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information system FOR ABC TRADERS 2019 Ordinary share capital (R1 ca) Ordinary share premium 30 000 Retained Income 41 000 Loan from Ungeni Bank (15% p.a.) 27 000 Land and Building's 360 000 Equipment 50 000 Accumulated depreciation on equipe 20 000 Inventory 82 000 Trade debtors 40 000 Allowance 1500 Bank 16 300 Cash float 750 Petty cash 250 Trade creditors 12 800 SARS (Income tax) 7000 Nominal accounts section Sales 476 000 Sales returns $ 000 Cost of sales 208 000 Salaries and wages Directors fees 90 000 17 000 Audit fees 4 000 Interest on loan 2 000 Credit losses 1 400 Rent income 9 900 Commission income 7 700 Packing material 2 600 Insurance 400 Sundry expenses 11 200 Dividends on ordeary shares (interim) 5 000 Adjustments to be effected on 28 February 2019 The following was found as per physical count. 1 1. Trading Stock R80 300 1 2. Packing Material R700 2. Depreciate equipment at 10% pa. on the diminishing balance method 3. Write of further credit losses of $2000. 4. Adjust allowance for credit losses to 5% of trade debtors. 5. Provide for the outstanding interest on loan. 6 Provide rates at 2%% on value of land and buildings REQUIRED: 1.1. STATEMENT OF FINANCIAL POSITION for ABC Traders 28 Feb 2019 (151 17 Notes to the statement of financial position, specifically the property, plant and equipment note (15)