The following are the statements of comprehensive income and financial positions 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 Required: Prepare the Statement of Cash-flow for Simons Limited for the year ended 31st December, 2018
The following are the statements of comprehensive income and financial positions of Green Limited:
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Green Limited |
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Statement of Comprehensive Income for the Year Ended 31st December 2018 |
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GH₵ |
GH₵ |
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Sales |
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86,000 |
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Less: Cost of goods sold |
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Opening stock |
16,500 |
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Purchases |
48,000 |
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64,500 |
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Less closing stock |
(24,000) |
(40,500) |
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Gross profit |
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45,500 |
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Less operating expenses |
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Administrative expenses |
(9,000) |
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(4,000) |
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Selling & distribution expenses |
(10,000) |
(23,000) |
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Profit before interest and tax |
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22,500 |
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Interest |
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(5,000) |
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Profit before tax |
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17,500 |
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Corporate tax |
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6,000 |
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Profit after interest & tax |
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11,500 |
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Green Limited |
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31/1/2018 |
31/12/017 |
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Non-current assets |
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Plant & machinery |
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20,000 |
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15,000 |
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Motor vehicles |
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8,000 |
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8,000 |
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Equipment |
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10,000 |
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12,000 |
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38,000 |
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35,000 |
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Current assets |
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Inventory |
24,000 |
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16,500 |
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Receivables |
20,000 |
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23,000 |
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Cash & bank |
48,000 |
92,000 |
34,000 |
73,500 |
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Total assets |
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130,000 |
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108,500 |
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Financed by: |
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Stated capital |
55,000 |
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40,000 |
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Income surplus |
2,000 |
57,000 |
5,000 |
45,000 |
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Non-current liabilities |
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5% Debenture |
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46,000 |
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35,200 |
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Current liabilities |
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Creditors |
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27,000 |
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28,300 |
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Total equity and liabilities |
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130,000 |
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108,500 |
Required:
- Prepare the Statement of Cash-flow for Simons Limited for the year ended 31st December, 2018.
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