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Year-end adjustments: 1. On 1 January 2020 Pitso contributed another R90 000 as capital to the partnership. It was agreed that the amount will be included in his fixed capital account. The transaction was correctly recorded as at 30 June 2020, 2. Pitso granted an unsecured loan to the partnership on 1 January 2020. According to the loan agreement Interest will be charged at 10% per year. The loan will be repaid in annual installments beginning 31 December 2024. Interest on the loan is still to be calculated and recorded in the books of the partnership Required: Take the above information into account and adjust the "Profit for the year" to show the correct amount to be shared between the partners, Pitso and Steve. Thereafter, prepare the statement of changes in equity for Topclass Pro Services for the year ended 30 June 2020 to clearly show the distribution of profits in terms of the partnership agreement. Show all calculations. Use the format suggested below. June 2020 to clearly show the distribution of profits in terms of the partnership agreement. Show all calculations. Use the format suggested below. (20) Recommended format: Topclass Pro Services Statement of changes in equity for the year ended 30 June 2020 Capital accounts Pitso R Steve R Total R Balance at 1 July 2019 Additional contributions Balance at 30 June 2020 Current accounts: Pitso R Steve R Appropriation R Balance 1 July 2019 Profit for the year Appropriations: Interest on capital Interest on current a/c Interest on drawings Salaries due Share of profits Drawings Balance 30 June 2020 Year-end adjustments: 1. On 1 January 2020 Pitso contributed another R90 000 as capital to the partnership. It was agreed that the amount will be included in his fixed capital account. The transaction was correctly recorded as at 30 June 2020, 2. Pitso granted an unsecured loan to the partnership on 1 January 2020. According to the loan agreement Interest will be charged at 10% per year. The loan will be repaid in annual installments beginning 31 December 2024. Interest on the loan is still to be calculated and recorded in the books of the partnership Required: Take the above information into account and adjust the "Profit for the year" to show the correct amount to be shared between the partners, Pitso and Steve. Thereafter, prepare the statement of changes in equity for Topclass Pro Services for the year ended 30 June 2020 to clearly show the distribution of profits in terms of the partnership agreement. Show all calculations. Use the format suggested below. June 2020 to clearly show the distribution of profits in terms of the partnership agreement. Show all calculations. Use the format suggested below. (20) Recommended format: Topclass Pro Services Statement of changes in equity for the year ended 30 June 2020 Capital accounts Pitso R Steve R Total R Balance at 1 July 2019 Additional contributions Balance at 30 June 2020 Current accounts: Pitso R Steve R Appropriation R Balance 1 July 2019 Profit for the year Appropriations: Interest on capital Interest on current a/c Interest on drawings Salaries due Share of profits Drawings Balance 30 June 2020

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