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AC1 X BD Mic x (54) X Histix Settix C Chex C Che X G Payr C Am ent/file?cmd=view&.content_id=_4764484_18_course_id=_141077_1 (Total: 40 marks) 2. Extracts from the financial statements of Honeydew pic for the year ended 31 March 2020 are as follows: Statement of Profit or Loss for the year ended 31 March 2020 Profit from operations 603,000 Finance costs (85.000 Profit before tax 518,000 Income tax (168.000) 350,000 Profit for year AC110 2019/20 A 800 Page 5 Statements of Financial Position at 31 March 2020 2019 4,443,750 206,250 4,250.000 68.750 ASSETS Non-current assets Property, plant and equipment Intangible assets Current assets Inventories Trade receivables Cash and cash equivalents 606,250 312,500 452.500 375.000 152.500 4123.750 Bb Mici X (54) X Hist: x Sett X C Chex C Che X content/file?cmd=view&content_id=_4764484_1&course_id=_141077_1 G Pay C Page 5 Statements of Financial Position at 31 March 2020 E ASSETS Non-current assets Property, plant and equipment 4,443,750 Intangible assets 206,250 2019 E 4,250,000 68,750 Current assets Inventories Trade receivables 452,500 375,000 606,250 312,500 413.750 5.982.500 Cash and cash equivalents Total assets 152.500 5,298.750 EQUITY AND LIABILITIES Equity Equity share capital (1 shares) Share emit Retained earnings 1,250,000 500,000 2,441,250 1,037,500 337,500 2.128,750 Non-current liabilities Borrowings 1,037,500 1.250.000 Current liabilities Total equity and liabilities 753.750 5.982.500 545.000 5,298.750 The following information is relevant: (0) Current liabilities 2019 2020 E 2106 250 287500 Tax liabil ACI X Bb MictX (54) X Hist: X Sett x C Che x C Che X GPayr x C Act ht/file?cmd=view&.content_id=_4764484 18 course_id=_141077_1 (i) Current liabilities 2020 Tax liability Trade payables Accruals 306,250 326,250 121.250 753,750 2019 287,500 187,500 70.000 545,000 Question Continued AC110 2019/20 A 800 Turn over Page 6 (ii) Included in profit from operations is a loss of 85,000 in respect of the disposal of machinery in the year. This machinery had a carrying amount of 620,000 at the disposal date. (ii) Included in trade payables at 31 March 2020 is an amount of 72,000 in respect of a purchase of an item of property, plant and equipment in the year that has not yet been paid for. (iv) Included in accruals at 31 March 2020 is accrued interest of 17,500. The corresponding figure for 2019 is 36.000. (v) The depreciation charge for the year was 265,000 (vi) Intangible assets costing 155,000 were purchased for cash ontent/tile!cmd=view&content_id= 4764484_18_course_id=_141077_1 (ii) Included in profit from operations is a loss of 85,000 in respect of the disposal of machinery in the year. This machinery had a carrying amount of 620,000 at the disposal date. (iii) Included in trade payables at 31 March 2020 is an amount of 72,000 in respect of a purchase of an item of property, plant and equipment in the year that has not yet been paid for (iv) Included in accruals at 31 March 2020 is accrued interest of 17,500. The corresponding figure for 2019 is 36,000. (v) The depreciation charge for the year was 265,000. (vi) Intangible assets costing 155,000 were purchased for cash during the year. There were no disposals of intangible assets. (vii) On 1 April 2019 Honeydew plc made a 1 for 10 bonus issue from share premium. An issue for cash was made later in the year. Requirement (a) Prepare a Statement of Cash Flows for Honeydew pic for the year ended 31 March 2020 using the indirect method in accordance with IAS 7 (31 marks) (b) Using Honeydew pic as an example, explain the treatment of non-current assets in the cashflow statement (5 marks) (max 150 words for