REQUIRED Prepare the Statement of Financial Position as at 29 February 2024. INFORMATION The trial balance, additional information and adjustments given below were obtained from the records of Torga Traders on 29 February 2024, the end of the financial year. TORGA TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2024 Balance sheet accounts section Capital Drawings Land and buildings at cost Equipment at cost Vehicles at cost Accumulated depreciation on equipment Accumulated depreciation on vehicles Fixed deposit: Zap Bank (9% p.a.) Trading inventory Debtors control Bank Cash float Creditors control Loan: Zap Bank (18% p.a.) Nominal accounts section Sales Cost of sales Sales returns Advertising Stationery Debit (R) Credit (R) 3 530 000 362 000 2 340 000 1 600 000 1 000 000 504 000 252 000 100 000 244 000 302 000 98 000 2000 376 000 184 000 4 086 000 2 340 000 70 000 50 000 8 000 Bad debts Discount allowed Discount received Electricity and water Interest on fixed deposit Interest on overdraft Insurance Salaries Bank charges Rent income Municipal rates 12 000 20 000 14 000 152 000 4000 2000 30 000 450 000 16 000 130 000 78 000 9 178 000 9178 000 Additional information and adjustments 1. The bookkeeper did not record the following debit entries that appeared on the February 2024 bank statement: 1.1 Bank charges R1 400 1.2 Interest on overdraft R200 2. The financial year-end inventory count revealed the following inventories: 2.1 Trading inventory 2.2 Stationery R240000 R1 000 3. Vehicles are to be depreciated at R150 000 per year. 4. Depreciation on equipment amounted to R219 200. 5. 6. 7. 8. 9. Provide for R5 000 outstanding interest on the fixed deposit. Interest is not capitalised. The investment in fixed deposit was made on 01 March 2023 and it matures on 28 February 2026. The loan was obtained from Zap Bank on 01 February 2024. Provide for the outstanding interest for February 2024, R2 760. Interest is not capitalised. Repayments (excluding interest) totalling R24 000 are expected to be made during the financial year ended 28 February 2025. The tenant has already paid the rent of R10 000 for the first month of the next financial year. The municipal rates statement for the year ended 29 February 2024 reflected that R6 000 was paid in advance for the next financial year. A debtor who owed R2 000 was declared insolvent. Her account must now be written off. 10. A provision for bad debts of R15 000 must be created. 11. The net profit for the year ended 29 February 2024, after taking the above into account, amounted to R613 440.