STION 2 (30 Marks: 54 minutes) are the financial statements of Premier Suites Ltd on 31 December 2020 EMIER SUITES LTD" aged Statement of profit or loss & other comprehensive Income for the ended ecember 2020 Notes 2020 enue 239,000 of sales (194 000 rating profit before taxation 45,000 me tax expense (9 500 FIT FOR THE YEAR 35,500 MIER SUITES LTD" ment of financial position as at 31 December 2020 Notes 2020 2019 6 7 8 316,200 93,000 61,300 25,800 5,900 409,200 281,000 34,000 28,000 6,000 315,000 2 ETS current assets ent assets stories unts receivable and cash equivalents AL ASSETS TY AND LIABILITIES cal and reserves ary share capital (400 000 ordinary shares) distributable reserve: Profit on sale of land butable reserve: eral reserve mined earnings Fence share capital (100 000 6% convertible ence shares) current liabilities ortgage debentures nt liabilities nts payable Overdraft holders for dividends 1 EQUITY AND LIABILITIES 381,000 214,000 6,000 192,500 105,000 50,000 11,000 30,000 17,500 100,000 3 28,200 24,200 40,000 100,000 100,000 22,500 17,400 2.100 3,000 315.000 4,000 409.200 4 PREMIER SUITES LTD" Notos to the financial statements for the year ended 31 December 2020 6. Accumulated cost Carry Property, plant depreciation and equipment 2020 2019 2020 2019 2020 Land and buildings Plant and machinery Vehicles Furniture and fellings 268,100 58,700 18,000 5.00D 349,800 242.100 34.000 18,000 5.000 299,100 21,600 9,000 3,000 33,600 11,600 4.500 2.000 18.100 268, 100 37.100 9,000 2002 316,200 PREMIER SUITES LTD Statement of changos in equity for the year ended 31 December 2020 Ordinary Preference Profit an General Retained Share shara axpropriat reserve earnings capital capital ion of land 105.COD 40,003 30,000 12 500 35.500 110 000) 110.000 B0.000 Baleno 1 January 2020 Profil for the year Dividends decurred New shares issund Proht on sale of and Share 18 USB Inter reserve ansier Balance 31 December 2020 5.000 KG 000 R1 000) 20,000 120 0001 214,000 100,000 6,000 50.000 11,000 Additional information: 1 Favourable market conditions enabled the company to place ordinary shares privately with institutional investors at 55c per share, a to issue 60 00G%-preference shares to the public at NSi por share. The issue of new shares was to redeem the mortgage debentur The company paid share issue expenses of N$1000 and this was written off at 31 December 2020 2. The company had sold a small plezt in December 2020 The cost of disposed of was N$4 000 (No other fixed assels were sold or scrappe the earl Included in the prolit before taxatian s interest paid of N$5 400, and received of N$1 300 3. 4 Dividends declared consists of Ordinary dividends Proforence dividends N$10 000 NS 8 000 Marks 22 REQUIRED: 2.1 Prepare a statement of cash flows of "Premier Sulles Ltd" for the year ended 31 December 2020 to comply with the requirements of IAS 7 Prepare the following notes to comply with the requirements of IASZ and Companies Act 24 of 2000: 2.2 2.2.1 Reconelllation of profit bolore tax to cash generated from operating activitios 2.2.2 Accounting policy and notes for cash and cash equivalent 5 3 Total 30 4. Dividends declared consists of Ordinary dividendo Proforence dividends N$10 000 NS 8 000 . REQUIRED: Marks 2.1 Prepare a statement of cash flows of Premier Suites Lid for the year 22 ended 31 December 2020 to comply with the requirements of IAS 7 5 2 Prepare the following noles to comply with the requirements of JAST and Companies Act 24 of 2008: 22. 