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Tarks, 50 minutes) FOHINI LIMITED is a retail clothing company, incorporated under the Companies Act of 2008. The following trial balances were obtained from the company's financial records for the years ended 30 April 2021 and 2020 (you must assume that the trial balances do balance): Further info Debit balances Land and buildings at cost Office furniture at cost Shop equipment at cost Investment: P.E.P Boutique Prepaid water and electricity Trade debtors Inventories Bank Total debits 1 2 3 2021 R 285 000 54 000 62 000 65 000 10 000 ? ? ? ? 2020 R 220 000 28 000 68 000 45 000 8 500 24 000 22 000 21 500 437 000 7 6,8 357 950 105 000 75 000 ? 25 000 180 000 ? 60 000 Credit balances Ordinary share capital - issued at R1 each Compulsory redeemable preference share capital issued at R1,50 each Retained earnings Mortgage bond Accumulated depreciation: Office furniture Shop equipment Buildings Current tax payable Trade creditors Total credits 6450 2 550 56 550 3833 ? ? 7 500 6 000 44 000 3 500 ? ? 9 Further information: 1. During the year ended 30 April 2021, office furniture with an original cost price of R5 000, and a carrying amount of R2 000 on the date of sale, was sold at a profit of R8 500. New office furniture, with a cost price of R9 500 and an estimated current residual value of R1 500, was purchased on the same date to replace the office furniture sold. 2 Obsolete shop equipment was donated to the local library during the year ended 30 April 2021. No other additions or disposals of shop equipment took place during the current financial year. 3. As part of its expansion program the company purchased additional ordinary shares in P.E.P Boutique during the year ended 30 April 2021. Fohini Limited received a dividend of R3 250 from P.E.P Boutique during the year ended 30 April 2021. The directors determined that there should be a fair value adjustment of R15 000 on the investment in P.E.P Boutique at year end, but Fohini Limited has not yet accounted for the fair value adjustment. 4. The net sales for the year ended 30 April 2021 amounted to R520 000. The company makes use of the perpetual inventories system and achieved a final gross profit percentage of 52% during the year ended 30 April 2021, after the information in (6) below was taken into account. 5. All other income for the year ended 30 April 2021 amounts to R25 000, and includes, amongst others, profit on sale of furniture (1), the dividend referred to in (3) above, as well as interest income eamed on the current bank account of R4 250. It does not include the fair value adjustment as Fohini Limited has not yet recorded this adjustment 6. On 6 June 2020, a fire broke out in the storage rooms of the company and destroyed inventories purchased for R35 000. The entity was under-ins Tired by 20% of the inventory value on hand just before the fire broke out. The entity received the insurance claim in cash from the insurance company on 6 July 2020. 7. The closing trade debtors' balance increased by R19 000 from the previous financial year. 8. The closing inventories balance increased by R23 000 from the previous financial year. 9 The closing trade creditors balance increased by R15 500 from the previous financial year. 10. "Other expenses" (per the Statement of Profit or Loss and Other Comprehensive Income (SPLOCI) for the year ended 30 April 2021) amounted to R159 989, and includes, amongst others, the items listed in the table below (the entity had no administrative or distribution costs in the SPLOCI for the year ended 30 April 2021): Credit losses Bank charges Depreciation Buildings Office Furniture Shop equipment Water and electricity Auditors remuneration Salaries and wages R 520 160 16 200 12 550 1 950 1700 2 850 3 550 62 500 11. Interest on the mortgage bond amounted to R3 525 for the year ended 30 April 2021. 12. Fohini Limited's authorised share capital comprises. 400 000 Ordinary shares 120 000 Compulsory redeemable preference shares with an annual fixed preference dividend of 22.5 cents per share. 13. On 1 October 2020. 70 000 of the compulsory redeemable preference shares were redeemed at R1,50 per share. 14 Ordinary dividends of R were declared and paid on 30 April 2021 to the registered ordinary shareholders. 15. The income tax expense was correctly calculated as R41 993 for the year ended 30 April 2021. 16. You must assume that all transactions were correctly recorded in the trial balances above. REQUIRED Present the Statement of Cash Flows of Fohini Limited for the year ended 30 April 2021, in accordance with International Financial Reporting Standards (IFRS). (32) NOTE: An income tax rate of 28% may not be assumed. Round all amounts to the nearest Rand, I The direct method must be used. The reconciliation of profit before tax with cash generated from operations calculation may not be used to calculate the line-item on the Statement of Cash Flows. The reconciliation will not be marked. All line-items (except sub-totals) must be calculated and not presented as balancing amounts. Comparative amounts are not required. Tarks, 50 minutes) FOHINI LIMITED is a retail clothing company, incorporated under the Companies Act of 2008. The following trial balances were obtained from the company's financial records for the years ended 30 April 2021 and 2020 (you must assume that the trial balances do balance): Further info Debit balances Land and buildings at cost Office furniture at cost Shop equipment at cost Investment: P.E.P Boutique Prepaid water and electricity Trade debtors Inventories Bank Total debits 1 2 3 2021 R 285 000 54 000 62 000 65 000 10 000 ? ? ? ? 