The final accounts of Wanyama Enterprises for the years ending 31 December were as follows:…
| Creditors | 6,800 | 11,000 | ||
| Bank overdraft | – | 15,800 | ||
| Taxation | 3,200 | 5,200 | ||
| Dividend | 3,000 | 6,000 | ||
| 13,000 | 38,000 | |||
| Net current assets | 1,500 | 3,700 | ||
| Total assets less current liabilities Long term creditors: | 9,600 | 16,850 | ||
| 15% debentures | 600 | 750 | ||
| Net assetsFinanced by: | 9,000 | 16,100 | ||
| Ordinary share capital of $1 | 5,000 | 5,000 | ||
| 10% preference shares of $1 | 1,000 | 1,000 | ||
| Profit and loss account | 3,000 | 10,100 | ||
| 9,000 | 16,100 |
| Statement of Comprehensive Income for year ending 31 December 2012.Kshs. Kshs.
Sh.000 Sh.000 Operating profit 9,400 20,640 Interest expense – 280 Interest income 100 40 Profit before tax 9,500 20,400 Taxation 3200 5200 Profit after tax 6300 15200 Dividends 4100 8100 Retained profits 2200 7100 Required: |
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| Prepare a statement of cash flows for the year ended 31 December 2012. | (20 marks) |
| Statement of Financial Position as at | 31 Dec. 2011 | 31 Dec. 2012 | |||
| Kshs.000 | Kshs.000 | ||||
| Fixed assets at cost | 17,600 | 23,900 | |||
| Depreciation | (9,500) | (10750) | |||
| Current assets | 8,100 | 13,150 | |||
| Stock | 5,000 | 15,000 | |||
| Debtors | 8,600 | 26,700 | |||
| Bank | 900 | _ | |||
| 14,500 | 41,700 | ||||
| Creditors: amounts failing due within 1 year | |||||
