Prepare the Statement of Changes in Equity of Camray Traders for the year ended 28 February 2021 using template provided The following must be taken into account: (a) The net profit according to the...

Prepare the Statement of Changes in Equity of Camray Traders for the year ended 28 February 2021 using template provided

The following must be taken into account:
(a) The net profit according to the statement of comprehensive income amounted to R1 400 000 on 28 February
2021.
(b) The partnership agreement made provision for the following:
¦ Interest on capital must be provided at 18% per annum on the balances in the capital accounts.
Note: Camy increased her capital by R240 000 on 01 September 2020. Raymond decreased his capital by
R120 000 on the same date. The capital changes have been recorded.
¦ The partners are entitled to the following monthly salaries:
Camy R26 000
Raymond R25 000
Note: The partners’ salaries were increased by 10% with effect from 01 December 2020.
¦ Camy and Raymond share the remaining profits or losses equally.

Extracted text: CAMRAY TRADERS STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2021 Capital Accounts Camy Raymond Total Balance at 28 February 2020 Changes in capital Balance at 28 February 2021 Current Accounts Camy Raymond Total Balance at 28 February 2020 Net profit for the year Drawings Balance at 28 February 2021 WORKINGS (if any): Interest on capital Camy Raymond Salaries Camy Raymond


Extracted text: INFORMATION The information given below was extracted from the accounting records of Camray Traders, a partnership business with Camy and Raymond as partners. The financial year ends on the last day of February each year. Balances in the ledger on 28 February 2021 Credit Debit R Сapital: Camy 1 200 000 Capital: Raymond 800 000 Current alc: Camy (01 March 2020) 50 000 Current alc: Raymond (01 March 2020) 60 000 Drawings: Camy 360 000 Drawings: Raymond 320 000