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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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