SECTION B You MUST answer BOTH questions in this section. This section is worth 70 marks. You are reminded to show all relevant workings in your answer booklet. Questia The financial statements for Benson for year ended 30 November 2020 is provided below: Statements of Financial Position 2020 2019 1000 2000 Note ASSETS Non-Current Assets Property, plant & equipment 2,520 2,040 Investments 250 1 2.220 2.040 Current Assets Inventory 1,680 1,840 Trade receivables 1,555 1,280 Accrued investment income 5 Cash at bank 330 3.570 3.120 TOTAL ASSETS 5.160 EQUITY AND LIABILITIES Equity Ordinary shares El each 1,450 1,200 Share premium 395 370 Retained earnings 250 300 2.095 1.270 Neo-Current Liabilities 10% Loan Notes 400 5% Loan Notes 1300 L150 1.300 1.550 Current Liabilities Bank overdraft 280 Trade payables 2,420 1,680 Taxation payable 500 360 Accrued interest payable 25 20 2.945 2.340 TOTAL EQUITY AND LIABILITIES 5.160 Statement of Profit & Loss 2020 Revenue Cost of Sales '000 11,600 16.900) Gross Profit 4.700 Administrative expenses (1360) Distribution costs (2.180) Operating profit 1,160 Income from investments 20 Finance cost 175) Profit before taxation 1,105 Taxation (345) Profit after taxation Additional Notes: