You have been given the following information relating to a limited liability company called Daisy. This company is preparing the financial statements for the year ended 31 May 2014.

Extract of Statement of Comprehensive Income for the year ended 31 May 2014

Revenue 66,600; Cost of sales (13,785); Gross Profit 52,815; Distribution costs (7,530); Administration expenses(2,516); Profit from operations 42,769; Investment Income 146; Finance Cost (1,177); Profit before tax 41738; Tax (9,857); Net Profit for the period 31,881.

Accumulated profits brought forward at 1/6/2013 28,063. Accumulated profits carried forward at 31/5/2014 59,944.

Assets Non-current assets

Cost

144,844

114,785

Accumulated Depriciation

(27,433)

(26,319)

117,411

88,466

Current assets

Inventory

24,931

24,065

Trade recievables

18,922

13,238

Cash

3,689

47,542

2,224

39,527

Total assets

164,953

127,993

Equity and Liabilities

Capital and Recerves

Ordinary Share Capital

27,000

23,331

Share premium

14,569

10,788

Revaluation Reserve

15,395

7,123

Accumulated Profits

59,944

116,908

28,063

69,305

Non-Current Liabilities

6% loan note

17,824

24,068

Current Liabilities

Bank Overdraft

5,533

6,973

Trade Payables

16,699

20,324

Taxation

7,989

30,221

7,323

34,620

Total Equity and Liabilities

164,953

127,993

(P.S. if not understandable, i can send by gmail, the full version of the exercise)

Additional information

(i)During the year ended 31 May 2014, the company sold a piece of equipment for RM 3,053,000, realizing a profit of RM 1,540,000. There were no other disposals of non-current assets during the year.

(ii)Profits from operations is stated after charging depreciation of RM 5,862,000.

(iii)There were no amounts outstanding in respect of interest payable or interest receivable as at 31 May 2013 and 2014.

(iv)There were no dividends paid or declared during the year.

Required:

Prepare Statement of Cash Flow for Daisy for the year ended 31 May 2014 in accordance with IAS 7, cash flow statements.