Prepare the statement of changes in equity for Tasnaz’s Pastry for the year ended 30 June2021. You may eliminate the Total column but must include an appropriation column. Showall workings. Round off all calculations to the nearest Rand. Balances in the ledger at 30 June 2021Capital : TasCapital : Naz407 000363 000Current account: Tas credit balance at 1 July 20208 052Current account: Naz: debit balance at 1 July 20202 640Drawings : TasDrawings : NazProfit for the year88 000140 800438 636Additional Information:The partnership agreement provides for the following that needs to be taken into account:1. Partners are entitled to salaries as follows:• Tas - R8 000 per month,• Naz – R10 000 per month.2. Interest on capital accounts are allowed at 12% per year on each partners capital ona pro-rata basis. Note the following that on 1 January 2021:• Tas decreased her capital account by R27 000; and• Naz increase her capital account by R17 000.3. Interest at 10% per year is applicable to the opening balance of each partner'scurrent account.4. Naz is entitled to an annual bonus equal to 2% of the profit for the year before anyappropriation from the profit for the year.5. The remaining profits or losses are shared equally.

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Answered: must include an appropriation column.…

Business

Accounting

must include an appropriation column. Show all workings. Round off all calculations to the nearest Rand.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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