Question: REQUIRED Use the information given below to prepare the Statement of Financial Position of Merryvale Traders as at 28 February 2023. The notes to

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: Capital (01 March 2022) Drawings Loan: Zim Bank Property, plant and equipment (carrying value) Creditors control Debtors control Trading inventory Cash float Bank (CR) Fixed deposit: Ben Bank Consumable stores on hand Accrued expenses Prepaid expenses Accrued income Income received in advance h 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 R1 620 000. R 3 000 000 1440 000 600 000 3 534 000 480 000 120 000 420 000 18 000 90 000 300 000 ? ? Commission owed by a supplier to Merryvale Traders on 28 February 2023 amounted to R24 000. Rent received for the financial year ended 28 February 2024 amounted to R48 000. On 28 February 2023 an amount of R36 000 was owed to the municipality for rates and taxes.

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