Assessment $7$

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The following information was obtained from the records of Lesedi Hairdressing Salon for the month of February $20\mathrm{.}1$:

Lerato saved R$1000000$ so that she can start her own hairdressing salon in Midrand. On $1$ February $20\mathrm{.}1,$ Lerato opened a business bank account, Lesedi Hairdressing Salon, at ABC Bank and she deposited R$800000.$

On $2$ February $20\mathrm{.}1$ she bought equipment for R$300000$ via the business banking app. On $3$ February she purchased furniture on credit from Unique Salon Furnishers for R$140000,$ which is repayable within a year. On $14$ February $20\mathrm{.}1,$ Lerato used the business banking app to pay R$14000$ for her son's overseas school trip.

On $16$ February she used the business debit card to pay R$18000$ for the rental of the business property. on $25$ February Lerato obtained a loan of R$300000$ from XYZ Bank with a payback period of more than a year. This amount was paid into the bank account of Lesedi Hairdressing Salon.

During her first month of trading, she made cash sales of R$10000$ and she rendered services to clients on credit for R$6000.$

Required:

After taking into account all the information provided in the scenario above, please fill in the total equity and liabilities section of the statement of financial position as at $28$ February $20\mathrm{.}1$ of Lesedi's Hairdressing Salon. Instructions:

Follow the format of the statement of financial position as provided in the study units $1$ to $5.$

Use a full stop to indicate any decimals $($eg: $1000\mathrm{.}01)$

Round off to the second decimal after the full stop $($eg: $50\mathrm{.}56)$

LESEDI HAIRDRESSING SALON STATEMENT OF FINANCIAL POSITION AS AT $28$