The information given below was extracted from the accounting records of Britar Traders, a partnershipbusiness with Brian and Taryn as partners.REQUIREDUse the information provided to prepare the Statement of Changes in Equity for the year ended 29 February2020.INFORMATIONExtract from the ledger of Britar Traders as at 29 February 2020DebitCreditRRCapital: BrianCapital: TarynCurrent a/c: Brian (01 March 2019)Current a/c: Taryn (01 March 2019)Drawings: BrianDrawings: Taryn900 000600 00050 00030 000350 000250 000The following must be taken into account:1. On 29 February 2020 the Statement of Comprehensive Incomec reflected, amongst others, thefollowing:SalesR1 200 000Sales returnsR50 000Net profitR700 0002. The partners earn interest at 12% p.a. on their capital balances. Note: Brian increased his capitalbalance by R100 000 on 01 September 2019 whilst Taryn decreased her capital balance by R100 000on the same date.3. The partners were entitled to the following monthly salaries from 01 March 2019 to 30 November 2019:Brian R13 000Taryn R14 000The partners' salaries were increased by 10% with effect from 01 December 2019.Taryn is entitled to a special bonus equal to 10% of the net sales for the financial year.The remaining profit/loss must be shared equally between Brian and Taryn.4.5. BRITAR TRADERSSTATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 29 FEBRUARY 2020Capital AccountsBrian (R)T -ரா (S.Total (R)Balance at 28 February 2019Changes in capitalBalance at 29 Februarv 2020போmt Arcoumட®Brian (R)Taryn (R)Total (R)Balance at 28 February 2019Net profit for the yearInterest on capitalSalariesBonusProfit ShareDrawingsBalance at 29 February 2020WORKINGS: Interest on capitalBrianTarynSalariesBrianTaryn

Partnership is an agreement to share profits and losses from a business by two or more persons in…

Answered: REQUIRED Use the information provided…

REQUIRED Use the information provided to prepare the Statement of Changes in Equity for the year ended 29 February 2020. INFORMATION

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter23: Accounting For Partnerships

Section: Chapter Questions

Problem 2.1AP

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X, Y and Z were the partners in a partnership firm. The following information were relating to the business at the end of the year 2019: i. Capital balance of partners X, Y, Z as on 1st January, 2019 was RO 120000, RO 80000 and RO 60000 respectively. ii. Current account balance of partners as on 1st January, 2019: X: RO 45500 (Cr), Y: RO 32600 (Dr) Z: RO 22100 (Cr) iii. Drawings taken by the partners during the year was: X: RO 8800 Y: RO 7500 Z: RO 5400 iv. Interest on drawings…
X, Y and Z were the partners in a partnership firm. The following information were relating to the business at the end of the year 2019: i. Capital balance of partners X, Y, Z as on 1st January, 2019 was RO 120000, RO 80000 and RO 60000 respectively. ii. Current account balance of partners as on 1st January, 2019: X: RO 45500 (Cr), Y: RO 32600 (Dr) Z: RO 22100 (Cr) iii. Drawings taken by the partners during the year was: X: RO 8800 Y: RO 7500 Z: RO 5400 iv. Interest…
X, Y and Z were the partners in a partnership firm. The following information were relating to the business at the end of the year 2019: i. Capital balance of partners X, Y, Z as on 1st January, 2019 was RO 120000, RO 80000 and RO 60000 respectively. ii. Current account balance of partners as on 1st January, 2019: X: RO 45500 (Cr), Y: RO 32600 (Dr) Z: RO 22100 (Cr) iii. Drawings taken by the partners during the year was: X: RO 8800 Y: RO 7500 Z: RO 5400 iv. Interest…
X, Y and Z were the partners in a partnership firm. The following information were relating to the business at the end of the year 2019: i. Capital balance of partners X, Y, Z as on 1st January, 2019 was RO 120000, RO 80000 and RO 60000 respectively. ii. Current account balance of partners as on 1st January, 2019: X: RO 45500 (Cr), Y: RO 32600 (Dr) Z: RO 22100 (Cr) iii. Drawings taken by the partners during the year was: X: RO 8800 Y: RO 7500 Z: RO 5400 iv. Interest on drawings…
X, Y and Z were the partners in a partnership firm. The following information were relating to the business at the end of the year 2019: i. Capital balance of partners X, Y, Z as on 1st January, 2019 was RO 120000, RO 80000 and RO 60000 respectively. ii. Current account balance of partners as on 1st January, 2019: X: RO 45500 (Cr), Y: RO 32600 (Dr) Z: RO 22100 (Cr) iii. Drawings taken by the partners during the year was: X: RO 8800 Y: RO 7500 Z: RO 5400 iv. Interest on drawings…