Question
Pennylane Ltd Statement of financial position as at 31 st December 20032004 Kshs'000Kshs'000 Non Current Assets : Tangible assets400325 Intangible assets230180 Investments - 25 630
Pennylane Ltd
Statement of financial position as at 31st December
20032004
Kshs'000Kshs'000
Non Current Assets:
Tangible assets400325
Intangible assets230180
Investments-25
630530
Current assets:
Stocks120104
Debtors400295
90-day deposit50-
Cash in hand104
580403
Creditors: amounts falling due within one year:$'000$'000
Trade credits122108
Bank overdraft188185
Taxation120110
430403
Net current assets1500
Total assets less current liabilities780530
Creditors: amounts falling due after one year:
Long term loan(100)-
Provision for liabilities and charges: deferred taxation(80)(60)
600470
Capital and reserves
Share capital ($1 ordinary shares)200150
Share premium account160150
Revaluation reserve10090
Profit and loss account14080
Total share capital and reserves600470
Additional information:
a)During the year interest of Kshs75,000 was paid, and interest of Kshs25,000 was received
b)The following information relates to tangible assets as at 31st December:
20032004
Kshs'000Kshs'000
Costs740615
Accumulated depreciation(340)(290)
Carrying value400325
c)The proceeds of the sale of non current asset investment were Kshs30,000.
d)Plant, with an original cost of Kshs90,000 and a carrying value ofKshs50,000, was sold for Kshs37,000.
e)Tax paid to the inland revenue during 2003 amounted to Kshs110,000
f)Dividends of Kshs80,000 were paid during 2003.
NOTE: WHATS THE OPERATING PROFIT BEFORE TAXTION?
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