QUESTION $3$

$(20$ Marks$)$

REQUIRED

Prepare the Statement of Financial Position as at $31$ December $2024.$ Note: Separate entries must be shown under Trade and other receivables, Cash and cash equivalents and Trade and other payables.

INFORMATION

The information given below was extracted from the accounting records of Oakford Ltd$,$ on $31$ December $2024($the end of the financial year$).$

$\backslash$table$[[$OAKFORD LTD$],[$PRE$-$ADJUSTMENT TRIAL BALANCE AS AT $31$ DECEMBER $2024],[$Balance Sheet Accounts Section,Debit $($R$),$Credit $($R$)],[$Ordinary share capital,,$1500000],[$Retained earnings,,$300000],[$Land and buildings,$2500000,],[$Vehicles $($cost$),750000,],[$Equipment $($cost$),600000,],[$Accumulated depreciation on vehicles,,$250000],[$Accumulated depreciation on equipment,,$200000],[$Debentures $(10\%$ p$.$a$.),,1300000],[$Inventory$,500000,],[$Debtors control,$230000,],[$Provision for bad debts,,$10000],[$Bank$,65000,],[$Creditors control,,$465000],[$South African Revenue Services $($Company tax$),145000,],[,,],[$Nominal accounts section,,$],[$Sales$,,3950000],[$Cost of sales,$2055000,],[$Sales returns,$65000,],[$Maintenance$,35000,],[$Rates$,30000,],[$Carriage on sales,$45000,]]\backslash$table$[[$Wages and salaries,$450000,],[$Stationery$,5000,],[$Bad debts,$10000,],[$Sundry expenses,$35000,],[$Insurance$,20000,],[$Telephone$,40000,],[$Water and electricity,$45000,],[$Directors$\text{'}$ fees,$225000,],[$Auditor$\text{'}$s fees,$25000,],[$Ordinary share dividends,$100000,],[,7975000,7975000]]$

Additional information

Stocktaking on $31$ December $2024$ revealed the following inventories:

$1\mathrm{.}1$ Trading inventory, R$480000$

$1\mathrm{.}2$ Stationery, R$500.$

A notice from the municipality reflected the rates assessment for the year ended $31$ December $2024$ to be R$32500.$

$3$ Depreciation must be provided as follows:

$3\mathrm{.}1$ On vehicles, R$100000$

$3\mathrm{.}2$ On equipment, R$60000.$

$4.$ A debtor, who owed R$5000,$ was declared insolvent. His account must now be written off.

$5.$ The insurance total includes an amount of R$4000$ that was paid for the next accounting period.

$6.$ An amount of R$5000$ was due to be paid for audit fees on $03$ January $2025.$

$7.$ The provision for bad debts must be increased by R$1500.$

$8.$ Provide for interest on debentures for the year that is yet to be paid.

$9.$ The company tax for the year amounted to R$170000.$

$10.$ The profit after tax for the financial year ended $31$ December $2024$ was R$375500$ after all the above information was considered.

$118\%$