The following information was taken from the books of Sahara Ltd:

Balances of the accounts in the general ledger of Sahara Ltd on 31 December 2020 Details Debit (R) Credit (R) Balance sheet section Accumulated profit (1 January 2020) 18 810.00 Ordinary share capital 85 500.00 10 % Preference share capital 11 400.00 Land & buildings 138 277.73 Motor vehicle 11 400.00 Accumulated depreciation: Motor vehicle 1 311.00 Trading inventor 10 260.00 Debtors control 11 115.00 Allowance for credit losses 166.73 Bank 12 825.00 Petty cash 1 710.00 Money market 17 955.00 Creditors control 4 275.00 Bank loan 5 130.00 Nominal accounts section Net income before tax 76 950.00

203 542.73 203 542.73 Additional information: i. The company tax rate is 28.00 %. ii. R4 432.32 must be transferred to the general reserve. iii. Provide for the preference dividend at year end as well as for a final ordinary dividend of R0.64 per ordinary share issued. iv. Land & buildings were re-valued from R138 277.73to R147 957.17 during the past financial year but this revaluation has not yet been recorded. v. A fresh issue of 950 ordinary shares took place during the past financial year at an issuing price of R10.80 per share. This issue has been recorded. vi. There were 9 500 ordinary shares in issue at 31 December 2020.

You are required to: (a)Draft the statement of changes in equity of Sahara Ltd for year ended 31 December 2020. (b)Draft the equity section of the statement of financial position of Sahara Ltd as at 31 December 2020.