Prepare the Statement of Changes in Equity for the year ended 2 9 February 2 0 2
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Prepare the Statement of Changes in Equity for the year ended February INFORMATIONThe information given below was extracted from the accounting records of Benson Traders, apartnership business with Bennie and Sonny as partners.Extract from the ledger of Benson Traders as at February Debit R Credit RCapital: Bennie Capital: Sonny Current ac: Bennie March Current ac: Sonny March Drawings: Bennie Drawings: Sonny The following must be considered: The Statement of Comprehensive Income for the year ended February reflected a netprofit of R The partnership agreement provided for interest on capitals at pa on the balances in thecapital accounts. However, the partners agreed to increase the interest rate to pa witheffect from September Bennie also increased his capital contribution by R onthe same date. The capital change has been recorded. The partners are entitled to the following monthly salaries:Bennie RSonny R Sonny is entitled to a special bonus of of the net profit before any appropriations The balance of the profit or loss must be shared between Bennie and Sonny in the ratio of theircapital balances at the beginning of the financial year.
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