Question 1 Monash is owned by Lord Monash. The accounts of Lord Monash for the year 31 March 2021 are given below: $'000 2000 4750 2500 1700 Land (Cost) Buildings (Cost) Motor Vehicles (Cost) Office Equipment (Cost) Accumulated depreciation as at 1 April 2020 Building Motor Vehicles Office Equipment 1250 520 350 Cash at bank Sales revenue Purchases Inventory as at 1 April 2020 Lord Monash's Capital Account at 1 April 2020 Accounts Receivable Trade creditors Electricity Salaries of employees Water charges Rent of showroom 5230 48000 27170 2900 9150 5600 1895 1200 6700 215 1100 Additional information 1. Ending inventory as at 31 March 2021 was at $3,500,000 The Net Realisable Value of the inventory was $4,000,000. 2. You are to provide the depreciation expense for the year ended 31 March 2021. Depreciation is based on a straight line basis as follows: Building 10% on cost per year Motor vehicles 25% on cost per year Office equipment 10% on cost per year. 3. There were electricity and water charges owing at 31 March 2021 as follows: Electricity $75000 Water $21000 Required (a) Calculate the cost of Sales for year ended 31 March 2021 for Monash- (b) Prepare the Statement of Financial Performance for the year ended 31 March 2021 (c) Prepare the Statement of Financial Position as at 31 March 2021. [All workings must be clearly shown] [1+6+5 = 12 marks] Answer on this space. You can use additional pages, if need be