Sam and Dan formed a partnership. Sam contributed building worth $820,000, land worth $350,000. Dan contributed cash $500,000 and inventory worth $100,000 and Account payable worth $120,000 on 1 July 20×2. Sam and Dan agreed to share profits and losses in the ratio of 2:1 respectively. During the first year of the partnership, Sam withdrew $17,000. The partnership had a profit of $90,000 for the financial year ended 30 June 20×3. Retained earnings accounts are not used. Required Prepare a statement of changes in equity for the year ended 30 June 20×3. Prepare a balance sheet as at 1 July 20×2
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