SHABNUM CO STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 20X2 $'000 Revenue Cost of sales 2,553 (1,814) Gross profit 739 Distribution costs (125) Administrative expenses (264) Operating profit 350 Interest received 25 Interest paid (75) Profit before taxation 300 Taxation (140) Profit for the year 160 SHABNUM COSTATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER Assets Non-current assets Property, plant and equipment Intangible assets Investments Current assets Inventories Receivables Short-term investments Cash in hand Total assets Equity and liabilities Equity Share capital ($1 ordinary shares) Share premium account Revaluation surplus Retained earnings Non-current liabilities Loan Current liabilities Trade payables Bank overdraft 20X2 $'000 20X1 $'000 380 305 250 200 25 150 102 390 315 50 2 1 1,222 948 200 150 160 150 100 91 260 180 170 50 127 119 85 98 payables Bank overdraft Taxation Total equity and liabilities The following information is available. 85 120 1,222 98 110 948 (a) The proceeds of the sale of non-current asset investments amounted to $30,000. (b) Fixtures and fittings, with an original cost of $85,000 and a carrying amount of $45,000, were sold for $32,000 during the year. (c) The following information relates to property, plant and equipment. Cost Accumulated depreciation Carrying amount (book value) 31.12.20X2 $'000 720 340 380 31.12.20X1 $'000 595 290 305 (d) 50,000 $1 ordinary shares were issued during the year at a premium of 20c per share. (e) Dividends totalling $80,000 were paid during the year. *Prepare the statement of cash flows for the year to 31 December 20X2 using the Indirect method, show the note to the solutions figures