- 20 Marks
FA – L1 – Q100 – Statement of cash flows
Prepare a statement of cash flows for SpicyFlare Limited for the year ended 31 December 20X9 using provided financial data.
Question
SpicyFlare Limited
SpicyFlare Limited summarised final accounts are as follows:
Statements of financial position
| 31 December 20X8 | 31 December 20X8 | ||
|---|---|---|---|
| GH¢000 | GH¢000 | GH¢000 | |
| Non-current assets: | |||
| Plant and machinery at cost | 2,700 | ||
| Accumulated depreciation | (748) | ||
| Carrying amount | 1,952 | ||
| Current assets: | |||
| Inventory | 203 | ||
| Receivables | 147 | ||
| Bank | 51 | ||
| 401 | |||
| Total assets | 2,353 | ||
| Ordinary share capital (GH¢1 shares) | 740 | ||
| Share premium account | |||
| Retained earnings | 671 | ||
| 1,411 | |||
| Non-current liabilities: | |||
| Loans | |||
| Current liabilities: | |||
| Bank overdraft | |||
| Trade payables and accruals | 152 | ||
| Current taxation | 470 | ||
| Total equity and liabilities | 2,353 |
Statement of profit or loss for year ended 31 December 20X9
Profit before tax
Taxation
Profit after tax
Dividend payments during the year were GH¢230,000.
The following information is also available:
(1) The only new loan raised during the year was a five-year bank loan amounting to GH¢65,000.
(2) Interest charged during the year was GH¢156,000. Interest accrued was GH¢24,000 last year and GH¢54,000 this year.
(3) Depreciation charged during the year amounted to GH¢401,000. This does not include any profit or loss on disposal of non-current assets.
(4) During the year plant which originally cost GH¢69,000 was disposed of for GH¢41,000.
(5) During the year the company issued 200,000 new shares.
Required
Prepare a statement of cash flows.
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