- Prepare the Statement of Cash Flows of Fastfoods (Pty) Ltd, using the direct method, for the year ended 30 June 2023 in accordance with International Financial Reporting Standards (IFRS).
Fastfoods (Pty) Ltd is a producer and retailer of nutritious ready-made meals based in the Western Cape. The company produces a wide range of frozen foods, meal kits, and craft pizzas which are sold on their online store and delivered to customers across South Africa. You are provided with the statement of profit or loss and other comprehensive income and trial balance of Fastfoods (Pty) Ltd for the June 2023 financial year-end: Statement of profit or loss and other comprehensive income of Fastfoods (Pty) Ltd for the year ended 30 June 2023 Trial balance of Fastfoods (Pty) Ltd at 30 June 2023 Additional information: - A new delivery vehicle was purchased on the 1st of July 2022 and was available for use on the same date. All delivery vehicles are depreciated at 20% per annum on a straight-line basis. No disposal of vehicles occurred during the year. None of the vehicles have a residual value. - Equipment with a cost price of R100 000 was sold on the 30hh of September 2022, and replacement equipment was acquired on the same date. The newly acquired replacement equipment was available for use on the 30th of September 2022. The original purchase date of the sold equipment was the 1st of July 2021 and was available for use on the same date. All transactions relating to equipment were on a cash basis. All equipment is depreciated at 20% per annum on a straight-line basis. None of the equipment has a residual value. - Additional shares were issued for cash. - During the current year, Fastfoods (Pty) Ltd declared and paid dividends of R25 000 to ordinary shareholders. Fastfoods (Pty) Ltd is a producer and retailer of nutritious ready-made meals based in the Western Cape. The company produces a wide range of frozen foods, meal kits, and craft pizzas which are sold on their online store and delivered to customers across South Africa. You are provided with the statement of profit or loss and other comprehensive income and trial balance of Fastfoods (Pty) Ltd for the June 2023 financial year-end: Statement of profit or loss and other comprehensive income of Fastfoods (Pty) Ltd for the year ended 30 June 2023 Trial balance of Fastfoods (Pty) Ltd at 30 June 2023 Additional information: - A new delivery vehicle was purchased on the 1st of July 2022 and was available for use on the same date. All delivery vehicles are depreciated at 20% per annum on a straight-line basis. No disposal of vehicles occurred during the year. None of the vehicles have a residual value. - Equipment with a cost price of R100 000 was sold on the 30hh of September 2022, and replacement equipment was acquired on the same date. The newly acquired replacement equipment was available for use on the 30th of September 2022. The original purchase date of the sold equipment was the 1st of July 2021 and was available for use on the same date. All transactions relating to equipment were on a cash basis. All equipment is depreciated at 20% per annum on a straight-line basis. None of the equipment has a residual value. - Additional shares were issued for cash. - During the current year, Fastfoods (Pty) Ltd declared and paid dividends of R25 000 to ordinary shareholders
