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REQUIRED Prepare the Statement of Changes in Equity for the year ended 29 February...

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Accounting

REQUIRED
Prepare the Statement of Changes in Equity for the year ended 29 February 2024.
INFORMATION
Charles and Toni are partners in a business called Charlton Traders. The following information relates
to the financial year ended 29 February 2024:
The following must be considered:
(1) The net profit according to Statement of Comprehensive Income for the year ended 29 February
2024 amounted to R1000000.
(2) The partners are entitled to interest on their capitals at a rate of 15% per year. Charles increased
his capital contribution by R300000 on 01 September 2023. The capital change has been
recorded.
(3) The partners are entitled to the following salaries:
Charles R21000 per month
Toni R23000 per month
(4) Charles is entitled to a special bonus equal to 10% of the net profit (before any appropriations).
(5) The remaining profit or shortfall must be shared between Charles and Toni in the ratio 3:2
respectively.
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