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ACCT5011 Accounting for Management M QUESTION 2: (12 marks) The to poor health, the owners of Sunshine Pty Itd intend to sell their business. It is the first time Sunshine Pty Ltd is to be sold in the market and the business has not purchased any other business previously. To facilitate the sale, the owners have prepared the following balance sheet for prospective purchasers as at 30 June 2020. Sunshine Pty Ltd Balance Sheet as at 30 June 2020 Assets Cash $3 000 Accounts receivable 14 000 Inventory 43 000 Prepayments 2 000 Plant and equipment 28 000 Goodwill 29 000 Total assets 119 000 Liabilities Accounts payable 9:000 Loan 14 000 Total liabilities 23 000 Net assets $96 000 Equity Capital 60 000 Profit 36 000 Total equity $96 000 Notes to the accounts: 1. The inventory is measured at cost price. 2. The goodwill represents the figure that is necessary to balance the balance sheet. 3. The plant and equipment is at cost. Required Identify at least three errors or divergences from acceptable accounting practices revealed in the above balance sheet and explain your answer. (4 x3 # 12 marks) X w