REQUIREDUse the information provided below to prepare the Statement of Changes in Equity of Sunray Traders for theyear ended 28 February 2023.INFORMATIONEXTRACT FROM THE LEDGER OF SUNRAY TRADERS AS AT 28 FEBRUARY 2023Capital: SunnyCapital: RaymondCurrent a/c: Sunny (01 March 2022)Current a/c: Raymond (01 March 2022)Drawings: SunnyDrawings: RaymondDebitR60 000500 000700 000CreditR600 000400 000100 000The following must be considered:(a) On 28 February 2023 the Statement of Comprehensive Income reflected a net profit of R1 400 000.The partners are entitled to interest at 15% p.a. on their capital balances. Note: Raymond decreasedhis capital contribution by R200 000 on 31 August 2022 whilst Sunny increased his capital balance by(b)the same amount on 01 December 2022. These capital changes have been recorded.(c) The partners are entitled to the following monthly salaries:Sunny R25 000Raymond R20 000(d)Raymond is entitled to a bonus equal to 10% of his annual salary.(e) The remaining profit/shortfall must be shared between Sunny and Raymond in the ratio of the capitalbalances as at the beginning of the financial year.

We will prepare Profit & Loss Appropriation A/c and prepare statement of equity. The statement…

REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Sunray Traders for the year ended 28 February 2023. INFORMATION EXTRACT FROM THE LEDGER OF SUNRAY TRADERS AS AT 28 FEBRUARY 2023 Capital: Sunny Capital: Raymond Current a/c: Sunny (01 March 2022) Current a/c: Raymond (01 March 2022) Drawings: Sunny Drawings: Raymond Debit R 60 000 500 000 700 000 Credit R 600 000 400 000 100 000 The following must be considered: (a) On 28 February 2023 the Statement of Comprehensive Income reflected a net profit of R1 400 000. (b) The partners are entitled to interest at 15% p.a. on their capital balances. Note: Raymond decreased his capital contribution by R200 000 on 31 August 2022 whilst Sunny increased his capital balance by the same amount on 01 December 2022. These capital changes have been recorded. (c) The partners are entitled to the following monthly salaries: Sunny R25 000 Raymond R20 000 (d) Raymond is entitled to a bonus equal to 10% of his annual salary. (e) The remaining profit/shortfall must be shared between Sunny and Raymond in the ratio of the capital balances as at the beginning of the financial year.

REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Sunray Traders for the year ended 28 February 2023. INFORMATION EXTRACT FROM THE LEDGER OF SUNRAY TRADERS AS AT 28 FEBRUARY 2023 Capital: Sunny Capital: Raymond Current a/c: Sunny (01 March 2022) Current a/c: Raymond (01 March 2022) Drawings: Sunny Drawings: Raymond Debit R 60 000 500 000 700 000 Credit R 600 000 400 000 100 000 The following must be considered: (a) On 28 February 2023 the Statement of Comprehensive Income reflected a net profit of R1 400 000. (b) The partners are entitled to interest at 15% p.a. on their capital balances. Note: Raymond decreased his capital contribution by R200 000 on 31 August 2022 whilst Sunny increased his capital balance by the same amount on 01 December 2022. These capital changes have been recorded. (c) The partners are entitled to the following monthly salaries: Sunny R25 000 Raymond R20 000 (d) Raymond is entitled to a bonus equal to 10% of his annual salary. (e) The remaining profit/shortfall must be shared between Sunny and Raymond in the ratio of the capital balances as at the beginning of the financial year.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter12: Statement Of Stockholders’ Equity (stockeq)

Section: Chapter Questions

Problem 5R: Click the Chart sheet tab. The stacked bar chart shows Chens equity account balances at December 31,...

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