This section contains TWO (2) practical questions with sub-questions. You must attempt ALL questions. Question 4 Huonville Pty Ltd is a newly established company specialised in rug trading. Currently, Huonville has two retail shops and one warehouse for storage. The company commences its trading on 1 January 2021 and its first financial year ends at 30 June 2021. As at 31st May 2021, Huonville's accounts are as follows: Note: Cash at bank Inventory 20 000 24 000 Account receivables 20 000 Prepaid rent Land 10 500 135 000 Motor vehicle 20 000 Account payables Mortgage loan Accrued expenses Accrued interest Retained profit Owner's capital 25 000 120 000 16 900 1.600 15 000 89.000 Accumulated (12 000) Depreciation - MV Furniture and Fittings Total 50 000 267 500 Total 267 500 Huonville has paid 3 months' rent in advance from June to August 2021. Furniture and Fittings (F&F) have been purchased on 1 April 2021 and no depreciation expense has been recorded. Huonville has a policy to depreciate F&F by reducing balance method at the rate of 70%. F&F has an estimated useful life of 3 years and