The following are the statements of comprehensive income and financial positions of Green Limited: Green Limited Statement of Comprehensive Income for the Year Ended 31st December 2018 GH₵ GH₵ Sales 86,000 Less: Cost of goods sold Opening stock 16,500 Purchases 48,000 64,500 Less closing stock (24,000) (40,500) Gross profit 45,500 Less operating expenses Administrative expenses (9,000) Depreciation (4,000) Selling & distribution expenses (10,000) (23,000) Profit before interest and tax 22,500 Interest (5,000) Profit before tax 17,500 Corporate tax 6,000 Profit after interest & tax 11,500 Green Limited Statement of Financial Position as at 31st December 2018 31/1/2018 31/12/017 Non-current assets Plant & machinery 20,000 15,000 Motor vehicles 8,000 8,000 Equipment 10,000 12,000 38,000 35,000 Current assets Inventory 24,000 16,500 Receivables 20,000 23,000 Cash & bank 48,000 92,000 34,000 73,500 Total assets 130,000 108,500 Financed by: Stated capital 55,000 40,000 Income surplus 2,000 57,000 5,000 45,000 Non-current liabilities 5% Debenture 46,000 35,200 Current liabilities Creditors 27,000 28,300 Total equity and liabilities 130,000 108,500 Required: Prepare the Statement of Cash-flow for Simons Limited for the year ended 31st December, 2018
The following are the statements of comprehensive income and financial positions of Green Limited:
Green Limited |
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Statement of Comprehensive Income for the Year Ended 31st December 2018 |
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|
GH₵ |
GH₵ |
Sales |
|
86,000 |
Less: Cost of goods sold |
|
|
Opening stock |
16,500 |
|
Purchases |
48,000 |
|
|
64,500 |
|
Less closing stock |
(24,000) |
(40,500) |
Gross profit |
|
45,500 |
Less operating expenses |
|
|
Administrative expenses |
(9,000) |
|
|
(4,000) |
|
Selling & distribution expenses |
(10,000) |
(23,000) |
Profit before interest and tax |
|
22,500 |
Interest |
|
(5,000) |
Profit before tax |
|
17,500 |
Corporate tax |
|
6,000 |
Profit after interest & tax |
|
11,500 |
Green Limited |
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31/1/2018 |
31/12/017 |
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Non-current assets |
|
|
|
|
Plant & machinery |
|
20,000 |
|
15,000 |
Motor vehicles |
|
8,000 |
|
8,000 |
Equipment |
|
10,000 |
|
12,000 |
|
|
38,000 |
|
35,000 |
Current assets |
|
|
|
|
Inventory |
24,000 |
|
16,500 |
|
Receivables |
20,000 |
|
23,000 |
|
Cash & bank |
48,000 |
92,000 |
34,000 |
73,500 |
Total assets |
|
130,000 |
|
108,500 |
Financed by: |
|
|
|
|
Stated capital |
55,000 |
|
40,000 |
|
Income surplus |
2,000 |
57,000 |
5,000 |
45,000 |
Non-current liabilities |
|
|
|
|
5% Debenture |
|
46,000 |
|
35,200 |
Current liabilities |
|
|
|
|
Creditors |
|
27,000 |
|
28,300 |
Total equity and liabilities |
|
130,000 |
|
108,500 |
Required:
- Prepare the Statement of Cash-flow for Simons Limited for the year ended 31st December, 2018.
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