Question FourOn $1$ July $2022$ Maswe Ltd had a number of subsidiary companies. Extracts from the group'sconsolidated financial statements for the year ended $30$ June $2023$ are set out below.Consolidated statement of profit or loss for the year ended $30$ June $2023($extract$)$Continuing operationsProfit from operationsFinance costsProfit before taxIncome tax expenseProfit for the year from continuing operationsDiscontinued operationsProfit for the year from discontinued operationsProfit for the yearAttributable to:Owners of Maswe LtdNon$-$controlling interestConsolidated statement of financial position as at $30$ JuneASSETSNon$-$current assetsCurrent assetsInventoriesTrade and other receivablesCash and cash equivalentsTotal assetsEQUITY AND LIABILITIESEquityOrdinary share capital $($P$1$ shares$)$Share premium accountRevaluation surplusRetained earningsAttributable to the equity holders of Maswe LtdNon$-$controling interestNon$-$current liabilitiesFinance lease liabilitiesCurrent IliabilitiesTrade and other payablesFinance lease liabilitiesIncome tax payableTotal equity and liabilitiesAdditional information:Profit before taxIncome tax expenseProfit on disposalProperty, plant and equipmentTrade and other receivables$52,350$The net assets of Magano Ltd at the date of disposal were as follows:Cash and cash equivalentsTrade and other payables$(10,500)3,50045,350692,20048\mathrm{.}300650(32,900)708,2502023$P$2,235,3001,052,300603,80083,6001,739,700$building was being depreciated over a useful life of $50$ years$\mathrm{.}3,975,000600,00040\mathrm{.}000850,600****$End of Question Paper$957,8002,448,400506,2002,954,600250,600499,50040,300230\mathrm{.}000769,8003\mathrm{.}975,000.$ The only movement on goodwill was with regards to the disposal of Magano Ltd$.(25$ marks$)$A depreciation charge of P$495300$ was recognised during the year.Other than the sale of Magano Ltd$,$ there were no other land, plant, or equipment disposals$\mathrm{.}1,201,560(12,500)1,189,060(238\mathrm{.}000)951,06045,350996410805,200191,210996,41020221,965,600$P$1)$ On $1$ January $2023$ Maswe Ltd sold all of its $80\%$ holding in Magano Ltd for cash of P$619,900.$ Goodwillarising on this acquisition was calculated correctly at P$79,800,$ using the proportionate method, althoughimpairments of P$30,000$ had been recognised by $30$ June $2022.$ The profit from discontinued operations in theconsolidated statement of profit or loss relates wholly to the sale of the shares in Magano Ltd and can beanalysed as follows:$1527\mathrm{.}600$P$3\mathrm{.}493\mathrm{.}200500,000100,000903,200562,200509,20062\mathrm{.}200934,9002)$ Non$-$current assets comprised of property, plant and equipment and goodwill which had arisen onbusiness combinations. The following is relevant to the movements of non$-$current assets during theyear ending $30$ June $2023$:$2,044,100615,9002,660,000190,500405,200$The group entered into finance leases for assets with a cash price of P$342000.$ All finance costsrelate to finance leases.On $1$ July $2022$ Maswe Ltd revalued a plot of land. On the same date a building in a differentlocation, which cost Maswe Ltd P$750000$ on $1$ July $2000,$ was also revrevalued to mP$816\mathrm{.}000\mathrm{.}39,500198,000642,700$ In line with best practice, a transfer was made between the revaluation surplus and retainedearnings$\mathrm{.}3,493,2003)$ During the year ended $30$ June $2023$ ordinary dividends were paid to both the shareholders of MasweLtd and to the non$-$controlling interest. Maswe Ltd also made an issue of shares for cash and a bonusissue of ordinary shares out of share premium.Requirement: Prepare a consolidated statement of cash flows for Maswe Ltd for the fiscal year ended$30$ June $2023,$ using the indirect method of reconciling profit before tax to cash generated fromoperations.$[25$ marks$]$Page $6$ of$7).$ The