Homework answers / question archive / STATEMENT OF CHANGES IN EQUITY (PARTNERSHIPS) (20 Marks) REQUIRED: Prepare the statement of changes in equilty of Sheshisa Partners for the year ended 28 February 2018 Information: extracted from the Journal of Sheshisa Partners as at 28 February 2018 Debit Credit Capital: Maimane 500 000 Capital: Green 300 000 Current account: Maimane 40 000 Current account: Green 10 000 Drawings: Maimane 240 000 Drawings: Green 260 000 Additional Information 1

STATEMENT OF CHANGES IN EQUITY (PARTNERSHIPS) (20 Marks) REQUIRED: Prepare the statement of changes in equilty of Sheshisa Partners for the year ended 28 February 2018 Information: extracted from the Journal of Sheshisa Partners as at 28 February 2018 Debit Credit Capital: Maimane 500 000 Capital: Green 300 000 Current account: Maimane 40 000 Current account: Green 10 000 Drawings: Maimane 240 000 Drawings: Green 260 000 Additional Information 1

Finance

Share With

STATEMENT OF CHANGES IN EQUITY (PARTNERSHIPS) (20 Marks) REQUIRED: Prepare the statement of changes in equilty of Sheshisa Partners for the year ended 28 February 2018 Information: extracted from the Journal of Sheshisa Partners as at 28 February 2018 Debit Credit Capital: Maimane 500 000 Capital: Green 300 000 Current account: Maimane 40 000 Current account: Green 10 000 Drawings: Maimane 240 000 Drawings: Green 260 000 Additional Information 1. Partners are entitled to monthly salaries as follows: Maimane R12 000 Green R15 000 2. Maimane is entitled to a bonus of 5 % of net profit before any appropriations take place 3. Both partners increased their capital contributions R100 000 each on 28 February 2018. Both increases have already been recorded. Provide interest on capitals at 15 % p.a. 4. Net profit for the year R700 000 5. Remaining profits.losses are shared equally between partners. Format for the statement of changes Capital accounts Maimane Green Balance on 28 February 2017 Capital changes Balance on 28 February 2018 Maimane Green Current Accounts Balance on 28 February 2017 Net profit for the year
Balance on 28 February 2018 Maimane Green Current Accounts Balance on 28 February 2017 Net profit for the year Interest on capital Salanes Bonus Profit share Drawings Balance on 28 February 2018