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REQUIRED Prepare the Pro Forma Statement of Financial Position as at 31 December 2023 from...

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Accounting

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REQUIRED Prepare the Pro Forma Statement of Financial Position as at 31 December 2023 from the Statement of Financial Position and additional information provided below: Additional information The following must be taken into account for 2023: - Sales are forecast at R60000000, with a profit margin of 10% and a gross margin of 30%. Fifty percent (50%) of the sales is expected to be for cash and the balance is on credit. The debtor collection period is expected to be 36.5 days. - All purchases of inventories are expected to be on credit and are estimated to total R48000 000. The creditor payment period is estimated to be 73 days. - Equipment with a cost price of R8 000000 is expected to be purchased on 01 July 2023. Total depreciation is expected to be R800 000 for the year. - The maturity dates of the fixed deposits are as follows: R80 00001 May 2023 R120 00031 May 2025 - The loan balance is expected to be reduced by R60000. - The directors are expected to recommend a final dividend of R4 000000 , payable during 2024 . - A bank balance of 1% of sales is desired. - Ordinary share capital will remain unchanged. - The amount of external non-current funding required must be calculated (balancing figure)

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