The following list of balances for the year ended 30 June 2021 was taken 3. Depreciation rates are as follows: a. Land and buildings - not depreciated. b. Plant and equipment - 10% per annum on cost. c. Motor vehicles - 20% per annum on cost Required Draw up a balance sheet at 30 June 2021 in accordance with the requirements of the Companies Act and generally accepted accounting practice; present and disclose only Property Plant and Equipment. NQF / PROVIDER EXAM - JUNE 2022 PAGE 8 OF 13 FINANCIAL ACCOUNTING 2 The following additional information is also available: 1. Interest on the long-term loan at 10% per annum is payable monthly in arrears. The capital portion of the loan is repayable in annual instalments of R2 500 commencing on 30 June 2021. The loan is secured by a mortgage bond over land and buildings. 2. Land and buildings consist of freehold land with a factory building erected on it, acquired on 16 July 2019. The land and buildings are situated at 16 Coventry Road, Salt Lake City. The land and buildings have been mortgaged as per note 1 above