The following is the statement of comprehensive income 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

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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The following is the statement of comprehensive income of Green Limited:

Green Limited
Statement of Comprehensive Income for the Year Ended 31^st 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 31^st 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 31^st December, 2018.

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