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Statement of Cash Flows of Go-Green Engineering (Pty) Ltd for 31 December 2022

Cash flows from operating activities
Profit before taxation	672 800
+ Depreciation	3 500
+ Impairment on building	1 200 000
-Profit on disposal of land, buildings and equipment (70 000 + 64 605)	(134 605)
Change in working capital
Increase in inventory (814 100 - 1 328 000)	(513 900)
Increase in trade receivables (1 395 000 - 965 500)	(429 500)
Decrease in trade payables (668 500 - 174 000)	494 500
Cash generated from operations	1 292 795
Income tax payable	268 734
Net cash flows from operating activities	1 561 529
Cash flow from investing activities
Purchase of land, buildings, equipment and furniture	4 754 990
Net cash flows from investing activities	6 316 519
Cash flow from financing activities
Proceeds from increase in long term loan	2 000 000
Additional capital contributed (6 255 100 - 6 255 100)	0
Net cash flows from financing activities	8 316 519

If the question is as follows:

Statement of Financial Position as at 31 December 2022

2022 2021

ASSETS

Non-current assets 7 457 450 5 855 200

Land at cost Note 1 2 120 000 1 500 000

Buildings (carrying value) Note 2 3 935 000 3 106 000

Equipment (carrying value) Note 3 1 148 950 1 350 500

Furniture (carrying value) Note 4 253 500 1 398 700

Current assets 2 723 000 1 779 600

Inventory 1 328 000 814 100

Trade receivables 1 395 000 965 500

Cash and cash equivalents ? -

Total assets 10 180 450 7 634 800

EQUITY AND LIABILITIES

Share Capital 6 255 100 6 255 100

Retained earnings 1 351 916 (126 195)

Total equity 7 607 016 6 128 905

Current Liabilities 573 434 1 505 895

Trade payables 174 000 668 500

Income tax payable 118 500 198 850

Bank overdraft ? 638 545

Non-Current Liabilities 2 000 000 -

Loan Note 5 2 000 000 -

Total equity and liabilities 10 180 450 7 634 800

An extract of the Statement of Comprehensive Income for the year ending 31 December 2022

Profit before taxation 672 800

Income tax expense for the year (188 384)

Net profit for the period 484 416

transactions that occurred during the financial year:

Note 1: Land Go-Green Engineering (Pty) Ltd purchased two new plots of land during the financial year. No land was disposed of during the financial year. Note 2: Buildings During the financial year, Building B, with a carrying value of R550 000 was demolished. This building was replaced with a new one. After all the construction was completed the new buildings total cost was recorded at R1 750 000. This was the only addition and disposal of Buildings for the 2022 financial year. Note 3: Equipment On 1 July 2022, Equipment A (with a carrying amount of R150 000 on that date) was considered old and outdated and valued down to a recoverable amount of R80 000. All equipment is depreciated at 10% on the diminishing balance method, with a residual value of zero. This was the only change to the equipment for the 2022 financial year. Note 4: Furniture All the furniture of Building B was sold before the demolition. The total carry value of the furniture was R935 395 on the date of sale. Go-Green Engineering (Pty) Ltd managed to sell all the furniture to one company for a total selling price of R1 000 000. This was the only addition and disposal of furniture for the 2022 financial year. Note 5: Loan Go-Green Engineering (Pty) Ltd applied for a loan during the 2022 financial year. The loan was approved and paid out to the business on the last day of the financial year. No interest will be applicable for the 2022 financial year. Additional information: There were no other transactions affecting property, plant, and equipment during the financial year other than those mentioned above. All assets have a zero residual value. The accounting policy is to measure and disclose land on the cost model and all other tangible assets on the revaluation model. REQUIRED: Prepare the Statement of Cash Flows of Go-Green Engineering (Pty) Ltd for the financial year ended 31 December 2022, using the indirect method.