Question: REQUIRED Use the information provided below to prepare the Statement of Changes in Equity for the year ended 28 February 2023. INFORMATION The information given
REQUIRED Use the information provided below to prepare the Statement of Changes in Equity for the year ended 28 February 2023. INFORMATION The information given below was extracted from the accounting records of Bensen Traders, a partnership business with Ben and Sen as partners. Additional information a) The net profit according to the Profit and loss account amounted to R900 000 on 28 February 2023. b) The partnership agreement made provision for the following: - Interest on capital must be provided at 18% per annum on the balances in the capital accounts. Note: The parthers increased their capitals by R 400000 each on 01 September 2022. The capital changes have been recorded. - The partners are entitled to the following monthly salaries: Ben R18000 Sen R16000 - Ben is entitled to a bonus of 10% of the net profit before any appropriations are made. - Ben and Sen share the remaining profits or losses equally
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