Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION THREE [25] The annual financial statements of Bongo (Pty) Lid are in the final stages of completion for the year ended 30 June 2023

image text in transcribed
image text in transcribed
QUESTION THREE [25] The annual financial statements of Bongo (Pty) Lid are in the final stages of completion for the year ended 30 June 2023 . The following information was extracted to prepare the statement of cash fiows for the current financial year. Bongo (Pty) ttd Additional Information: 1 Authorised share capital: 1000000 Ordinary shares 2 Issued share capital: 100000 Ordinary shares were sold for cash during the current financial period. 3 Dividends of R30 000 were declared and paid on 20 June 2023. 4 Equipment with a carrying amount of R240 000 was sold and new equipment was purchased during the current financial year. 5 Bongo (Pty) Ltd raised a long term loan of R168 000 in May 2023. 6 The following information was extracted from the statement of comprehensive income for the year ended 30 June 2023: - Sales for the year was R1 464000 - Rental income was R26 400. - Profit on disposal of equipment R36 000 - Depreciation R48 000 - Interest expense R50 400 - Income tax expense R147 600 - Profit after tax R222 000. Required: Prepare the statement of cash flows for Bongo (Pty) Ltd for the financial year ended 30 June 2023 in compliance with the requirements of the International Financial Reporting Standards (IFRS) in as much as the given information allows. Use the indirect method

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Apple Marketing Audit And New Service Product Plan

Authors: Sherry King

1st Edition

3656610797, 978-3656610793

More Books

Students also viewed these Accounting questions

Question

How would we like to see ourselves?

Answered: 1 week ago