QUESTION THREE REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Sooraya Enterprises/Partnership for the year ended 28 February 2022. INFORMATION Extract from the ledger of Sooraya Enterprises on 28 February 2022 Capital: Soo Capital: Raya Current a/c: Soo (01 March 2021) Current a/c: Raya (01 March 2021) PARTNERSHIPS Drawings: Soo Drawings: Raya R 450 000 350 000 30 000 CR 25000 220 000 260 000 (20MARKS) DR The following must be taken into account: 1. On 28 February 2022 the Profit and Loss account reflected a net profit of R 880 000. 2. Partners are entitled to interest at 12% p.a. on their capital balances. Note: Soo increased her capital contribution by R180 000 on 01 September 2021. The capital increase has been recorded. 3. The partners are entitled to the following monthly salaries for the first 6 months of the financial year: Soo R15 000 Raya R11 000 From 01 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/shortfall must be shared equally between Soo and Raya.

QUESTION THREE REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Sooraya Enterprises/Partnership for the year ended 28 February 2022. INFORMATION Extract from the ledger of Sooraya Enterprises on 28 February 2022 Capital: Soo Capital: Raya Current a/c: Soo (01 March 2021) Current a/c: Raya (01 March 2021) PARTNERSHIPS Drawings: Soo Drawings: Raya R 450 000 350 000 30 000 CR 25000 220 000 260 000 (20MARKS) DR The following must be taken into account: 1. On 28 February 2022 the Profit and Loss account reflected a net profit of R 880 000. 2. Partners are entitled to interest at 12% p.a. on their capital balances. Note: Soo increased her capital contribution by R180 000 on 01 September 2021. The capital increase has been recorded. 3. The partners are entitled to the following monthly salaries for the first 6 months of the financial year: Soo R15 000 Raya R11 000 From 01 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/shortfall must be shared equally between Soo and Raya.

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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