QUESTION THREE [25] The annual financial statements of Bongo (Pty) Ltd 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 flows for the current financial year Bongo (Pty) Ltd Statement of financial position as at 30 June 2023 (with comparative values for 30 June 2022) ASSETS Equipment at carrying amount Inventory Trade receivables Total Assets EQUITY AND LIABILITIES Equity Ordinary share capital Retained eamings Liabilities Long term borrowings Trade payables Income received in advance SARS Tax payable Total Equity and Liabilities Additional Information: 1 2 3 4 30 June 2023 R 636 000 48 000 22 800 202 800 909 600 638 000 396 000 240 000 273 600 186 000 25 200 26 400 36 000 909 600 30 June 2022 R 324 000 45 600 27 600 120 000 517 200 348 000 300 000 48 000 169 200 48 000 76 800 19 200 25 200 517 200 Authorised share capital: 1 000 000 Ordinary shares Issued share capital: 100 000 Ordinary shares were sold for cash during the current financial period. Dividends of R30 000 were declared and paid on 20 June 2023 Equipment with a carrying amount of R240 000 was sold and new equipment was purchased during the current financial year 5 6 Required: Bongo (Pty) Ltd raised a long term loan of R168 000 in May 2023 The following information was extracted from the statement of comprehensive income for the year ended 30 June 2023 2022 4 July 7 July 2 Sept Sales for the year was R1 464 000 Rental income was R26 400 . Profit on disposal of equipment R36 000 Depreciation R48 000 Interest expense R50 400 2 Dec . . 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 dards (IFRS) in as much as the given information allows. Use the indirect method. . QUESTION FOUR [26] Success Limited registered with the CIPC and the Certificate of Commencement was issued on 1 July 2022. Authorised share capital was granted as follows: . 900 000 Ordinary shares of R2 each, and 400 000 10% Preference shares of RS each The following transactions took place for the year ended 30 June 2023. Income tax expense R147 600 Profit after tax R222 000 . The Founders resolved to purchase 100 000 Ordinary shares at R2 each and 20 000 10% Preference shares at R5 each. The share certificates for the Ordinary shares and the 10% Preference Shares were issued to the Founders an agreed Upon receipt of the share certificates, the Founders paid in full as resolved The Company offered 100 000 Ordinary shares at R2 each to the public. The closing date for applications was 2 December 2023. Application for 110.000 ordinary shares were received from the public with their application monies and the regulatory application documents