use the information provided below to prepare the statement of changes in equity of Soraya...
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Accounting
use the information provided below to prepare the statement of changes in equity of Soraya are for the year ended 28th February 2022.
Information extract from the ledger of Soraya Enterprises on 28th February 2022.
Capital: Soo R450000
Capital:Raya R350000
Current Account:Soo 01 March 2021 R30000 credit.
Current Account:Raya R25000 debit
Drawings:Soo R220000
Drawings:Raya R260000
the following must be taken into account:
1. On 28 February 2022 the profit and loss account reflected a net profit of R880,000.
2. Partners are entitled to interest at 12% per annum on their capital balances. Note: Soo increase the capital contribution by 180,000 on September 1st 2021 the capital increase has been recorded.
3. The partners are entitled to the following monthly salaries for the first six months of the financial year Soo R15000 Raya R11000 from 1st September 2021 the partners will be entitled to annual salaries of R144,000 each.
4. Raya is entitled to a bonus equal to 10% of the net profit before any of the above appropriations have been taken into account.
5. The remaining profit or shortfall must be shared equally between Soo and Raya.
Capital and Current Accounts Long and short must be shown. As well as full general ledger.
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