The following information was obtained from the records of MG Electricians for the month of February $20\mathrm{.}1$:

Michael is a qualified electrician and he decided to open his electrician business in Durban. He had saved R$1560000$ in his personal bank account. On $1$ February $20\mathrm{.}1,$ Michael opened up a business bank account in the name MG Electricians at ABC Bank and deposited R$790000.$

On $5$ February $20\mathrm{.}1,$ he bought equipment on credit for $R1310000,$ which is repayable within a year, and a delivery vehicle for R$112000$ via the business banking app. During his first month of trading, he rendered cash services for R$60000$ and he rendered services to clients on credit for R$40000.$

On $23$ February $20\mathrm{.}1,$ Michael bought a business premises for R$900000$ after he obtained a mortgag from ABC Bank. On $28$ February $20\mathrm{.}1,$ Michael used the business banking app to pay for the water an electricity of $R9000$ and the rental of the business property of R$11000.$

Required:

After taking into account all the information provided in the scenario above, please fill in the total equity and liabilities section of the statement of financial position as at $28$ February $20\mathrm{.}1$ of MG Electricians.

Instructions:

Follow the format of the statement of financial position as provided in the study units $1$ to $5.$

Use a full stop to indicate any decimals $($eg: $1000\mathrm{.}01)$

Round off to the second decimal after the full stop $($eg: $50\mathrm{.}56)$

MG ELECTRICIANS

STATEMENT OF FINANCIAL. POSITION AS AT $28$ FEBRUARY $20\mathrm{.}2$

$\backslash$table$[[$EQUITY AND LIABILITIES,,$],[,,],[,,],[,,]]$