REQUIRED
Use the information provided below to prepare the Statement of Changes in Equity of Sunray Traders for the
year ended February
INFORMATION
EXTRACT FROM THE LEDGER OF SUNRAY TRADERS AS AT FEBRUARY
Debit Credit
R R
Capital: Sunny
Capital: Raymond
Current ac: Sunny March
Current ac: Raymond March
Drawings: Sunny
Drawings: Raymond
The following must be considered:
a On February the Statement of Comprehensive Income reflected a net profit of R
b The partners are entitled to interest at pa on their capital balances. Note: Raymond decreased
his capital contribution by R on August whilst Sunny increased his capital balance by
the same amount on December These capital changes have been recorded.
c The partners are entitled to the following monthly salaries:
Sunny R
Raymond R
d Raymond is entitled to a bonus equal to of his annual salary.
e The remaining profitshortfall must be shared between Sunny and Raymond in the ratio of the capital
balances as at the beginning of the financial year.
