CREATIVE LIMITED Assume that you are working a Chief Financial Officer (CFO) for Creative Limited. The CEO of creative limited called a meeting with you and discussed the financial standings of the company. The core agenda of the meeting was to obtain a credit facility from the bank. So in order to obtain the credit facility from the bank you need Trading and Profit Account and for the year ended 30 June 2018 and Balance Sheetal on June 10, 2018 After examination of the financial records of Creative Limited, you extracted the following information: Balance Sheet As at kune 10, 2017 - CBPE GBPL 43,966 vehicles 20.000 11.020 Fumiture 10,000 200 St -in-trade 279 Debtors 3.500 Prepaid insurance 150 Balance bank 3,606 Cash is hand 35465 55465) Purchased goods from a single supplier who allows a discount of 3% on goods purchased in excess of 30,000 in a year. The discount for the year ended 30 June 2013 amounts to 2,658 and would be received in August 2018 150 All gods are sold at cont plus 60% All cash received against sale of goods has been banked with the exception of the following weekly average cash expenses / drawings D Carriage Outward Petrol Misc expenses Iglella iv Cash in hand on 30 June 2016 amounted to 26,700 An analysis of the bank statement revealed the following information OBP Recept Collection free debtors Payments 4614 Purchase of goods 137178 Vehicle espin h usiness) Rent Repayment of long term loan Salaries Purchase offre old land Travelling expenses Printing Set Adverten 25000 1250 121 Mise express 141, 02 151,730 vi Depreciation on vehicles and furniture is to be provided @ 30% and 15% respectively under the reducing balance method vil Stock-in-tradeon 30 June 2018 amounted to 7,020