Make use of the information below and draw up the following:

PRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY FOR ABC TRADERS 2019

Ordinary share capital (R1 ea)280 000Ordinary share premium30 000Retained Income41 000Loan from Umgeni Bank (15% p.a.)27 000Land and Buildings360 000Equipment50 000Accumulated depreciation on equipment20 000Inventory82 000Trade debtors40 000Allowance1 500Bank16 300Cash float750Petty cash250Trade creditors12 800SARS (Income tax)7 000Nominal accounts sectionSales476 000Sales returns8 000Cost of sales208 000Salaries and wages90 000Directors fees17 000Audit fees4 000Interest on loan2 000Credit losses1 400Rent income9 900Commission income7 700Packing material2 600Insurance400Sundry expenses11 200Dividends on ordinary shares (interim)5 000

Adjustments to be effected on 28 February 2019The following was found as per physical count.1. 1. Trading Stock R80 3001. 2. Packing Material R7002. Depreciate equipment at 10% p.a. on the diminishing balance method.3. Write of further credit losses of R2000.4. 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(15)

1.2 Notes to the statement of financial position, specifically the property, plant and equipment note

(15)