Btw n Lhversity MASTERS January-June QUESTION 2 Assignment 2 BAF912 - Accounting and Finance Kgotso Co's income statement for the year ended 31 December 2021 and statement of financial position at 31 December 2021 and 2020 are as follows: KGOTSO CO INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021 Sales Raw materials consumed Staff costs Depreciation Loss on disposal of non-current asset Operating profit Interest payable Profit before tax Taxation Profit for the year P'000 P1000 720 70 94 118 18 300 420 28 392 124 268 KGOTSO CO STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021 2020 P'000 P'000 Non-current assets Cost Depreciation 1,596 1,560 (318) (224) 1,278 1,336 Current assets Inventory Trade receivables Bank Total assets 24 20 76 58 48 56 148 134 1,426 1,470 Equity and liabilities Equity Share capital Share premium Retained earnings Non-current liabilities 360 340 36 24 716 514 1,112 878 Long-term loans 200 200 500 Current liabilities Trade payables 12 6 Taxation 102 86 114 92 Total equity and liabilities 1,426 1,470 BOU 2022 Page 5 of 6