• Assume that X Ltd has found a consistent relationship among the following accounts as a percentage of sales. i) Current assets – 65% ii) Net fixed assets – 25% iii) Accounts payable – 10% iv) Other current liabilities – 12% v) Net profit after taxes – 5%. The company’s sales for year 1 (2017) were sh.10,000,000 and are expected to grow at 10% every year. The balance sheet as at 31st December 2017 is given below:- Sh.’000’ Sh.’000’ Fixed assets 2,500 Ordinary capital 2,000 Current assets 6,500 Retained earnings 2,600 Long term loan 1,000 Current liabilities Accounts payable 1,000 Notes payable 1,200 _____ Other current liabilities 1,200 9,000 9,000 Required: i) Determine X Ltd’s financial requirements ii) Prepare a proforma balance sheet as at 31.12.2022