(35 marka) QUESTION 2 Set below are the financial stetements of Emma Limited. You are the financial controller faced with the task of Implementing IAS 7 Statement of Cash Flows. EMMA LTD STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FORT THE YEAR ENDED 31 DECEMBER 2018 N$ 000 2553 Cost of sales Gross profit r income 125 Distribution costs Administration expenses Finance costs Profit before lax 75 300 axation 160 Profit for the period EMMA LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 2018 2017 NS 000 Non PPE Intangible assets investments Current assets Inventories Recaivables 200 250 102 390 Short term investments Bank 1 222 Equity and Liablities Equity Share capital( NS 1 ordinary shares Share premium Revaluation reserve 91 100 Non-current liabilit Long-term loan Current liabilities Trade payables 120 Taxation Total Equity and llabilities The following information is available (a) The proceeds of the sale of non-curmrent assets investments amounted to (b) Fixtures and fitings with an original cost of N$ 85 000 and a net book value of NS 30 000 N$ 45 000 were sold for NS 32 000 (c) The folowing information relates to PPE 31/12/2018 31/12/2017 NS 000 Ns 000 720 Accumulated depreclation 340 380 595 290 305 Cost Net book values (d) 50 000 N$ 1 Ordinary shares were issued during the year at a premium of 20 cents per share (e) The short term investments are highly liquid and are close to maturity (f) Dividends of NS80 000 were paid during the year Prepare cash flow statement for the year to 31 December 2018 using the indirect (35 marka) QUESTION 2 Set below are the financial stetements of Emma Limited. You are the financial controller faced with the task of Implementing IAS 7 Statement of Cash Flows. EMMA LTD STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FORT THE YEAR ENDED 31 DECEMBER 2018 N$ 000 2553 Cost of sales Gross profit r income 125 Distribution costs Administration expenses Finance costs Profit before lax 75 300 axation 160 Profit for the period EMMA LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 2018 2017 NS 000 Non PPE Intangible assets investments Current assets Inventories Recaivables 200 250 102 390 Short term investments Bank 1 222 Equity and Liablities Equity Share capital( NS 1 ordinary shares Share premium Revaluation reserve 91 100 Non-current liabilit Long-term loan Current liabilities Trade payables 120 Taxation Total Equity and llabilities The following information is available (a) The proceeds of the sale of non-curmrent assets investments amounted to (b) Fixtures and fitings with an original cost of N$ 85 000 and a net book value of NS 30 000 N$ 45 000 were sold for NS 32 000 (c) The folowing information relates to PPE 31/12/2018 31/12/2017 NS 000 Ns 000 720 Accumulated depreclation 340 380 595 290 305 Cost Net book values (d) 50 000 N$ 1 Ordinary shares were issued during the year at a premium of 20 cents per share (e) The short term investments are highly liquid and are close to maturity (f) Dividends of NS80 000 were paid during the year Prepare cash flow statement for the year to 31 December 2018 using the indirect