The accountant of Willcon (Pty) Ltd provides you with the following financial information for the reporting period ended 28 February 2017: WILLCON (PTY) LTD STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2017 Additional 2017 2016 information R. R ASSETS Non-current assets Investment property at fair value Machinery at cost price Accumulated depreciation: Machinery Vehicles at cost price Accumulated depreciation: Vehicles Trademarks at carrying amount Financial investments (in listed shares) at fair value Total non-current assets 1 450 000 1 090 000 120 000 81 000 3 (30 310) 430 520 (27 820) 275 000 (95 000) 115 000 4 (68 000) 123 950 195 000 2 221 160 118 000 1 556 180 Current assets Inventories 721 740 657 360 Trade receivables 8. 451 150 374 760 Other current assets Bank 10 290 2 762 460 3 945 640 Total current assets 1 032 120 Total assets 6 166 800 2 588 300 EQUITY AND LIABILITIES Equity Share capital Retained earnings Total equity 3 160 000 2 101 070 5 261 070 1 375 000 641 850 2 016 850 1 to 4 Non-current liabilities 7% Long term loan 150 000 200 000 Current liabilities Trade- and other payables Bank overdraft 494 200 215 830 2 500 Current portion of long term loan yable Dividends payabie 50 000 50 000 84 700 57 340 126 830 45 780 Total current liabilities 755 730 371 450 Total liabilities 905 730 571 450 Total equity and liabilities 6 166 800 2 588 300 Additional information The following information is extracted from the statement of profit or loss for the year ended 28 February 2017: Additional R intormation Revenue/Sales 5 890 580 Profit before tax 2 604 940 Finance costs (14 875) Loss on scrapping of building Loss on sale of machinery Profit with fair value re-measurement of investment property (180 000) (1 650) 28 200 3 Dividends received - financial investments 10 840 Profit on sale of vehicles 9 650 Rent income 18 470 Directors' remuneration (12 950) (18 350) (20 000) (7 610) (51 630) Amortisation of trademarks Impairment of trademarks Depreciation on machinery Depreciation on vehicles Profit with fair value re-measurement of financial investments (listed) Doubtful debts - increase in allowance Water and electricity 4 23 000 (760) (15 730) Income tax expense (887 370) 2 Ordinary- and preference dividends were declared during the current financial year and amount to R258 350. During April 2016, machinery with a carrying amount of R32 000 was sold at a loss of R1 650. During the same month, new machinery with a cost price of R23 680 was acquired to replace the sold machinery. Furthermore, additional machinery was purchased as an addition. On 30 May 2016, a vehicle with an original cost price of R128 370 and accumulated depreciation of R78 630, was sold. A portion of the selling price was still receivable at the end of the reporting period (see paragraph 5). The only vehicle purchased during the year, was purchased to replace the sold vehicle. 4 5 Other current assets consist of an amount of R10 290 that it receivable in respect of the sold vehicle. 663 7 Intangible assets comprise the following: Additional information Trademarks R 115 000 Carrying amount at the beginning of the year Gross carrying amount Accumulated amortisation 145 000 (30 000) Additions 12 47 300 Amortisation for the year (18 350) Impairment (20 000) Gross carrying amount Acumulated amortisation 192 300 Accumulated impairment Carrying amount at the end of the year (48 350) (20 000) 123 950 7. During the course of the current financial year, a portion of the financial investments (in listed shares) which was purchased earlier during the current year (with an original cost price of R28 000), was sold at the fair value thereof, namely R40 000. Furthermore, there were financial investments (in listed shares) purchased during the current reporting period. 8. Trade receivables comprise the following 2017 2016 Trade receivables 458 430 381 280 Allowance for doubtful debts (7 280) (6 520) 451 150 374 760 9 Trade- and other payables comprise the following: 2017 2016 Trade payables Payable: Trade marks 482 800 11 400 215 830 494 200 215 830 REQUIRED: Present and disclose the statement of cash flows for Willcon (Pty) Ltd for the reporting period ended 28 February 2017. Make use of the Anexure provided. (32) Note: Clearly show ALL calculations. Ignore VAT