Revision Question (LEARNING UNIT 7) The owner of Gorbett Traders requested you to calculate the net profit for the year ended 31 August 20.5 on the basis of the following data: - Their assets and liabilities at the beginning of the period were as follows: > Their bank statements showed a credit balance of R 38750 as at 31 August 20.5. >All cash received had been deposited, except for R310 that was being kept as petty cash. > A stocktake at cost on 31 August 20.5 showed that inventory was valued at R 233120 . > The outstanding debtors and creditors on 31 August 20.5 amounted to R 47120 and R 17360 respectively. > From the EFT confirmation slips it was clear that they had purchased equipment of R4 650 during the year. > Depreciation of R 1550 and R 3720 respectively on equipment and vehicles had to be written off. > The owner had taken R 50840 in cash for personal use during the year ended 31 August 20.5 . >R15500 was paid off on the loan during the year. > The owner inherited R 62000 and paid this into the curent account of the business on 1 April 20.5 . Required: 1.1 Prepare the statement of changes in equity of Gorbelt Traders as at 31 August 20.5 1.2 Draft the statement of financial position of Gorbett Traders as at 31 August 20.5