Ultimo Travel Goods Pty Ltd was formed on 1 July 2011.

PSA1.3 Ultimo Travel Goods Pty Ltd was formed on 1 July 2011. At 30 June 2012, Mark Austin, the managing director and major shareholder, decided to prepare a statement of financial position, which appeared as follows:ULTIMO TRAVEL GOODS PTY LTDStatement of Financial Positionas at 30 June 2012AssetsLiabilities and equityCash$20 000Accounts payable$40 000Accounts receivable55 000Notes payable15 000Inventory30 000Bank loan160 000Villa300 000Equity55 000Mark willingly admits that he is not an accountant by training. He is concerned that his statement of financial position might not be correct. He has provided you with the following additional information:1. The villa is on the Gold Coast and actually belongs to Mark, not to Ultimo Travel Goods Pty Ltd. However, because he thinks he might allow executives to use it sometimes, he decided to list it as an asset of the company. To be consistent he also listed as a liability of the company his personal loan that he took out at the bank to buy the villa.2. The inventory was originally purchased for $10 000, but due to a surge in demand Mark now thinks he could sell it for $30 000. He thought it would be best to record is at $30 000.3. Included in the accounts payable balance is $5000 that Mark owes for his personal telephone account. Mark included this in the accounts payable of Ultimo Travel Goods Pty Ltd because he will probably use a company cheque to pay for it.Required(a) Comment on the proper accounting treatment of the three items above.(b) Provide a corrected statement of financial position for Ultimo Travel Goods Pty Ltd.(Hint: To get the statement of financial position to balance, adjust equity.)

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