The following information is prepared by the accountant of Burma Limited as at 31 December 2023: Statement of financial position as at 31 December: 2023 R 2022 R 2021 R ASSETS Noncurrent assets 400 000 200 000 440 000 Property, plant and equipment 400 000 200 000 440 000 Current assets 340 000 480 000 200 000 Inventory 60 000 160 000 120 000 Trade receivables 240 000 120 000 80 000 Cash and cash equivalents 40 000 200 000 Total assets 740 000 680 000 640 000 Equity and liabilities 740 000 680 000 640 000 Equity 340 000 320 000 200 000 Capitalopening balance 320 000 200 000 130 000 Profit for the year 58 000 140 000 110 000 Drawings (38 000) (20 000) (40 000) Noncurrent liabilities 320 000 340 000 290 000 Mortgage loan 200 000 190 000 210 000 Longterm loan 120 000 150 000 80 000 Current liabilities 80 000 20 000 150 000 Trade payables 80 000 20 000 75 000 Bank overdraft 75 000 Extracts from the statement of comprehensive income for the year ended 31 December are as follows: Additional information: It is the policy of the firm to mark all its goods at a constant markup of 25% on cost. 862500 650000 The interest expense for the year ended 31 December 2023 amounted to R24 000, and for the year ended 31 December 2022, R20 000. 40% of all sales are on cash. (690 000 276 000=414000)(520000 208000 = 312000) Purchases equal 85% of cost of sales. (586 500) (442000) 90% of all purchases are on credit.((621000)((R468 000) Assume a 365day year. Industrywide averages are as follows: o Gross profit percentage is 33%. o Net profit percentage is 20%. o Trade debtors collection period is 60 days. o Trade creditors settlement period is 41 days. o Inventory turnover is 8 times per year. REQUIRED: Calculate the Trade debtors collection period for both financial years ended 31 December 2023 and 2022, and interpret the results: Show the formula and your calculations. Round off all answers to 2 decimal places. Question 4 (Marks: 25) The following is an incomplete statement of financial position of Bruno Limited as at 31 December 2023: Bruno Limited. Statement of financial position as at 31 December 2023: 2023 R 2022 R ASSETS Noncurrent assets Property, plant and equipment 88 000.00 Current assets Inventory 288 000 48 000 Trade receivables 244 000 231 000 Total assets Capital and reserves Share capital and reserves Issued share capital 100 000 Accumulated profit 40 000 80 000 Noncurrent liabilities Interest bearing debt Current liabilities Trade and other payables Total equity and liabilities 980 000 612 000 Additional information: o Selected financial ratios calculated from the above financial statements are as follows: 2023 2022 Noncurrent assets : Equity 3.2:1 1.85:1 Noncurrent liabilities : Equity 2.5:1 1.8:1 o No new shares were issued during the year. o Purchases for the year ended 31 December 2023 amounted to R620 000. REQUIRED: Redraft and complete the statement of financial position of Bruno Limited as at 31 December 2023. Comparative figures are required.