Question 1 The following financial statements were prepared for Camelia Company Ltd at 30th June 2020: Camelia Company Ltd Statement of Financial Position as at 30 June 2020 2019 2020 Assets Cash at bank 6,000 67,500 Accounts Receivable 52,500 70,500 Inventory 57,000 34,500 Prepayments 1,500 6,000 Buildings 480,000 720,000 Accumulated Depreciation- buildings (7,500) (13,500) Motor Vehicles 60,000 85,500 Accumulated Depreciation- vehicles (18,000) (22,500) Total Assets 631,500 948,000 Liabilities Accounts Payable 24,000 22,500 Tax Payable 37,500 37,500 Mortgage 120,000 106,500 Total Liabilities 181,500 166,500 Equity Capital 345,000 390,000 Asset Revaluation Reserve Retained Earnings 30,000 90,000 75,000 301,500 Total Equity 450,000 781,500 Total Liabilities and Equity 631,500 948,000 15 Points