The following information was extracted on 31 December 2018 from the accounting records of PT TRADING, apartnership with PYE AND TAUN as partners.Use the information provided to prepare the Statement of changes in equity for the year ended 31 December 2018.Draw this format in your answer book.PT TRADINGSTATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2018CAPITAL ACCOUNTSPYETAUNТOTALBalances on 01 January 2018Changes during the yearBalances on 31 December 2018CURRENT ACCOUNTSPYETAUNТOTALBalances on 01 January 2018Net profit for the yearSalariesInterest on capitalBonusInterest on drawingsShare of remaining profitDrawingsBalance on 31 December 20182SAI FIN MAN 1B 1O Nove...INFORMATION:1.Balances extracted from the General Ledger on 31 December 2018.Capital : PyeCapital : TaunCurrent Account : Pye [01 January 2018 ]Current Account : Taun [31 December 2018 ]150 000200 00010 000 [ DR ]2 000 [ CR]Drawings : Pye180 000Drawings : TaunInterest on Drawings : Pye170 0003 000Interest on Drawings : Taun2 6002. The Net profit for the year was, R368 000.3. The partnership agreement makes provision for the following :Each partner is to receive 16% p.a. interest on their capital.NB: Both partners had increased their capitals by R50 000 each on 01 July 2018 and was properly documentedand recorded.Each partner receives a monthly salary as follows:Pye, R10 000.Taun, R9 000.NB: Both partners' salaries were increased by 10% with effect from 01 September 2018.Pye receives a bonus of R30 000.Partners are to pay interest on their drawings. The amount due by them has been calculated and recorded bythe bookkeeper.Partners are to share the remaining profits or losses in the ratio of their capitals at the beginning of the yea3

Partnership is an agreement between two or more persons who come together to form a common business…

partnership with PYE AND TAUN as partners. Use the information provided to prepare the Statement of changes in equity for the year ended 31 December 2018. Draw this format in your answer book. PT TRADING STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2018 CAPITAL ACCOUNTS PYE TAUN TOTAL Balances on 01 January 2018 Changes during the year December 2018

partnership with PYE AND TAUN as partners. Use the information provided to prepare the Statement of changes in equity for the year ended 31 December 2018. Draw this format in your answer book. PT TRADING STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2018 CAPITAL ACCOUNTS PYE TAUN TOTAL Balances on 01 January 2018 Changes during the year December 2018

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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