Prepare the Statement of Financial Position as at $29$ February $2024.$

INFORMATION

The trial balance, additional information and adjustments given below were obtained from the records of Torga Traders on $29$ February $2024,$ the end of the financial year.

$\backslash$table$[[$PRE$-$ADJUSTMENT TRIAL BALANCE AS AT $29$ FEBRUARY $2024],[,$Debit $($R$),$Credit $($R$)],[$Balance sheet accounts section$],[$Capital$,,3530000],[$Drawings$,362000,],[$Land and buildings at cost$,2340000,],[$Equipment at cost$,1600000,],[$Vehicles at cost$,1000000,],[$Accumulated depreciation on equipment,,$504000],[$Accumulated depreciation on vehicles,,$252000],[$Fixed deposit: Zap Bank $(9\%$ p$.$a$.),100000,],[$Trading inventory,$244000,],[$Debtors control,$302000,],[$Bank$,,98000],[$Cash float,$2000,],[$Creditors control,,$376000],[$Loan: Zap Bank $(18\%$ p$.$a$.),,184000],[$Nominal accounts section$],[$Sales$,,4086000],[$Cost of sales,$2340000,],[$Sales returns,$70000,],[$Advertising$,50000,],[$Stationery$,8000,],[$Bad debts,$12000,],[$Discount allowed,$20000,],[$Discount received,,$14000],[$Electricity and water,$152000,],[$Interest on fixed deposit,,$4000],[$Interest on overdraft,$2000,],[$Insurance$,30000,],[$Salaries$,450000,],[$Bank charges,$16000,],[$Rent income,,$130000],[$Municipal rates,$78000,],[9178000,9178000]]$

Additional information and adjustments

The bookkeeper did not record the following debit entries that appeared on the February $2024$ bank statement:

$1\mathrm{.}1$ Bank charges R$1400$

$1\mathrm{.}2$ Interest on overdraft R$200$

The financial year$-$end inventory count revealed the following inventories:

$2\mathrm{.}1$ Trading inventory R$240000$

$2\mathrm{.}2$ Stationery $21000$

Vehicles are to be depreciated at R$150$ ooo per year.

Depreciation on equipment amounted to R$219200.$

Provide for R$5000$ outstanding interest on the fixed deposit. Interest is not capitalised. The investment in fixed deposit was made on $01$ March $2023$ and it matures on $28$ February $2026.$

The loan was obtained from Zap Bank on $01$ February $2024.$ Provide for the outstanding interest for February $2024,$ R$2760.$ Interest is not capitalised. Repayments $($excluding interest$)$ totalling R$24000$ are expected to be made during the financial year ended $28$ February $2025.$

The tenant has already paid the rent of $R10$ ooo for the first month of the next financial year.

The municipal rates statement for the year ended $29$ February $2024$ reflected that $R6$ ooo was paid in advance for the next financial year.

A debtor who owed R$2000$ was declared insolvent. Her account must now be written off.

A provision for bad debts of R$15$ o$00$ must be created.

The net profit for the year ended $29$ February $2024,$ after taking the above into account, amounted to $R613440.$