85 Question 5 (25 mark) You are provided with the following statement of financial position of Kuhle Ind. Statement of financial position on 31 December ASSETS Land and buildings 165 Vehicles Furniture Share capital ( 2 000 000 authorised NPV shares) 125 Cash on hand $ Bank overdraft (2) Inventory 26 Trade and other receivables 15 Sharcholders for dividends 45 Total assets 475 305 110 Equity and Liabilities Retaimed camings Trade and other payables Long-term loans Accumulated depreciation Income tax expense 79 21 30 Total equity and liabilities 515 Required: 1. Critically evaluate the presentation of the above statement according to the requiremen of International Accounting Standards (IAS 1). (19 marks) 2. Explain the meaning of each of these terms and give an example in each case Page 14 of 24 a Contingent liability marks) Reserve (3 marks) The End