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Ovango LtdOn $31$ August $2023,$ the following balances appeared in the records Ovango Ltd:DetailsRLand and buildings$1500000$Office equipment at cost$628000$Delivery vehicles at cost$1174000$Accumulated depreciation: Office equipment$182400$Accumulated depreciation: Delivery vehicles$469600$Investments $80000$Inventory$145000$Accounts receivable$800005\%$ Long$-$term loan$600000$Accounts payable$85000$Bank $($unfavourable$)9130$Share capital $(100000$ shares$)1000000$Retained earnings: $1$ September $20221078650$Interest on loan$30000$Audit fees$51600$Sales$975000$Cost of sales$585000$Advertising$24000$Bank charges$5280$Sales returns$21900$Directors remuneration$200000$Rent income$144000$Water and electricity$34000$ The following information still needs to be considered:Depreciation must be written off as follows:Delivery vehicles: $15\%$ per annum on the diminishing balance methodOffice equipment: $10\%$ per annum on the straight$-$line methodA provision of R$21000$ should be made for the income tax expense for the current year.The company signed an advertising contract on $1$ July $2023$ for $12$ months. The total amount of the contract was paid on the same date.The profit for the year, after taking into acount the items above, is R$12760.$

Prepare the statement of financial position for the year year ended $31$ August $2023$

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