QUESTION 2 The following information has been extracted from the financial statements of KS Projects Limited: Extract of

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QUESTION 2
The following information has been
extracted from the financial statements of KS Projects Limited:
Extract of Statement of
Comprehensive Income for the year ended 31 December
2020
2021
$
$
Revenue
2 000 000
1 600 000
Purchases
940 000
800 000
Operating profit
600 000
520 000
Profit before tax
520 000
450 000
Profit after tax
364 000
315 000
Extract of Statement of
Financial Position as at 31 December
Assets
2020
2021
$
$
Non-current assets
2 000 000
1 400 000
Inventories
600 000
800 000
Accounts receivable
400 000
400 000
Cash and cash equivalents
2 000
2 000
3 002 000
2 602 000
$
$
Equity and
liabilities
Shareholders’ equity
2 000 000
1 500 000
Long-term loan
700 000
800 000
Accounts payable
182 000
142 000
Bank overdraft
120 000
160 000
3 002 000
2 602 000
Note:
Required:
debtors. (2)