Question LTD 003. Jimi Ltd.'s statement of financial position on 31 December 31 2019, is presented below. Jimi Ltd. Statement of Financial Position's ledger balances as of 31 December 2019 [Figures in "000" R 43,000 Share capital ordinary R 20,000 Equipment Prepaid insurance Inventory Bank 5,600 Retained earnings 18,600 25.750 Bonds payable 50,000 30.500 Accounts payable 13,750 R104,850 Interest payable 2.500 R104,850 During 2020, the following transactions occurred. 1. Jimi paid R2 500 000 interest on the bonds on 1 January 2020. 1. Jimi purchased R241 500 000 (VAT inclusive) of inventory on account. . Jimi sold for R448 500, 000 (VAT inclusive) on online transactions inventory which cost R250,000. S. zv. Jimi paid R230 000 000 on accounts payable. v. Jimi paid R2,500 000 interest on the bonds on 1 July 2020. vi. The prepaid insurance (R5,600,000) expired on 31 July. VII. Received applications for 500 000 ordinary shares on 31 July. Share applicants paid the stated value of R5 per share. The allotment took place on 28 August 2020. The company has authorised share capital of 5 000 000 ordinary shares and 1 000 000, 5% Preference shares. No preference shares have been issued. VII. On 1 August, Jimi paid R12 000 000 for insurance coverage from 1 August, 2020, through 31July 2021. IX. Jimi paid R27,000 000 VAT to the SARS. x. Paid other operating expenses, R91,000 000 x. Paid share issue costs of R 7, 187 500 (VAT inclusive). XII. Redeemed the bonds on 31 December 2020, by paying R47 000 000 plus R2 500 000 interest. XIII. Received applications for R90,000 000 of 8% bonds on 30 December 2020, issued at 104. The directors allotted the bonds on 31 December. The bonds pay interest every 31 December with effect from 31 December 2021.