2 Prepare the Pro Forma Statement of financial position as at 31 December 2022 from the information given below. (15 marks) INFORMATION The statement of financial position of PNA Limited as at 31 December 2021 is reflected below: Statement of financial position as at 31 December 2021 R ISSETS on-current assets 600 000 Additional information: The following projections were made for 2022: SECTION Answer QUEST All sales are on credit and are expected to amount to R4 000 000 for 2022, R400 000 greater than the sales for 2021. Total purchases (all credit) are forecasted at R5 000 000. Answe 1 The profit margin (net profit margin) is expected to be 10%. 1.1 1.1.1 A vehicle with a cost price of R600 000 is due to be purchased during February 2022. Equipment with a cost price of R60 000 and accumulated depreciation of R40 000 is expected to be sold on 30 June 2022. 1.1.1 1 Depreciation is estimated to be R200 000 for the year. Fifty percent (50%) of the shares in Avis Ltd are expected to be sold for R2.40 each. The values of inventories and accounts receivable must be determined using the percentage-of-sales method. The cash balance on 31 December 2022 is expected to be 10% less than the balance on 31 December 2021. Dividends for the year are estimated at R240 000 and these will be paid during 2023. Mortgage bond debit orders are expected to total R90 000, including interest of R40 000. Accounts payable will be based on a payment period of 73 days. The ordinary share capital balance is expected to remain unchanged. Other current liabilities will be allowed to fluctuate with seasonal needs (ie. balancing figure). 2 Prepare the Pro Forma Statement of financial position as at 31 December 2022 from the information given below. (15 marks) INFORMATION The statement of financial position of PNA Limited as at 31 December 2021 is reflected below: Statement of financial position as at 31 December 2021 R ISSETS on-current assets 600 000 Additional information: The following projections were made for 2022: SECTION Answer QUEST All sales are on credit and are expected to amount to R4 000 000 for 2022, R400 000 greater than the sales for 2021. Total purchases (all credit) are forecasted at R5 000 000. Answe 1 The profit margin (net profit margin) is expected to be 10%. 1.1 1.1.1 A vehicle with a cost price of R600 000 is due to be purchased during February 2022. Equipment with a cost price of R60 000 and accumulated depreciation of R40 000 is expected to be sold on 30 June 2022. 1.1.1 1 Depreciation is estimated to be R200 000 for the year. Fifty percent (50%) of the shares in Avis Ltd are expected to be sold for R2.40 each. The values of inventories and accounts receivable must be determined using the percentage-of-sales method. The cash balance on 31 December 2022 is expected to be 10% less than the balance on 31 December 2021. Dividends for the year are estimated at R240 000 and these will be paid during 2023. Mortgage bond debit orders are expected to total R90 000, including interest of R40 000. Accounts payable will be based on a payment period of 73 days. The ordinary share capital balance is expected to remain unchanged. Other current liabilities will be allowed to fluctuate with seasonal needs (ie. balancing figure)