Statement of cash flows Set out below are the financial statements of Cudjon Co. You are the financial controler, tace with the task of implementing IAS 7 Statement of cash flows. CUDJOE CO STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2012 Revenue Cost of sales Gross profit Distribution costs Administrative expenses GH5000 2558 11.814 1125 1264 Interest received Interest paid Profit before taxation Taxation Profit for the year CUDJOE CO STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 300 (140 160 20X2 2011 GHS000 GHS000 380 250 305 200 25 102 315 150 390 50 2 1.222 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 Stated capital (Ordinary shares) Capital surplus Income surplus Non-current liabilities Loan Current liabilities Trade payables Bank overdraft Taxation Total equity and liabilities 360 100 260 300 91 180 170 50 127 85 120 1 222 98 10 STS The following information is available (a) The proceeds of the sale of non-current asset investments amounted to GH530,000 (b) Fixtures and fittings, with an original cost of GHS85.000 and a carrying amount of GHS45,000, were sold for GHS32,000 during the year. of cash flows (c) The following information relates to property, plant and equipment 31.12.20X2 31.12.20X1 Cost GHS'OOO GHS000 Accumulated depreciation 720 595 Carrying amount 340 290 380 305 (d) Dividends totalling GHS80,000 were paid during the year. Required (a) Prepare the net cash flows from operating activities for the year to 31 December 20X2 using the format laid out in IAS 7. (6 marks) (b) Prepare the net cash flows from investing activities for the year to 31 December 20X2 using the format laid out in IAS 7. (4 marks) (c) Which one of the following options gives the net cash flows from financing activities for the year? A GHS180k inflow B GHS189k outflow C GHS350k outflow D GHS360k inflow (2 marks) (d) Prepare the note to the statement of cash flows for the year to 31 December 20X2 (3 marks) using the format laid out in IAS 7