Question 5 (25 marks) You are provided with the following statement of financial position of Kuhle Ltd: Statement of financial position on 31 December

ASSETS
Land and buildings	165
Vehicles	85
Furniture	45
Share capital ( 2 000 000 authorised NPV shares)	125
Cash on hand	5
Bank overdraft	(2)
Inventory	26
Trade and other receivables	15
Shareholders for dividends	11
Total assets	475
Equity and Liabilities
Retained earnings	305
Trade and other payables	110
Long-term loans	79
Accumulated depreciation	21
Income tax expense	30
Total equity and liabilities	515

Required: 1. Critically evaluate the presentation of the above statement according to the requirements of International Accounting Standards (IAS 1). (19 marks) 2. Explain the meaning of each of these terms and give an example in each case a. Contingent liability (3 marks) b. Reserve (3 marks)