Prepare the Statement of Financial Position as at 28 February 2021. (The notes to the...
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Prepare the Statement of Financial Position as at 28 February 2021. (The notes to the financial statements are not required.) INFORMATION The following list of balances was obtained from the accounting records of Stanger Stores (with Stan and Gerald as partners) on 28 February 2021, the end of the financial year, after all the adjustments and closing transfers were completed. LIST OF BALANCES AS AT 28 FEBRUARY 2021 Debit (R) Credit (R) Capital: Stan 2 400 000 Capital: Gerald 1 200 000 Current account: Stan 4 000 Current account: Gerald 102 000 Land and buildings 3 440 000 Equipment at cost 320 000 Accumulated depreciation on vehicles 152 000 Fixed deposit (matures on 31 March 2022) 162 000 Trading inventory 830 000 Debtors control 84 000 Provision for bad debts 4 000 Bank 60 000 Cash float 10 000 Creditors control 100 000 Loan: Web Bank (R160 000 is payable in the next financial year) 960 000 Accrued expenses 2 600 Income received in advance 1 400 Consumable stores on hand 2 000 Prepaid expenses 4 000 Accrued income 6 000 4 922 000 4 922 000
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