part b) (Total: 36 marks) a AC1 X BD Mic x (54) X Histix Settix C Chex C Che X G Payr C Am ent/file?cmd=view&.content_id=_4764484_18_course_id=_141077_1 (Total: 40 marks) 2. Extracts from the financial statements of Honeydew pic for the year ended 31 March 2020 are as follows: Statement of Profit or Loss for the year ended 31 March 2020 Profit from operations 603,000 Finance costs (85.000 Profit before tax 518,000 Income tax (168.000) 350,000 Profit for year AC110 2019/20 A 800 Page 5 Statements of Financial Position at 31 March 2020 2019 4,443,750 206,250 4,250.000 68.750 ASSETS Non-current assets Property, plant and equipment Intangible assets Current assets Inventories Trade receivables Cash and cash equivalents 606,250 312,500 452.500 375.000 152.500 4123.750 Bb Mici X (54) X Hist: x Sett X C Chex C Che X content/file?cmd=view&content_id=_4764484_1&course_id=_141077_1 G Pay C Page 5 Statements of Financial Position at 31 March 2020 E ASSETS Non-current assets Property, plant and equipment 4,443,750 Intangible assets 206,250 2019 E 4,250,000 68,750 Current assets Inventories Trade receivables 452,500 375,000 606,250 312,500 413.750 5.982.500 Cash and cash equivalents Total assets 152.500 5,298.750 EQUITY AND LIABILITIES Equity Equity share capital (1 shares) Share emit Retained earnings 1,250,000 500,000 2,441,250 1,037,500 337,500 2.128,750 Non-current liabilities Borrowings 1,037,500 1.250.000 Current liabilities Total equity and liabilities 753.750 5.982.500 545.000 5,298.750 The following information is relevant: (0) Current liabilities 2019 2020 E 2106 250 287500 Tax liabil ACI X Bb MictX (54) X Hist: X Sett x C Che x C Che X GPayr x C Act ht/file?cmd=view&.content_id=_4764484 18 course_id=_141077_1 (i) Current liabilities 2020 Tax liability Trade payables Accruals 306,250 326,250 121.250 753,750 2019 287,500 187,500 70.000 545,000 Question Continued AC110 2019/20 A 800 Turn over Page 6 (ii) Included in profit from operations is a loss of 85,000 in respect of the disposal of machinery in the year. This machinery had a carrying amount of 620,000 at the disposal date. (ii) Included in trade payables at 31 March 2020 is an amount of 72,000 in respect of a purchase of an item of property, plant and equipment in the year that has not yet been paid for. (iv) Included in accruals at 31 March 2020 is accrued interest of 17,500. The corresponding figure for 2019 is 36.000. (v) The depreciation charge for the year was 265,000 (vi) Intangible assets costing 155,000 were purchased for cash ontent/tile!cmd=view&content_id= 4764484_18_course_id=_141077_1 (ii) Included in profit from operations is a loss of 85,000 in respect of the disposal of machinery in the year. This machinery had a carrying amount of 620,000 at the disposal date. (iii) Included in trade payables at 31 March 2020 is an amount of 72,000 in respect of a purchase of an item of property, plant and equipment in the year that has not yet been paid for (iv) Included in accruals at 31 March 2020 is accrued interest of 17,500. The corresponding figure for 2019 is 36,000. (v) The depreciation charge for the year was 265,000. (vi) Intangible assets costing 155,000 were purchased for cash during the year. There were no disposals of intangible assets. (vii) On 1 April 2019 Honeydew plc made a 1 for 10 bonus issue from share premium. An issue for cash was made later in the year. Requirement (a) Prepare a Statement of Cash Flows for Honeydew pic for the year ended 31 March 2020 using the indirect method in accordance with IAS 7 (31 marks) (b) Using Honeydew pic as an example, explain the treatment of non-current assets in the cashflow statement (5 marks) (max 150 words for part b) (Total: 36 marks) a