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Question - The most recent statement of financial position and statement of profit or loss for Star Ltd are set out below.
Statement of financial position as at 31 December
2020
2019
Assets
£'000
Non-current assets
Property, plant, and equipment
15,010
15,025
Current Assets Inventories
1,670
1,480
Trade receivables
980
840
Cash at bank
290
120
2,940
2,440
Total assets
17,950
17,465
Equity and liabilities
Equity
Ordinary shares at £0.5 each
5,900
2,900
Share premium
5,400
3,900
Retained earnings
2,030
1,145
Total equity
13,330
7,945
Non-current liabilities
Interest bearing borrowings
2,730
7,390
Current liabilities
Trade and other payables (Note 1)
1,010
1,380
Tax liabilities
880
750
1,890
2,130
Total liabilities
4,620
9,520
Total equity and liabilities
Statement of profit or loss for the year ended 31 December 2020
Sales Revenue
15,990
Cost of Sales
(10,010)
Gross profit
5,980
Distribution costs
(1,110)
Administrative expenses
(1,980)
Profit from operations
2,890
Finance costs
(590)
Profit before tax
2,300
Tax
(925)
Profit for the year
1,375
Additional information:
1. Trade and other payables comprise:
2020 £'000
2019 £'000
Trade payables
690
790
Interest payable
320
590
2. A dividend was paid during the year of £490,000.
3. The total depreciation charge for the year was £1,881,000.
4. Plant disposed of in the year had a carrying value of £29,800, and cash received for the disposal of the plant was £59,600.
Required -
(a) Explain how interest expense is accounted for in the cash flow and why?
(b) Prepare a statement of cash flows in accordance with IAS 7 as at 31 December 2020 using the indirect method.
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