2.2.1 Reconciliation of profil bofore tax to cash generated from operating activities 222 Accounting policy and notes for cash and cash equivalent 30 Total STION 2 (30 Marks: 54 minutes) are the financial statements of Premier Suites Ltd on 31 December 2020 EMIER SUITES LTD" aged Statement of profit or loss & other comprehensive Income for the ended ecember 2020 Notes 2020 enue 239,000 of sales (194 000 rating profit before taxation 45,000 me tax expense (9 500 FIT FOR THE YEAR 35,500 MIER SUITES LTD" ment of financial position as at 31 December 2020 Notes 2020 2019 6 7 8 316,200 93,000 61,300 25,800 5,900 409,200 281,000 34,000 28,000 6,000 315,000 2 ETS current assets ent assets stories unts receivable and cash equivalents AL ASSETS TY AND LIABILITIES cal and reserves ary share capital (400 000 ordinary shares) distributable reserve: Profit on sale of land butable reserve: eral reserve mined earnings Fence share capital (100 000 6% convertible ence shares) current liabilities ortgage debentures nt liabilities nts payable Overdraft holders for dividends 1 EQUITY AND LIABILITIES 381,000 214,000 6,000 192,500 105,000 50,000 11,000 30,000 17,500 100,000 3 28,200 24,200 40,000 100,000 100,000 22,500 17,400 2.100 3,000 315.000 4,000 409.200 4 PREMIER SUITES LTD" Notos to the financial statements for the year ended 31 December 2020 6. Accumulated cost Carry Property, plant depreciation and equipment 2020 2019 2020 2019 2020 Land and buildings Plant and machinery Vehicles Furniture and fellings 268,100 58,700 18,000 5.00D 349,800 242.100 34.000 18,000 5.000 299,100 21,600 9,000 3,000 33,600 11,600 4.500 2.000 18.100 268, 100 37.100 9,000 2002 316,200 PREMIER SUITES LTD Statement of changos in equity for the year ended 31 December 2020 Ordinary Preference Profit an General Retained Share shara axpropriat reserve earnings capital capital ion of land 105.COD 40,003 30,000 12 500 35.500 110 000) 110.000 B0.000 Baleno 1 January 2020 Profil for the year Dividends decurred New shares issund Proht on sale of and Share 18 USB Inter reserve ansier Balance 31 December 2020 5.000 KG 000 R1 000) 20,000 120 0001 214,000 100,000 6,000 50.000 11,000 Additional information: 1 Favourable market conditions enabled the company to place ordinary shares privately with institutional investors at 55c per share, a to issue 60 00G%-preference shares to the public at NSi por share. The issue of new shares was to redeem the mortgage debentur The company paid share issue expenses of N$1000 and this was written off at 31 December 2020 2. The company had sold a small plezt in December 2020 The cost of disposed of was N$4 000 (No other fixed assels were sold or scrappe the earl Included in the prolit before taxatian s interest paid of N$5 400, and received of N$1 300 3. 4 Dividends declared consists of Ordinary dividends Proforence dividends N$10 000 NS 8 000 Marks 22 REQUIRED: 2.1 Prepare a statement of cash flows of "Premier Sulles Ltd" for the year ended 31 December 2020 to comply with the requirements of IAS 7 Prepare the following notes to comply with the requirements of IASZ and Companies Act 24 of 2000: 2.2 2.2.1 Reconelllation of profit bolore tax to cash generated from operating activitios 2.2.2 Accounting policy and notes for cash and cash equivalent 5 3 Total 30 4. Dividends declared consists of Ordinary dividendo Proforence dividends N$10 000 NS 8 000 . REQUIRED: Marks 2.1 Prepare a statement of cash flows of Premier Suites Lid for the year 22 ended 31 December 2020 to comply with the requirements of IAS 7 5 2 Prepare the following noles to comply with the requirements of JAST and Companies Act 24 of 2008: 22. 2.2.1 Reconciliation of profil bofore tax to cash generated from operating activities 222 Accounting policy and notes for cash and cash equivalent 30 Total