Question: Prepare the Statement of Changes in Equity for the year ended 2 9 February 2 0 2 4 . INFORMATIONThe information given below was extracted

Prepare the Statement of Changes in Equity for the year ended 29 February 2024.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 29 February 2024Debit (R) Credit (R)Capital: Bennie 1000000Capital: Sonny 800000Current a/c: Bennie (01 March 2023)60000Current a/c: Sonny (01 March 2023)80000Drawings: Bennie 500000Drawings: Sonny 600000The following must be considered:(1) The Statement of Comprehensive Income for the year ended 29 February 2024 reflected a netprofit of R1200000.(2) The partnership agreement provided for interest on capitals at 15% p.a. on the balances in thecapital accounts. However, the partners agreed to increase the interest rate to 18% p.a. witheffect from 01 September 2023. Bennie also increased his capital contribution by R200000 onthe same date. The capital change has been recorded.(3) The partners are entitled to the following monthly salaries:Bennie R20000Sonny R18000(4) Sonny is entitled to a special bonus of 10% of the net profit (before any appropriations).(5) 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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