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UESTION $2(20$ MARKS$)$ REQUIRED Use the information provided below to prepare the Statement of Financial Position of Trent Limited as at $31$ July $2023.$ The notes to the financial statements are not required. INFORMATION TRENT LTD Extract of PRE$-$ADJUSTMENT TRIAL BALANCE AS AT $31$ JULY $2023$ Balance Sheet Accounts Section Debit $($R$)$ Credit $($R$)$ Ordinary share capital $(200000$ shares$)4000000$ Retained earnings $589200$ Land and buildings $3904100$ Vehicles $($cost$)1400000$ Equipment $($cost$)900000$ Accumulated depreciation on vehicles $510000$ Accumulated depreciation on equipment $397000$ Debentures $(12\%$ p$.$a$.$; Maturity date $31$ July $2028)1700000$ Investment $(25000$ shares in ABC Limited$)500000$ Trading inventory $1090000$ Debtors control $360000$ Provision for bad debts $30000$ Bank $287000$ Creditors control $484000$ South African Revenue Services: Company tax $140000$ Adjustments and additional information The profit after tax for the year ended $31$ July $2023$ amounted to R$392100.$ The following adjustments were made to the income and expenses but not to the balance sheet accounts: $1.$ A physical stocktake on $31$ July $2023$ revealed the following: $1\mathrm{.}1$ Trading inventory on hand amounted to R$1050000.1\mathrm{.}2$ Stationery unused amounted to R$2000.2.$ Rent for August $2023$ was received and recorded on $31$ July $2023,$ R$14000.3.$ Dividends of $70$ cents per share are due from ABC Limited. $4.$ Commission on sales of R$30000$ is owed to the salespersons. $5.$ Equipment, cost price R$120000,$ was purchased on credit on $01$ July $2023$ but no entry has been made for this. Depreciation on equipment is calculated at $15\%$ p$.$a$.$ on cost and on vehicles at $20\%$ p$.$a$.$ on the diminishing balance. $6.$ The bank statement was received after the trial balance was prepared and it reflected bank charges of R$1800.7.$ The provision for bad debts must be adjusted to $5\%$ of debtors. $8.$ Two of the directors of the company are owed remuneration of R$20000$ each. $9.$ Based on the profit for the year, an amount of R$30000$ is still owed to South African Revenue Services for company tax. $10.$ The directors declared a final dividend of $12$ cents per share. The interim dividend amounted to R$100000.$

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