REQUIRED

Use the information given below to prepare the Statement of Financial Position of Merryvale Traders as at

$28$ February $2023.$ The notes to the financial statements are not required.

INFORMATION

The following is an extract from the accounting records of Merryvale Traders as at $28$ February $2023($the end

of the financial year$)$ after the Statement of Comprehensive Income was drawn up:

R

Capital $(01$ March $2022)3000000$

Drawings $1440000$

Loan: Zim Bank $600000$

Property, plant and equipment $($carrying value$)3534000$

Creditors control $480000$

Debtors control $120000$

Trading inventory $420000$

Cash float $18000$

Bank $($CR$)90000$

Fixed deposit: Ben Bank $300000$

Consumable stores on hand $?$

Accrued expenses $?$

Prepaid expenses $?$

Accrued income $?$

Income received in advance $?$

Additional information that must be considered:

$$ According to the Statement of Comprehensive Income the net profit for the year ended $28$ February $2023$

amounted to R$1620000.$

$$ Commission owed by a supplier to Merryvale Traders on $28$ February $2023$ amounted to R$24000.$

$$ Rent received for the financial year ended $28$ February $2024$ amounted to R$48000.$

$$ On $28$ February $2023$ an amount of R$36000$ was owed to the municipality for rates and taxes.

$$ An amount of R$6000$ was paid to the insurance company for the period $01$ March $2023$ to $31$ August $2023$

for vehicle insurance.

$$ The proprietor took R$18000$ trading goods at cost price for her personal use after stocktaking was done

but this has not been recorded.

$$ Stationery unused according to stocktaking amounted to R$12000$ on $28$ February $2023.$

$$ Payments amounting to R$170000$ will be made to Zim Bank in the next financial year. The amount

includes R$90000$ for interest on loan.

$$ Sixty percent $(60\%)$ of the fixed deposit matures on $31$ July $2023$ and the balance matures on $31$ July

$2024.$