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SOLAR (PTY) LTD Consolidated Statement of Financial Position as at 30 June 2023 Notes 2023 Rand 2022 Rand Assets Non-current assets Land at cost 4 160 000 000 140 000 000 Plant and machinery 4 56 250 000 65 000 000 Vehicles 4 4 512 250 5 405 000 Total non-current assets 220 762 250 210 405 000 Current assets Inventory 41 200 000 42 800 000 Trade receivables 36 200 000 33 655 000 Financial assets held for trading 740 000 330 000 Bank and cash 39 343 065 16 420 000 Total current assets 117 483 065 93 205 000 Total assets 338 245 315 303 610 000 Equity and Liabilities Ordinary share capital 200 500 000 200 500 000 Retained earnings 85 662 500 51 350 000 Non-controlling interest 5 724 445 5 000 000 Total equity 291 886 945 256 850 000 Non-current liabilities Long-term loans 14 760 550 15 870 550 Deferred tax 28 000 - Total non-current liabilities 14 788 550 15 870 550 2023 Rand 2022 Rand Current liabilities Current portion of long-term loans 1 110 000 1 110 000 Trade payables 8 759 820 12 559 450 Taxation payable: SARS 19 700 000 16 020 000 Shareholders for dividends 2 000 000 1 200 000 Total current liabilities 31 569 820 30 889 450 Total liabilities 46 358 370 46 760 000 Total equity and liabilities 338 245 315 303 610 000 SOLAR (PTY) LTD Consolidated Statement of changes in equity for the year ended 30 June 2023 Notes: 1. Other income: Other income consists of the following: Rand Fair value adjustment - held for trading investments 150 000 Dividends received 25 000 Profit on sale of machinery 15 000 Profit on land expropriation 185 000 2. Other expenses: Other expenses consist of the following: Rand Sundry expenses 113 477 605 Depreciation - vehicles 1 107 500 Depreciation plant and machinery 12 273 000 Loss on sale of vehicles 45 000 3. Income tax expense: Income tax expense in the statement of profit or loss and other comprehensive income consists of the following: Rand Current tax 14 394 700 Deferred tax 28 000 An income tax rate of 28% is assumed. 4. Property, plant, and equipment: Land: Included in profit before tax is the profit made on the expropriation of land of a subsidiary in which Solar (Pty) Ltd has a 75% interest. The land had a cost (carrying amount) of R150 000 on 1 July 2022. Additional investments in land were made to expand operations. Land within the group is not leased to third parties. Plant and machinery: The carrying amount of machinery sold during the year was R650 000. Plant and machinery were acquired to expand the current production capacity. Vehicles: The carrying amount of vehicles sold was R215 000 on the date of sale. The vehicles were sold on the 30th June 2023. The tax bases of all the assets are equal to the carrying amounts. REQUIRED: Prepare the Consolidated Statement of Cashflows using the indirect method for the financial year ended 30 June 2023 in accordance with International Financial Report- ing Standards (IFRS). (46 marks) Note: All amounts should be rounded to the nearest Rand. Show all calculations clearly. Your answer must comply with International Financial Reporting Standards (IFRS). Notes are not required. Competency Framework Reference: D1.1 Financial reporting: in accordance with International Financial Reporting Standards (IFRS) a) Prepare, analyse and evaluate general purpose financial statements in accordance with IFRS for an entity, which could be a for-profit entity, an SME, a public sector entity or a not-for-profit entity.