- The Statement Of Financial Position Of Michael Limited At 31 December 2017 And 2018 Were As Follows Notes 31 12 2017 3 1 (52.42 KiB) Viewed 21 times
The
statement of financial position of Michael Limited at 31 December, 2017 and 2018 were as follows: Notes 31/12/2017 31/12/2018 GHâ‚‚000 GH 000 Non-current assets Tangible assets Investment at cost 1 730 1,100 100 50 830 1.150 Current assets 80 110 Inventory Receivables 110 180 Cash at banks 20 30 210 320 1,040 1,470 Equity Stated capital Capital surplus 500 680 100 200 Income surplus 200 190 800 1,070 Non-current liabilities 10% loan notes 3 100 150 900 1,220 Current liabilities Trade payables 100 120 Bank overdraft 40 130 140 250 1,040 1,470 Notes 1. Tangible assets: During the year tangible assets with a net book value of GHe 80,000 were sold for GH 60,000. The depreciation charge for the year on all tangible assets held at the end of the year was GHe 100,000. 2. Investments: Investments which cost GH50,000 were sold during the year for GH$40,000. 3. 10% Loan notes: GHe 50,000 of 10% loan notes were issued on 1 January 2018. All interest to 31" December has been paid. 4. Stated capital: The
Company's stated capital at 31 December 2017 consisted of GH 500,000 of ordinary shares. Another 80,000 shares were issued during the year at a price of GH2.25 per share. 5. Capital surplus: The freehold land and buildings were revalued upwards by GHe 100,000 during the year. Required: Prepare the
company's
statement of cash flows for the year ended 31 December 2018 complying with IAS 7 Statements of cash flows. Ignore taxation.