QUESTION 2 (20 marks) The following information was taken from the records of Jobs Ltd: Jobs Ltd Statement of comprehensive income for the year ended 31 December 20.20 Jobs Ltd Revenue Cost of sales Inventory @ 1 January 20.20 Purchases R 490 000 (282 500) 31 000 301 500 Inventory @31 December 20.20 (50 000) Gross profit 207 500 Distribution and administration expenses Depreciation Wages and salaries Other expenses Income from financial assets (dividends received) Finance costs Profit before tax (99 000) (19 000) (60 000) (20 000) 13 000 (14 000) 107 500 Income tax expense Profit for the year (36 000) 71 500 Statement of changes in equity for the year ended 31 December 2020 (Extract) Ordinary share Retained Total earnings capital R Balance at 31 December 2019 355 000 R 8 000 R 363 000 Issue of ordinary shares 20 000 20 000 Profit for the year 71 500 71 500 Dividends (47 500) (47 500) Balance at 31 December 2020 375 000 32 000 407 000 Jobs Ltd Statement of financial position at 31 December 2020 Notes ASSETS 2020 R 2019 R Non-current assets Property, plant and equipment 1 448 500 394 000 Page 4 of 15