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
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 DR
220 000
(20MARKS)
260 000
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.
Transcribed Image Text: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 DR 220 000 (20MARKS) 260 000 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.
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