The following information is available for CANDY GH, a limited liability company: Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 31st December, 2020 GH¢ Revenue 7,659 Cost of sales (5,442) Gross profit 2,217 Operating expenses (1,167) Operating profit 1,050 Interest expenses (150) Operating before tax 900 Tax expense (420) Net profit transferred to reserve 480 Statement of Financial Position as at 31st December: 2020 2015 GH¢ GH¢ ASSETS Noncurrent assets Property, Plant & Equipment Cost 2,160 1,785 Accumulated depreciation (1,020) (870) Carrying value 1,140 915 Intangible assets 750 600 Investment properties Nil 75 Current assets 1,776 1,254 Inventory 450 306 Receivables 1,170 945 Cash 156 3 Total assets 3,666 2,844 EQUITY AND LIABILITIES Equity Stated capital 1,380 1,173 Retained earnings 780 540 Noncurrent liabilities 510 150 12% Debenture 510 150 Current liabilities Trade payable 381 357 Bank overdraft 255 294 Taxation 360 330 Equity and liabilities 3,666 2,844 Additional information: Equipment which had cost GH¢255, 000 and with a net book value of GH¢ 135,000 and was sold for GH¢96, 000 during the year. The cash proceeds of the sale of asset investments properties amounted to GH¢90,000. Dividends paid during the year amounted to GH¢240,000. Required: Prepare the company’s statement of cash flows for the year ended 31st December 2020, using the indirect method, adopting the format in IAS 7 Statement of cash flows.
The following information is available for CANDY GH, a limited liability company:
Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 31st December, 2020
GH¢
Revenue
7,659
Cost of sales
(5,442)
Gross profit
2,217
Operating expenses
(1,167)
Operating profit
1,050
Interest expenses
(150)
Operating before tax
900
Tax expense
(420)
Net profit transferred to reserve
480
2020
2015
GH¢
GH¢
ASSETS
Noncurrent assets
Property, Plant & Equipment
Cost
2,160
1,785
(1,020)
(870)
Carrying value
1,140
915
Intangible assets
750
600
Investment properties
Nil
75
Current assets
1,776
1,254
Inventory
450
306
Receivables
1,170
945
Cash
156
3
Total assets
3,666
2,844
EQUITY AND LIABILITIES
Equity
Stated capital
1,380
1,173
Retained earnings
780
540
Noncurrent liabilities
510
150
12% Debenture
510
150
Current liabilities
Trade payable
381
357
Bank overdraft
255
294
Taxation
360
330
Equity and liabilities
3,666
2,844
Additional information:
Equipment which had cost GH¢255, 000 and with a net book value of GH¢ 135,000 and was sold for GH¢96, 000 during the year.
The cash proceeds of the sale of asset investments properties amounted to GH¢90,000.
Dividends paid during the year amounted to GH¢240,000.
Required:
Prepare the company’s statement of
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