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3. A portion of the land and buildings with a cost price of R11 000 was sold during the QUESTION FIVE [25] The following information was obtained from the accounting records of First Lad: Summarised financial position for year ended 31 December BACHELOR OF COMMERCE YEAR 1 - ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE 2018 2019 R 104 865 Nil Required: R 95 470 1 100 ASSETS Land and buildings Investments Machinery at carrying amount Cost Accumulated depreciation Inventories Trade debtors Cash at bank 6 500 8 700 (2 200) 12 000 10 205 13 500 1 600 5 400 (3 800) 9000 Draft the statement of cash flows for the year ended 31 December 2019 method in compliance with international financial reporting standards in as much as the given information allows. The indirect method is in use. Show all workings. (25) 30 700 Nil 147 070 137 870 TOTAL ASSETS END OF ACCOUNTING 1: ASSIGNMENT 2 EQUITY & LIABILITIES 100 070 78 470 Equity Ordinary share capital Retained earnings 85 000 15 070 68 000 10 470 Liabilities Long term loan Bank overdraft Trade creditors Income tax payable Dividends payable 47 000 20 000 Nil 6 600 2 000 18 400 59 400 30 000 700 9 200 4100 15 400 TOTAL EQUITY AND LIABILITIES 147 070 137 870 Additional information: 1. The following was extracted from the statement of comprehensive incomo se statement of changes in equity for financial year ended 31 December 2019 Income: R Profit on sale of land and buildings 7 000 Profit on sale of machinery 300 Expenses Depreciation 1 000 Administration expenses 29 730 Selling expenses 12 005 Loss on sale of investment 500 20 38 REGENT BUSINESS SCHOOL (RBS) - JANUARY 2020 Interest expense Taxation expense Profit for the year Appropriation: Dividends declared 18 000 23 000 18 400 2. The investments of the company were sold for R600 cash. year for R18 000 cash. Additional land was purchased for R20 395 cash. 4. Machinery to the value of Rs 400 was purchased for cash. Machinery with a carrying amount of R500 was sold at a profit of R300 6. The company paid a portion of the long term liability. No further long term loans were 6. The company issued new ordinary shares during the year Phetch