On 1 July 2025 Woojin and William began their partnership by contributing ($550)000 and ($480)000 respectively. William

Question:

On 1 July 2025 Woojin and William began their partnership by contributing $$550$ 000 and $$480$ 000 respectively. William contributed another $$70$ 000 and Woojin withdrew $$30$ 000 of her capital investment during the first year of business. The profit for the year ended 30 June 2026 of $$280$ 000 was divided evenly between the partners. During the year Woojin withdrew $$30$ 000 from profits and William withdrew $$40$ 000 of his share of the profits.

Required

Prepare a statement of changes in partner’s equity for the year ended 30 June 2026 using both method 1 and method 2.

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