QUESTION $1$

$(20$ Marks$)$

REQUIRED

Prepare the Statement of Financial Position as at $29$ February $2024.$

INFORMATION

The following information was obtained from the accounting records of Kingsway Suppliers on $29$ February $2024,$ the end of the financial year.

$\backslash$table$[[$KINGSWAY SUPPLIERS$],[$PRE$-$ADJUSTMENT TRIAL BALANCE AS AT $29$ FEBRUARY $2024],[,$Debit $($R$),$Credit $($R$)],[$Balance Sheet accounts section$],[$Capital$,,798850],[$Drawings$,150000,],[$Vehicles at cost$,990000,],[$Equipment at cost$,460000,],[$Accumulated depreciation on vehicles,,$190000],[$Accumulated depreciation on equipment,,$138000],[$Fixed deposit: Fin Bank $(12\%$ p$.$a$.),40000,],[$Trading inventory,$312500,],[$Debtors control,$166500,],[$Provision for bad debts,,$4500],[$Bank$,241000,],[$Petty cash,$2500,],[$Creditors control,,$78500],[$Long$-$term loan: Fin Bank $(18\%$ p$.$a$.),,350000],[$Nominal accounts section$],[$Sales$,,3600000],[$Cost of sales,$1550000,],[$Sales returns,$45000,],[$Salaries and wages,$700000,],[$Discount received,,$3000],[$Discount allowed,$2000,],[$Rent expense,$180000,],[$Motor expenses,$58500,],[$Advertising$,48000,],[$Telephone$,42000,],[$Electricity and water,$52500,],[$Bank charges,$24000,],[$Insurance$,31000,],[$Interest on mortgage loan,$47250,],[$Interest on fixed deposit,,$2400],[$Consumable stores,$22500,],[,5165250,5165250]]$