The following are the closing balances of Zenith Innovations Ltd as at 30 June 2022.

Statement of financial position

Table 5 Statement of financial position

Financial position	$
Assets
Cash at bank and on hand	25,000
Receivables	35,000
Inventories	25,000
Deposits at Call	4,000
Land	360,000
Buildings - less accumulated depreciation (50,000)	600,000
Plant & Equipment at cost - less accumulated depreciation ($30,000)	125,000
5% Debentures Held, redeemable in 2025	35,000
Shares in listed companies trading investments	48,000
Goodwill at cost	28,000
Accumulated impairment - goodwill	(14,000)
Allowance for doubtful debts	(5,000)
	1,266,000
Equity and Liabilities
Share Capital	1,040,500
Mortgage, payable in 5 annual instalments	55,000
Available-for-sale investments Revaluation Reserve bal. 1/7/2021, $2,000	3,000
Retained earnings balance 1/7/2021 ($20,000)	47,000
Borrowings 6% debentures redeemable in 2024	30,000
Deferred tax liability (includes Deferred Tax asset $1,000)	2,500
Trade payables	32,000
Current tax payable	29,000
Dividend payable	27,000
	1,266,000

Additional financial information

Table 6 Additional financial information

Additional financial information	$
On 1 December 2021 the directors revalued land and buildings to fair value.
The 6% Debentures are due for redemption on 1 January 2024. Debentures are secured by a floating charge over the companys assets.
Shares in listed companied are considered as trading investments
Inventories, valued at cost, consist of:
Finished goods	12,000
Work in progress	5,000
Raw materials	8,000
Receivables consist of:
Trade debtors $25,000; Bills receivable due 2 January 2024 $10,000

Question 1: Complete Balance Sheet as at 30 June 2022, creating your own NOTE numbers

Question 2: Prepare the notes for the Current Assets, Non-Current Assets and Non-Current Liabilities ONLY.

Note: Some line items are given in the answer template below as a guide, students should add sufficient notes to complete the question.

Financial position

Table 7 Financial position

Financial Position	Number	$	$
Current assets
Non-current assets
Currents Liabilities
Non-current liabilities
Net Assets
Shareholders' Equity

Notes

Table 8 Notes

Notes	$	$
Current Assets
Non-Current Liabilities