Financial Accounting 1

Question 3 Joy Berhad is a company located in Malaysia and is engaged in hotel and tourism business. The financial statements of the company are as follows: Statement of profit or loss and other comprehensive income for the year ended 31 December 2018 RM'000 Revenue 994,500 Cost of sales (884,000) Gross profit 110,500 Admin expenses (21,250) Distribution cost (44,200) Finance costs (4,250) Profit before taxation 40.800 Income tax expense (5.100 Profit for the year 35,700 Other comprehensive income Gains on property revaluation 17,000 Total comprehensive income 52,700 Statement of financial position as at 31 December 2018 2017 Non-current assets RM'000 RM'000 Property plant & equipment 242.250 174.250 242.250 174.250 Current assets Inventories 49.300 51,000 Trade receivables 35,700 25,500 Cash and cash oquivalent 2,550 1.250 Total current assets 87,550 80,750 329,800 255,000 Equity and liabilities Equity Share capital 93,500 76,500 Equity and liabilities Equity Share capital Share premium Retained eamings Non-current liabilities Loan notes 93,500 17.000 108,800 76,500 8,500 60,350 80,750 68,000 Current liabilities Trade payables 24,650 27.200 Bank overdraft 1,700 10,200 Current tax payable 3,400 4,250 Total current liabilities 29.750 41.650 329,800 255.000 Additional information: (1) Property, plant and equipment with a carrying value of RM23,800,000 was sold during the year ended 31 December 2018 for RM24,650,000. The asset had originally cost RM38,250,000. (ii) Depreciation on property, plant and equipment for the year 2018 amounted to RM34,000,000 (ii) Dividend paid during the year 2018 amounted to RM4,250,000 and is reported in the statement of changes in equity for the year. Required: Prepare statement of cash flows for the year ended 31 December 2018 in accordance with MFRS 107 using indirect method. (25 marks) [Total: 25 Marks)