and Mol. (4)