Statement of Comprehensive Income of Cashmere (Pty) Ltd for the year ended 30 June 2021
Sales revenue					20 556
Cost of sales					(5 280)
Gross profit					15 276
Operating expenses					(8 536)
Operating profit					6 740
Financing costs					(1 240)
Profit before taxation					5 500
Taxation for the year					1 540
Profit after taxation					3 960
Statement of Financial Position of Cashmere (Pty) Ltd as at 30 June
	2021					2020
ASSETS
Non-current assets
Property, Plant and Equipment (@ carrying value)		R3 344					3 430
Current assets
Inventories		R3 142					R3 380
Trade receivables		R2 252					R2 988
Cash and cash equivalents		R9 421					R5 777
TOTAL ASSETS		18 159					15 575
Equity and liabilities
Ordinary share capital (par value of R0.50)		R6 000					R5 000
Share premium		R1 200					R1 000
Retained earnings		R6 658					R3 898
Non-current liabilities
Long-term loan		R1 000					R2 000
Current liabilities
Trade payables		R1 104					R1 312
Tax payable		R2 197					R2 365
TOTAL EQUITY AND LIABILITIES		18 159					15 575

Notes to the Financial Statements: Property, Plant and Equipment

	Equipment	Land	Buildings
Cost (@ 1 July 2020)	300	1 000	2 500
Accumulated depreciation	(120)	-	(250)
Carrying value at 1 July 2020	180	1 000	2 250
Additions at cost	100	-	-
Disposal at carrying value	?	-	-
Depreciation for the year	(104)	-	(50)
Movements during the year	?	-	(50)
Cost (@ 30 June 2021)	272	1 000	2 500
Accumulated depreciation	(128)	-	(300)
Carrying value at 30 June 2021	144	1 000	2 200

Additional information:

i. On 30 April 2021, equipment was sold at a loss of R2 000 and replacement equipment was bought on the same date. There was no further disposal or acquisition of assets for the year.

ii. The company declared and paid a dividend of 10 cents per ordinary share at year-end 2021. The company had no outstanding payment of dividends.

iii. Operating expenses include depreciation and loss on sale of assets.

Required:

Note to student: present all answers in thousands (R000).

In addition to the T-accounts, show all other relevant workings. Ensure all negative amounts are in brackets.

4.1 Using the direct method of presentation, prepare and present the Statement of Cash Flows of Cashmere (Pty) Ltd for the year ended 30 June 2021. (20)