Reference no: EM132652785
Question - The following information was obtained from the accounting records of First Ltd: Summarized financial position for year ended 31 December
2019 2018
ASSETS R R
Land and Buildings 104 865 95 470
Investments NIL 1 100
Machinery at carrying amount 6 500 1 600
Cost 8 700 5 400
Accumulated depreciation - 2 200 - 3 800
Inventories 12 000 9 000
Trade debtors 10 205 30 700
Cash at Bank 13 500
NIL TOTAL ASSETS 147 070 137 870
EQUITY & LIABILITIES Equity 100 070 78 470
Ordinary share capital 85 000 68 000
Retained earnings 15 070 10 470
Liabilities 47 000 59 400
Long term loan 20 000 30 000
Bank overdraft NIL 700
Trade creditors 6 600 9 200
Income tax payable 2 200 4 100
Dividends payable 18 400 15 400
TOTAL EQUITY AND LIABILITIES 147 070 137 870
Additional information:
1. The following was extracted from the statement of comprehensive income and statement of changes in equity for financial year ended 31 December 2019.
Income: R
Profit on sale of land and buildings 7 000
Profit on sale of machinery 300
Expenses:
Depreciation 1 000
Administration expenses 29 730
Selling expenses 12 005
Loss on sale of investment 500
Interest expense 20
Taxation expense 18 000
Profit for the year 23 000
Appropriation:
Dividends declared 18 400
2. The investments of the company were sold for R600 cash.
3. A portion of the land and buildings with a cost price of R11 000 was sold during the year for R18 000 cash. Additional land was purchased for R20 395 cash.
4. Machinery to the value of R6 400 was purchased for cash. Machinery with a carrying amount of R500 was sold at a profit of R300.
5. The company paid a portion of the long term liability. No further long term loans were taken.
6. The company issued new ordinary shares during the year.
Required - Draft the statement of cash flows for the year ended 31 December 2019 method in compliance with international financial reporting standards in as much as the given information allows. The indirect method is in use. Show all workings.
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