TASK 1 Use the following information to draw up a BALANCE SHEET and INCOME STATEMENT for CIKIZWA Enterprises and calculate the GROWTH in NET WORTH for the business Information for the financial year 01/03/2019-428/02/2020 1 602 500 450 000 338 000 158 500 662 500 600 000 320 000 150 000 223 000 8 000 60 000 9 000 Labour wages Contract harvesting Irrigation +Maintenance Diesel/Oil Electricity Telephone Bookkeeper Bank Charges Consumption: Household - crops Labour - livestock Labour-crops Sales Current Crops: cash as credit Curien L Livestock: cash Curta A credit curieni Bank Overdraft hort Co-op Production loan Current A Current L Sundry Creditors - Machinery rent in arrears Current A Eplus Savings Account Bull calves movable A Feed on hand cute Sundry Debtors Current A 6 500 000 1 200 000 1 000 000 1 500 000 550 000 L 200 000 164 000 82 000 172 000 102 000 80 000 127 000 Page 1 of 10 Production Inputs: Seed: Opening stock Purchases Fertilizer: Opening stock/ Purchases Closing stock Animal feed: Opening stock it Purchases L Closing stock 4 Depreciation on Fixed Improvement Depreciation on Vehicles and Machinery Interest paid Non-Farm Income Land value fixed A Mortgage bond fised L Fixed Improvements Pe A Vehicles movable Unpaid land rates Unpaid cheques Insurance paid Prepaid tax ABSA Loan (8 years) Medium L Machinery and Equipment medium A Vehicle Finance medium L *Stock Adjustment Closing stock Livestock Crops Purchases: Livestock Opening stock: Livestock Crops 80 000 130 000 100 000 150 000 40 000 50 000 300 000 200 000 553 000 600 000 250 000 360 000 - 9 500 000 6 500 000 6 000 000 3 505 000 50 000 32 000 12 000 65 000 302 500 4 000 000 1 800 000 1 200 000 600 000 205 000 2 505 000 302 000 Net Worth on 1 March 2019 was R 10416 250. Required: Depreciation on fixed improvements calculated at 4,5% and vehicles calculated at 15%. Machinery and equipment depreciation calculated at 20%. Appreciation of 2,5% on the land valuation