ONE PERCENTAGE OF SALES METHOD [20 MARKS] Sunshine Limited Balance Sheet as at 28 February 2019 R ASSETS Non-Current Assets 1 500 000 Fixed Assets (Property and Vehicles) 1 500 000 Current Assets 1 335 000 Inventories 900 000 Trade and other Receivables 360 000 Cash and Cash equivalents 75 000 Total Assets 2 835 000 EQUITY AND LIABILITIES Equity 945 000 Capital 540 000 Retained Earnings 405 000 LIABILITIES 1 890 000 Non-Current Liabilities 650 000 Long- term loan 650 000 Current Liabilities 1 240 000 Trade and other Payables 1 240 000 Total Equity and Liabilities 2 835 000 Information Sales for the year are estimated to be R3 000 000 The business maintains a cash balance of R75 000 Trade and other receivables represent 20% of sales Inventory represents 30% of sales A motor vehicle costing R 450 000 will be purchased in 2020. Total depreciation for 2020 is expected to be R225 000. Trade and other payables represent 5% of sales. There will be no change in capital. Dividends of R 135 000 will be paid in 2020. The business predicts a 10% profit margin. R60 000 of the long term will be repaid during 2020. The amount of external funding required must be calculated. Required Use the percentage of sales method and the following information above to prepare the pro-forma balance sheet of Sunshine Limited for 28 February 2020