2020 R 220 000 28 000 68 000 45 000 8 500 24 000 22 000 21 500 437 000 7 6,8 357 950 105 000 75 000 ? 25 000 180 000 ? 60 000 Credit balances Ordinary share capital - issued at R1 each Compulsory redeemable preference share capital issued at R1,50 each Retained earnings Mortgage bond Accumulated depreciation: Office furniture Shop equipment Buildings Current tax payable Trade creditors Total credits 6450 2 550 56 550 3833 ? ? 7 500 6 000 44 000 3 500 ? ? 9 Further information: 1. During the year ended 30 April 2021, office furniture with an original cost price of R5 000, and a carrying amount of R2 000 on the date of sale, was sold at a profit of R8 500. New office furniture, with a cost price of R9 500 and an estimated current residual value of R1 500, was purchased on the same date to replace the office furniture sold. 2 Obsolete shop equipment was donated to the local library during the year ended 30 April 2021. No other additions or disposals of shop equipment took place during the current financial year. 3. As part of its expansion program the company purchased additional ordinary shares in P.E.P Boutique during the year ended 30 April 2021. Fohini Limited received a dividend of R3 250 from P.E.P Boutique during the year ended 30 April 2021. The directors determined that there should be a fair value adjustment of R15 000 on the investment in P.E.P Boutique at year end, but Fohini Limited has not yet accounted for the fair value adjustment. 4. The net sales for the year ended 30 April 2021 amounted to R520 000. The company makes use of the perpetual inventories system and achieved a final gross profit percentage of 52% during the year ended 30 April 2021, after the information in (6) below was taken into account. 5. All other income for the year ended 30 April 2021 amounts to R25 000, and includes, amongst others, profit on sale of furniture (1), the dividend referred to in (3) above, as well as interest income eamed on the current bank account of R4 250. It does not include the fair value adjustment as Fohini Limited has not yet recorded this adjustment 6. On 6 June 2020, a fire broke out in the storage rooms of the company and destroyed inventories purchased for R35 000. The entity was under-ins Tired by 20% of the inventory value on hand just before the fire broke out. The entity received the insurance claim in cash from the insurance company on 6 July 2020. 7. The closing trade debtors' balance increased by R19 000 from the previous financial year. 8. The closing inventories balance increased by R23 000 from the previous financial year. 9 The closing trade creditors balance increased by R15 500 from the previous financial year. 10. "Other expenses" (per the Statement of Profit or Loss and Other Comprehensive Income (SPLOCI) for the year ended 30 April 2021) amounted to R159 989, and includes, amongst others, the items listed in the table below (the entity had no administrative or distribution costs in the SPLOCI for the year ended 30 April 2021): Credit losses Bank charges Depreciation Buildings Office Furniture Shop equipment Water and electricity Auditors remuneration Salaries and wages R 520 160 16 200 12 550 1 950 1700 2 850 3 550 62 500 11. Interest on the mortgage bond amounted to R3 525 for the year ended 30 April 2021. 12. Fohini Limited's authorised share capital comprises. 400 000 Ordinary shares 120 000 Compulsory redeemable preference shares with an annual fixed preference dividend of 22.5 cents per share. 13. On 1 October 2020. 70 000 of the compulsory redeemable preference shares were redeemed at R1,50 per share. 14 Ordinary dividends of R were declared and paid on 30 April 2021 to the registered ordinary shareholders. 15. The income tax expense was correctly calculated as R41 993 for the year ended 30 April 2021. 16. You must assume that all transactions were correctly recorded in the trial balances above. REQUIRED Present the Statement of Cash Flows of Fohini Limited for the year ended 30 April 2021, in accordance with International Financial Reporting Standards (IFRS). (32) NOTE: An income tax rate of 28% may not be assumed. Round all amounts to the nearest Rand, I The direct method must be used. The reconciliation of profit before tax with cash generated from operations calculation may not be used to calculate the line-item on the Statement of Cash Flows. The reconciliation will not be marked. All line-items (except sub-totals) must be calculated and not presented as balancing amounts. Comparative amounts are not required