Question 1 The statement of comprehensive income and the statement of financial position disclosed relates to Jeffrey Ghana Limited. Jeffrey Ghana Limited Statement of Financial Position as at December 31, 2021     2020   2021   GH₵ GH₵ GH₵ GH₵ Non-current assets (cost) 300,000   380,000   Less Accumulated depreciation (60,000) 240,000 (45,000) 335,000 Investment   120,000   70,000 Current assets         Inventory 96,000   100,000   Receivables 150,000   127,000   Bank 164,000   146,000       410,000   373,000 Total assets   770,000   778,000 Financed by:         Stared capital 300,000   320,000   Income surplus 146,000   166,000       446,000   486,000 Non-current liability         10% Debenture   150,000   100,000 Current liabilities         Payables 137,500   152,000   Taxation 36,500   40,000       174,000   192,000 Total equity and liabilities   770,000   778,000   Ferdinand Ghana Limited Statement of Comprehensive Income for the year ended December 31, 2021   GH₵ GH₵ Sales   6,112,088 Opening Inventory 645,000   Purchases 6,150,250     6,795,250   Closing inventory (1,650,000) 5,145,250 Gross profit   966,838 Operating expenses     Admin expenses (476,805)   Distributive expenses (343,033)   Depreciation (10,000) (829,838) NPIT/EBIT   137,000 Interest   (10,000) PBT   127,000 Tax   (40,000)  PAT   87,000 Additional information A non-current assets costing GH₵60,000 with a written down value of GH₵35,000 had sold for GH₵41,000. Investment costing GH₵50,000 was sold for GH₵45,000. Required: Prepare the Statement of Cash-flow for Jeffrey Limited for the year ended December 31, 2021

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question 1

The statement of comprehensive income and the statement of financial position disclosed relates to Jeffrey Ghana Limited.

Jeffrey Ghana Limited

Statement of Financial Position as at December 31, 2021

   

2020

 

2021

 

GH₵

GH₵

GH₵

GH₵

Non-current assets (cost)

300,000

 

380,000

 

Less Accumulated depreciation

(60,000)

240,000

(45,000)

335,000

Investment

 

120,000

 

70,000

Current assets

       

Inventory

96,000

 

100,000

 

Receivables

150,000

 

127,000

 

Bank

164,000

 

146,000

 
   

410,000

 

373,000

Total assets

 

770,000

 

778,000

Financed by:

       

Stared capital

300,000

 

320,000

 

Income surplus

146,000

 

166,000

 
   

446,000

 

486,000

Non-current liability

       

10% Debenture

 

150,000

 

100,000

Current liabilities

       

Payables

137,500

 

152,000

 

Taxation

36,500

 

40,000

 
   

174,000

 

192,000

Total equity and liabilities

 

770,000

 

778,000

 

Ferdinand Ghana Limited

Statement of Comprehensive Income for the year ended December 31, 2021

 

GH₵

GH₵

Sales

 

6,112,088

Opening Inventory

645,000

 

Purchases

6,150,250

 

 

6,795,250

 

Closing inventory

(1,650,000)

5,145,250

Gross profit

 

966,838

Operating expenses

   

Admin expenses

(476,805)

 

Distributive expenses

(343,033)

 

Depreciation

(10,000)

(829,838)

NPIT/EBIT

 

137,000

Interest

 

(10,000)

PBT

 

127,000

Tax

 

(40,000)

 PAT

 

87,000

Additional information

  • A non-current assets costing GH₵60,000 with a written down value of GH₵35,000 had sold for GH₵41,000.
  • Investment costing GH₵50,000 was sold for GH₵45,000.

Required:

Prepare the Statement of Cash-flow for Jeffrey Limited for the year ended December 31, 2021

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