KGOTSO COINCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021P'000P'000Sales720Raw materials consumedStaff costs7094DepreciationLoss on disposal of non-current asset11818300420Operating profitInterest payable28392Profit before taxТахation124268Profit for the yearKGOTSO COSTATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER20202021P'000P'000Non-current assetsCost1,596(318)1.2781,560(224)1.336DepreciationCurrent assetsInventoryTrade receivables24762058Bank481481.426561341.470Total assetsEquity and liabilitiesEquityShare capitalShare premiumRetained carnings36034036247161,112514878Non-current liabilitiesLong-term loansCurrent liabilities200500Trade payablesТахation126.1021141426Total equity and liabilities1470Additional information:i. Dividends paid were P66,000.ii. During the year, the company paid P90,000 for a new piece of machinery.Required:Prepare the statement of cash flows for Kgotso Co for the year ended 31 December 2021 usingthe indirect method.

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SHOUOL ST aE 0707 DUE 1707 DOUDwa IS JE DOnisod KGOTSO CO INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021 P'000 P'000 Sales Raw materials consumed Staff costs 720 70 94 Depreciation Loss on disposal of non-current asset 118 18 300 Operating profit Interest payable Profit before tax 39 Тахation Profit for the year 268 KGOTSO CO STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020 P'000 2021 P'000 1,596 (318) 1.278 Non-current assets Cost 1,560 (224) L336 Depreciation Current assets Inventory Trade receivables 24 76 20 58 Bank 148 1426 134 L470 Total assets Equity and liabilities Equity Share capital Share premium Retained carnings 360 36 340 716 LI12 514 878 Non-current liabilities Long-term loans Current liabilities Trade payables Тахation 200 500 12 102 114 1.426 Total equity and liabilities 1470 Additional information: i Dividends paid were P66,000. ii. During the year, the company paid P90,000 for a new piece of machinery. Required: Prepare the statement of cash flows for Kotso Co for the vear ended 31 December 2021 using

SHOUOL ST aE 0707 DUE 1707 DOUDwa IS JE DOnisod KGOTSO CO INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021 P'000 P'000 Sales Raw materials consumed Staff costs 720 70 94 Depreciation Loss on disposal of non-current asset 118 18 300 Operating profit Interest payable Profit before tax 39 Тахation Profit for the year 268 KGOTSO CO STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020 P'000 2021 P'000 1,596 (318) 1.278 Non-current assets Cost 1,560 (224) L336 Depreciation Current assets Inventory Trade receivables 24 76 20 58 Bank 148 1426 134 L470 Total assets Equity and liabilities Equity Share capital Share premium Retained carnings 360 36 340 716 LI12 514 878 Non-current liabilities Long-term loans Current liabilities Trade payables Тахation 200 500 12 102 114 1.426 Total equity and liabilities 1470 Additional information: i Dividends paid were P66,000. ii. During the year, the company paid P90,000 for a new piece of machinery. Required: Prepare the statement of cash flows for Kotso Co for the vear ended 31 December 2021 using

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.3MBA

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