STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2015 Cape Ltd R ASSETS Property at valuation 450 000 Plant at carrying amount 124 000 Investment in Port Ltd – 37 500 ordinary shares at fair value (cost price R180 000) 180 000 Loan - Cape Ltd -Inventory 100 000 Bank - Chili Bank 80 000 Trade and other receivables 10 000 Total assets 944 000 EQUITY AND LIABILITIES Ordinary shares of R2 each 400 000 Revaluation of property 100 000 Retained earnings 192 000 Long-term borrowings 200 000 Loan - Port Ltd 20 000 Other 180 000 Trade and other payables 52 000 Bank overdraft - Chili Bank - Total equity and liabilities 944 000 Port Ltd R 140 000 152 000 - 40 000 140 000 - 48 000 520 000 100 000 - 164 000 164 000 - 164 000 22 000 70 000 520 000 Additional information Cape Ltd acquired its interest in Port Ltd on 1 March 2012. At that date the retained earnings of Port Ltd amounted to R64 000. On that date the property of Port Ltd was revalued at R200 000. The books were not adjusted accordingly and no purchases or sale of property took place since that date. On 26 February 2015Cape Ltd mailed a cheque of R20 000 to Port Ltd. Port Ltd received the cheque on 6 March 2015. Cape Ltd sold a machine to Port Ltd on 31 August 2014 at a profit of R20 000. The group provides for depreciation at 20% per annum according to the straight-line method.