QUESTION 5 STATEMENT OF FINANCIAL POSITION (20 Marks) Required: Use the information supplied by MASTER LTD. to prepare the Statement of Financial Position as at 28 February 2017. NB: Copy the format given below in your answer book. Notes to the financial statement is NOT REQUIRED. Show your workings in brackets to indicate how you have computed the final amount. INFORMATION: POST ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2017. Ordinary Share Capital ( 730 000 shares ) 1 825 000 Retained Income 86 000 Mortgage Loan : F.Bank 369 600 Property, plant and Equipment 2 845 000 Accumulated Depreciation : PPE 712 690 Fixed Deposit : J.Bank 203 000 Trading Inventories 118 000 Consumables on hand 4 000 Debtors Control 66 000 Provision for bad debts 1 450 SARS : Income Tax ( Provisional tax paid ) 175 000 Accrued Income 1 500 Prepaid Expenses 500 Deferred Income 1 800 Accrued Expenses 1 500 Creditors Control 91 000 Bank ( DR ) 61 340 Cash Float 3 200 Shareholders for Dividends 219 600 ADDITIONAL INFORMATION: A fixed deposit of R98 000 matures on 30 June 2017. The balance matures on 31 October 2019. Loan will be reduced by R52 800 in the next financial year. Income tax for the year was calculated as R168 000.