REQUIRED: Use the information provided below to prepare the Statement of Financial Position as at 28 February 2023.

INFORMATION: The information given below extracted from the accounting records of UrbanSpace Lodge on 28 February 2023, the end of the financial year.

PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2023

Balance sheet accounts section Capital	DEBIT ($)	CREDIT ($)
Capital		1 650 000
Drawings	132 000
Land and Buildings	1 254 000
Vehicle costs	924 000
Equipment costs	660 000
Accumulated depreciation on vehicles		528 000
Accumulated depreciation on equipment		369 600
Fixed deposit: AB Bank (8% p.a.)	198 000
Trading inventory	154 000
Debtors Control	176 000
Provision for bad debts		9 900
Bank	127 868
Creditors control		184 068
Mortgage loan: AB Bank (20% p.a.)		330 000
NOMINAL ACCOUNTS SECTION
Sales		2 076 600
Costs of Sales	794 000
Sales returns	13 200
Salaries and Wages	587 400
Bad Debts	18 400
Stationery	30 000
Rates and Taxes	58 500
Motor expenses	32 000
Advertising	23 600
Telephone	44 600
Electricity and Water	66 800
Bank Charges	8 200
Insurance	5 600
Interest on mortgage Loan	26 400
Interest on fixed deposit		14 800
Rent Income		171 600
	5 334 568	5 334 568

ADJUSTMENTS AND ADDITIONAL INFORMATION

1. Stationery, R500, was donated to a school on 27 February 2023. This transaction was not recorded.

2. Physical stocktaking on 28 February 2023 showed the following on hand:

a. Trading inventory R149 000

b. Stationery R4 500

3. The account of a debtor must be written off, R1 600.

4. The provision for bad debts must be decreased by R900.

5. Rent income amounts to R15 600 per month. Make the necessary adjustment.

6. The water and electricity account for February 2023 was due to be paid on 02 March 2023, $7 000.

7. Rates and taxes include an amount of $7 500 that was paid for the next accounting period.

8. An amount of $750 appeared in the February 2023 bank statement for bank charges. This was not recorded.

9. The investment in fixed deposit was made on 01 March 2022 and it matures on 01 March 2025. Make the necessary adjustment for the interest. Interest is not capitalised.

10. The loan from Brits Bank was obtained on 01 September 2022. Provide for outstanding interest. Interest is not capitalised. Payments totaling R50 000 (excluding interest) will be made to Brits Bank in the next financial year.

11. Provide for depreciation as follows:

12. On equipment at 10% p.a. using the fixed instalment method.

13. On vehicles at 20% p.a. using the diminishing balance method.

14. The net profit for the year ended 28 February 2023 AFTER taking the above into account was $417 690.

the end of the hronsial yeie a. Trables inwemary Rady 600 b. Tratinntry led 30B 3. The accounk of a debtor mut be writte q th pl1600. 5. Rent incone amounts to R1S 690 per menth. thale the neceicary adustmber: 7. fibes and ease inctude an ahonate of 97 300 that win paid far the newt actourtinc beriod 1. An amourt of 5750 acpiared in the fetruary 2023 bew tanerent lar bark thatgen. This mas aet rwcorded. adtuntmert for the imbert. interent is hit capirinetl. 11. Howite fer depreciation an follow EERUIRED. bue the indormation prowifed below to jenpare the Staterent bd Financal Postion as at 21 February 2023 . The the werd ef the fromecial pat 2. Phyciral socktakiec on 3 I Fehreary Mw91 thound the following an hand: b. Suationtry 94$30 1. The ackounh ef a debtar whant be withen it 1160 5. Rert inoome awounts be kis soe per mor th douke the mentenary afpustment. 7. Kates and taves include an amount of \$17 sod that was pacd tor the nent acocuntive period. bdjavtriest for the inbereit. interect is not cagillalised