The information given below was extracted from the accounting records of Netcare Traders, a partners

The information given below was extracted from the accounting records of Netcare Traders, a partnership business with Nettie and Caren as partners.
REQUIRED
Prepare the Statement of Changes in Equity for the year ended 28 February 2018.
INFORMATION
Extract from the ledger of Netcare Traders on 28 February 2018: Debit Credit Capital: Nettie 600 000 Capital: Caren 400 000 Current account: Nettie (01 March 2016) 40 000 Current account: Caren (01 March 2016) 30 000 Drawings: Nettie 300 000 Drawings: Caren 250 000

The following must be taken into account:
(a) The net profit according to the Profit and loss account amounted to 800 000.
(b) The partners are entitled to the following monthly salaries:
Nettie – 20 000
Caren – 18 000
(c) The partners are entitled to interest on their capitals at a rate of 15% per year.
(d) Nettie is entitled to a special bonus equal to 10% of the net profit before any of the above appropriations are taken into account.
(e) The remaining profit or shortfall must be shared between Nettie and Caren in the ratio 3:2 respectively.