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Use the information provided below to prepare the following:

$4\mathrm{.}2$ Budgeted Statement of Financial Position as at $30$ June $2024.$

MARBURG LTD

STATEMENT OF FINANCIAL POSITION AS AT $30$ JUNE $2023$

R

ASSETS

Non$-$current assets $2100000$

Fixed$/$Tangible assets $2100000$

Current assets $1800000$

Inventories $600000$

Accounts receivable $900000$

Cash and cash equivalents $300000$

Total assets $3900000$

EQUITY AND LIABILITIES R

Shareholders$$ equity $1950000$

Ordinary share capital $(450000$ shares$)900000$

Retained earnings $1050000$

Non$-$current liabilities $1200000$

Long$-$term loan $1200000$

Current liabilities $750000$

Accounts payable $732000$

Company tax payable $18000$

Total equity and liabilities $3900000$

Sales for the year ended $30$ June $2024$ are budgeted at R$5600000.$ Ninety percent $(90\%)$ of the sales is expected to be on credit. The gross margin for the year ended $30$ June $2024$ is expected to increase as goods would be sold at cost plus $40\%.$ The percentage of expenses to sales is expected to remain unchanged.

The authorized share capital of Marburg Limited consists of $550000$ ordinary shares. The unissued shares are expected to be sold on $02$ January $2024$ at R$3$ each.

A final dividend of $16$ cents per share is expected to be recommended on $30$ June $2024$ and is payable during August $2024.$

R$400000$ of the long$-$term loan will be repaid during the financial year ended $30$ June $2024.$

Accounts receivable would be based on a collection period of $73$ days.

$6)$ The company$$s closing inventory will change directly with changes in sales for the financial year

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