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Question 5 Prepare a forecast statement of financial position as at 31st March 2022: Trendy Clothing Ltd. Forecast Statement of Financial Position as at 31 March 2022 Net Book Value Non-Current Assets Fixtures & fittings Van Total Non-Current Assets Current Assets Inventory Trade Receivables Cash Total Current Assets Total Assets Equity Share Capital Retained profits/losses Total Equity Non-Current Liabilities Borrowings - Bank Loan Current Liabilities Trade payables Dividend payable Taxation Payable Total Current Liabilities Total Equity and Liabilities Scenario You have a small business engaged in the retail sale of ladies and gentlemen's fashions. An accounting year-end is 31st December, and it is now 1st January 2022. Information included on the Statement of Financial Position at 31st December 2021 was as follows: Trade receivables (due to be received in January 2022) Trade receivables (due to be received in February 2022) Trade payables (due to be paid in January 2022) Closing inventories Cash at bank Share capital Retained profits/losses brought forward Dividend payable (due to be paid in January 2022) Taxation payable (due to be paid in January 2022) Shop fixtures and fittings at cost Depreciation on shop fixtures and fittings Long-term loan 5000 13000 8000 4000 33400 15000 17500 2200 700 10000 5000 17000 The shop fixtures and fittings are depreciated on a 25% straight-line basis and there is no scrap value. You are preparing a business plan for the following three months from January to March 2022. The plan will include a Cash Flow forecast, a forecast Income Statement and a forecast Statement of Financial Position. You predict the following: You rent out office space to another local business and receive 350 per month. . Your motor vehicle running expenses will total 510 per month and are payable in the month in which they are incurred. Other expenses will be 2400 a month payable in the month in which they occur. . You are going to buy a delivery van for the business in January at a cost of 18000 for cash. You will depreciate the van on a 20% straight-line basis. The scrap value of the van is expected to be 6000 at the end of its useful economic life. . The tax charge for the three months to 31st March 2022 will be 6760 but this will not be paid until May 2022 A dividend of 1020 was proposed to cover the three months, January to March 2022 but this will not be paid until April 2022. Interest on the bank loan is expected to be 85 a month. Closing inventory at 31st March 2022 is expected to be 7900