Question
Question Presented below are the financial statements of SIZANANI LIMITED: SIZANANI LIMITEDSTATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBUARY 2019RRevenue from sales1 040
Question
Presented below are the financial statements of SIZANANI LIMITED:
SIZANANI LIMITEDSTATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBUARY 2019RRevenue from sales1 040 900Cost of sales(656 300)Gross profit384 600Operating expenses(193 200)Finance cost(37 600)Profit before tax153 800Income tax expense(34 200)Profit for the period119 600Other comprehensive income-Total comprehensive income119 600
SIZANANI LIMITEDSTATEMENT OF FINANCIAL POSITION AT 28 FEBRUARY 2019R2011
R2010
ASSETSNon-current assets445 000412 000Land & buildings at cost362 500300 000Plant & equipment at costAccumulated depreciation on Plant & Equipment265 500(183 000)252 000(140 000)Current assets447 000361 000Accounts receivable100 000120 000Inventory180 000220 000Cash & cash equivalents167 00020 000Prepaid expenses6001 000TOTAL ASSETS892 600773 000EQUITY & LIABILITIESCapital & reserves450 100353 000Share capital237 500200 000Retained earnings212 600153 000Non-current liabilitiesMortgage bond322 500280 000Current liabilities120 000140 000Accounts payable64 00097 000SARS26 00018 000Shareholders for dividends30 00025 000TOTAL EQUITY & LIABILITIES892 600773 000
SIZANANI LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2019SHARE CAPITALRRETAINED EARNINGSR
TOTALR
Balance at 1 March 2010200 000153 000353 000Issue of shares37 500-37 500Profit for the period-119 600119 600Dividends-(60 000)(60 000)Balance at 28 February 2019 237 500212 600450 100
Additional information:1. Plant & equipment which cost R 24 000 were sold and accumulated depreciation to the date of sale amounted to R17 000.2. An amount of R 20 000 was repaid on the mortgage bond.3. Included in operating expenses are the following: Depreciation expense R 60 000 Loss on disposal of plant & equipment R 4 000 Other distribution expenses R 129 200
REQUIRED:Prepare, using direct method, the statement of cash flows of Sizanani Limited for the financial year ended 28 February 2019.
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