Question 3 (50 marks) The following information is available for Heritage Limited: 1. The reporting period of Heritage Ltd ends on 30 June of every year The following balances are available as at 30 June 20x8 Land and building at cost Accumulated depreciation on buildings at 01/07/20x7 Furniture at cost Accumulated depreciation as at 01/07/20x7 Vehicles at cost Accumulated depreciation as at 01/07/20x7 Investments as at 01/07/20x7 Bank Trade and other receivables Ordinary share capital Preference share capital Retained earnings as at 01/07/20x7 Replacement reserves 10% Bank loan Payables 400 000 12 000 80 000 10000 300000 60 000 34 000 96 700 20 000 275 000 280 000 7 000 58 250 100 000 33 500