2/7 Question One a) As a junior accountant of the Deliborder Ltd., a manufacturer company, you are required prepare the Statement of Financial Position of the company. A draft of the Statement of Financial Position at 1 July 2020 id the following: Non-current assets Property plant and equipment 32,000 Motor van 12,000 Total non current assets 44,000 Current assets Inventories 56,000 Trade receivables 66,000 Cash 60,000 Total Current Assets 182,000 Total Assets 226,000 Non current liabilities Loan 40,000 Total non current liabilities 40,000 Current liabilities Trade payables 26,000 Total current assets 26,000 Total Liabilities 66,000 Capital Equity 160,000 226,000 Total Equity and Liabilities Additional information on the economic transaction happened during the month: Trade receivable has been paid in cash for a total of 28,000. The company has bought inventories on credit for 24,000. The company has new equipment for 25,000 on credit. Trade payable has been paid for 6,000 in cash. The company has received a loan for 50,000. Required: Using the information above prepare a revised draft of the Statement of Financial Position for the company at 30 July 2020. 2/7 Cash 60,000 Total Current Assets 182,000 Total Assets 226,000 Non current liabilities Loan 40,000 Total non current liabilities 40,000 Current liabilities Trade payables 26,000 Total current assets 26,000 Total Liabilities 66,000 Capital Equity 160,000 226,000 Total Equity and Liabilities Additional information on the economic transaction happened during the month: Trade receivable has been paid in cash for a total of 28,000. The company has bought inventories on credit for 24,000. The company has new equipment for 25,000 on credit. Trade payable has been paid for 6,000 in cash. da The company has received a loan for 50,000. Required: Using the information above prepare a revised draft of the Statement of Financial Position for the company at 30 July 2020. b) Using examples, explain the difference between financial accounting and management accounting 30 marks 20 marks Total 50 marks