1.1 Prepare the Statement of Financial Position as at 31 December 2016 in the appropriate format for Tim's Trading (2015 is not required, only 2016). (Max. 25 lines) (10 marks)

In addition you have been provided with the Statement of Comprehensive Income for the current year: A small extract of the Statement of Financial Position as at 31 December 2015 is given below: re - Tim has chosen to present all non-current at net carrying value on the face of the Statement of Financial Position. - Tim's business prepares the Statement of Cash Flows using the direct method. - The Statement of Cash Flows discloses Interest paid as a cash flow from financing activities. - Assume all sales and purchases are made on credit. - In September Tim prepaid R87 000 rent. No other rent payments were made during the year. Your friend Tim runs his own retail business. At year-end, his accounting technician resigned and after you told him about the course you are doing he has asked for your help in completing his company's financial statements for the year ended 31 December 2016. Before the accounting technician resigned she had started preparing some of the financial statements and left the following information behind for you to start with: - The business is called Tim's Trading and is a private company. - The business's accounting period is one year and runs from 1 January to 31 December each year. - Tim accounts for inventory using the periodic method