the QUESTION 4 PARTNERSHIPS The information given below was extracled from the accounting records of TiMal Traders, a partiership business with Tin and Mol as partners. (20 MARKS) REQUIRED Fiepare the Statement of changes in eguity for fne vear ended 31 December 2018 using the following format: (20) STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 December 2018 Total (R) Capital Accounts Mol (R) Tim (R) Balance at 1 January 2018 Changes in capital Balance at 31 December 2018 Total (R) Mol (R) Tim (R) Current Accounts Balance at 1 January 2018 Net profit for the year Interest on capital Salaries Bonus Profit Share Drawings Balance at 31 December 2018 Extract from the ledger of TiMol Traders as at 31 December 2018: Debit (R) INFORMATION Credit (R) 7000 000 600 000 Capital: Tim 80 000 Capital: Mol 20 000 Current account: Tim (01 January 2018) 480 000 Current account: Mol (01 January 2018) 520 000 Drawings: Tim Drawings: Mol The foliowing must be taken into account: (1) The net profit according to the Profit and loss account amounted to R1 400 000. (2) The partners are entitled to the following monthly salaries: R24 000 Tim R30 000 Mol (3) The partners are entitled to interest on their capitals at a rate of 15% per year. The partners increased their capital contributions by R200 000 each on 31 December 2018. The capital changes have been recorded. (4) Tim is entitled to a special bonus equal to 5% of the net profit before any of the above appropriations are taken into account. (5) The remaining profit or shortfall must be shared equally between Tim and Mol. PARTNERSHIPS The information given below was extracted from the accounting records of TiMol Traders, a partvership Prepare the Statement of changes in equity for the vear ended 31 December 2018 using the STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 December 2018 (20 MARKS) QUESTION 4 business with Tim and Mol as partne REQUIRED following format: (20) Tim (R) Mol (R) Total (R) Capital Accounts Balance at 1 January 2018 Changes in capital Balange at 31 December 2018 ROGF Tim (R) Current Accounts Mol (R) Total (R) Balance at 1 January 2018 Net profit for the year MO Interest on capital Salaries Bonus Profit Share Drawings Balance at 31 December 2018 INFORMATION Extract from the ledger of TiMol Traders as at 31 December 2018: Debit (R) Credit (R) Capital: Tim 1 000 000 Capital: Mol 600 000 Current account: Tim (01 January 2018) 80 000 Current account: Mol (01 January 2018) 20 000 Drawings: Tim 480 000 Drawings: Mol 520 000