King Ltd. Statement of Proft and Loss for the year Ended 31 Dec ember 2020 King Ltd. Statement of Financial at 31 Dec ember 2020 2020 2019 2020 2019 Revenue Cost of Sales Gross Profit 4,062,500 2,828,875 1,233,625 3,973,125 2,834,533 1,138,592 1,338,750 600,000 1,938,750 Distribution Cost Adm Expenses Finance Cost Profit before Tax Non-Current Assets Propety Plan & Equipment 1,762,500 Intangible Assets 625,000 2,387,500 Current Assets Inventories 955,250 Receivables 476,875 Cash & Cash Equivalents 13,750 1,445,875 (348,750) (561,750) (40,750) 282,375 (334,800) (518,495) (35,800) 249,497 792,118 456,259 1,550 1,249,927 Income Tax Expenses (112,500) (109,750) Total Assets 3,833,375 3,188,677 Profit for the Year 169,875 139,747 Equity & Liabilities Notes: Depreciation 100,000 800,000 200,000 721,300 100,000 200,000 2,021,300 Credit Purchase 2019 Credit Purchase 2020 2,114,500 2,344,725 Prepare a Statement of Cash Flows for the year 31/12/2020 using the format IAS7 Equity Share Capital 1,200,000 Share Premium Reserve 250,000 Retained Earnings 891,175 General Reserve 100,000 Revaluation Surplus 200,000 2,641,175 Non-Current Liabilities 10% Debenures 250,000 Long Term Bank Borrowin 375,000 625,000 Current Liabilities Trade & Oder Payables 322,200 6 months Term Loan 122,500 Interest Payable 10,000 Current Tax Payables 112,500 567,200 250,000 300,000 550,000 365,814 136,813 5,000 109,750 617,377 Total Equity & Liabilities 3,833,375 3,188,677