Question 3 (20 Marks) The information given below was extracted from the accounting records of Veco Traders, a partnership business with Bobby and Vincent. Required: Prepare the Statement of Changes in Equity as at: 28 February 2021. INFORMATION

Balances in the ledger 28 February 2019
	Debit	Credit
Capital: Bobby		500 000
Capital: Vincent		300 000
Current account: Bobby (1 Mar 2020)		20 000
Current account: Vincent (1 Mar 2020)	15 000
Drawings: Bobby	250 000
Drawings: Vincent	200 000

Additional information 1. The net profit according to the Profit and Loss account amounted to R500 000 on 28 February 2021. 2. The partnership agreement made provision for the following: 1. Interest on capital must be provided at 15% per annum on the balances in the capital Accounts from 1 March 2020 to 31 August 2020. With effect from 1 September 2019 the interest rate on capital increases to 18% per annum. 2. The partners are entitled to the following monthly salaries: Bobby R11 000 Vincent R10 000 3. Bobby is entitled to a bonus of 15% of the net profit before any appropriations are made. 4. Bobby and Vincent share the remaining profits or losses in the ratio 3:2 respectively.