QUESTION 5 (20 Marks) The information given below was extracted from the accounting records of Britar Traders, a partnership business with Brian and Taryn as partners. REQUIRED Use the information provided to prepare the Statement of Changes in Equity for the year ended 29 February 2020 INFORMATION Extract from the ledger of Britar Traders as at 29 February 2020 Debit Credit R R Capital: Brian 900 000 Capital: Taryn 600 000 Current ac: Brian (01 March 2019) 50 000 Current alc: Taryn (01 March 2019) 30 000 Drawings: Brian 350 000 Drawings: Taryn 250 000 The following must be taken into account: On 29 February 2020 the Statement of Comprehensive Incomec reflected, amongst others, the following: Sales R1 200 000 Sales retums R50 000 Net profit R700 000 2. 3. The partners eam interest at 12% p.a. on their capital balances. Note: Brian increased his capital balance by R100 000 on 01 September 2019 whilst Taryn decreased her capital balance by R100 000 on the same date. The partners were entitled to the following monthly salaries from 01 March 2019 to 30 November 2019: Brian R13 000 Taryn R14 000 The partners' salaries were increased by 10% with effect from 01 December 2019. Taryn is entitled to a special bonus equal to 10% of the net sales for the financial year. The remaining profitloss must be shared equally between Brian and Taryn. 4. 5. END OF PAPER CS Scanned with CamScanner (20 Marks) QUESTIONS BRITAR TRADERS STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 29 FEBRUARY 2020 Capital Accounts Brian (R) Taryn (R) Balance at 28 February 2019 Changes in capital Balance at 29 February 2020 Total (R) Brian (R) Taryn (R) Total (R) Current Accounts Balance at 28 February 2019 Net profit for the year Interest on capital Salaries Bonus Profit Share Drawings Balance at 29 February 2020 WORKINGS: Interest on capital Brian Taryn Salaries Brian Taryn 20 For Examiner Only: Total Question 5 TOTAL: 100 CS Scanned with CamScanner