The information given below was extracted from the accounting records of Netcare Traders a partnership business...

   

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The information given below was extracted from the accounting records of Netcare Traders a partnership business with Nettie and Caren as partners REQUIRED Prepare the Statement of Changes in Equity for the year ended 28 February 2018 INFORMATION Extract from the ledger of Netcare Traders on 28 February 2018 Debit R Credit R Capital Nette 600 000 Capital Caren 400 000 Current account Nettie (01 March 2016) 40 000 Current account Caren (01 March 2016) 30 000 Drawings Nettle 300 000 Drawings Caren 250 000 The following must be taken into account: (a) The net profit according to the Proft and loss account amounted to R800 000 (b) The partners are entified to the following monthly salaries Nettie R:20 000 Caren R18 000 (c) (d) The partners are entitled to interest on their capitals at a rate of 15% per year Nettie is entitled to a special bonus equal to 10% of the net profit before any of the above appropriations are taken into account (*) The remaining profit or shortfall must be shared between Nette and Caren in the ratio 32 respectively (20 MARKS) The trial balance, adjustments and additional information given below were extracted from the accounting records of Jem Traders on 28 February 2018, the end of the financial year REQUIRED Prepare the Statement of Comprehensive Income for the year ended 28 February 2018. PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2018 Debit (R) Credit (R) Balance sheet accounts section 884 000 Captal 264 000 Drawings Land and buildings 664 000 Equipment at cost 136 000 Accumulated depreciation on equipment 61.000 Faxed deposit Mono Bank (10% pa) Trading inventory 30 000 162.000 47 000 290 000 Dettors control Bank Cash float 2.000 Creators control 45 000 87 000 Loan Mono Bank Nominal accounts section Sales 1 760 000 Cost of sales 895 000 Sales returns 28 000 Salanes and wages 180 000 Rent income 33 000 Commission income 4.000 Stationery 7.000 Advertising 50 000 Telephone 17.000 Electricity and water 24.000 The information given below was extracted from the accounting records of Netcare Traders a partnership business with Nettie and Caren as partners REQUIRED Prepare the Statement of Changes in Equity for the year ended 28 February 2018 INFORMATION Extract from the ledger of Netcare Traders on 28 February 2018 Debit R Credit R Capital Nette 600 000 Capital Caren 400 000 Current account Nettie (01 March 2016) 40 000 Current account Caren (01 March 2016) 30 000 Drawings Nettle 300 000 Drawings Caren 250 000 The following must be taken into account: (a) The net profit according to the Proft and loss account amounted to R800 000 (b) The partners are entified to the following monthly salaries Nettie R:20 000 Caren R18 000 (c) (d) The partners are entitled to interest on their capitals at a rate of 15% per year Nettie is entitled to a special bonus equal to 10% of the net profit before any of the above appropriations are taken into account (*) The remaining profit or shortfall must be shared between Nette and Caren in the ratio 32 respectively (20 MARKS) The trial balance, adjustments and additional information given below were extracted from the accounting records of Jem Traders on 28 February 2018, the end of the financial year REQUIRED Prepare the Statement of Comprehensive Income for the year ended 28 February 2018. PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2018 Debit (R) Credit (R) Balance sheet accounts section 884 000 Captal 264 000 Drawings Land and buildings 664 000 Equipment at cost 136 000 Accumulated depreciation on equipment 61.000 Faxed deposit Mono Bank (10% pa) Trading inventory 30 000 162.000 47 000 290 000 Dettors control Bank Cash float 2.000 Creators control 45 000 87 000 Loan Mono Bank Nominal accounts section Sales 1 760 000 Cost of sales 895 000 Sales returns 28 000 Salanes and wages 180 000 Rent income 33 000 Commission income 4.000 Stationery 7.000 Advertising 50 000 Telephone 17.000 Electricity and water 24.000

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