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Following are the financial statements of Mango Plc:

STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER:

   20X8   20X7 
   $'000  $'000
Non-current assets     
Property, plant and equipment  998 737
Intangible assets 290 160
Fair value through profit or loss
financial assets 
500 300
  1,788 1,197
Current assets     
Inventories 445 567
Trade receivables 344 324
Cash 120  
  909 891
Total assets 2,697 2,088
     
     
     
Equity     
Share capital – $1 ordinary shares 650 500
Share premium 120 0
Revaluation surplus 260 100
Retained earnings 1,170 880
  2,200 1,480
Non-current liabilities     
10% debentures 80 100
Lease liabilities 120 90
Deferred tax 129 48
  329 238
     
Current liabilities     
Trade payables 12 112
Lease liabilities 33 7
Current tax 120 211
Debenture interest 3 5
Bank overdraft   35
  168 370
Total equity and liabilities 2,697 2,088

 

 

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDING 31 DECEMBER 2008:

     $'000
Revenue 1,654
Cost of sales -872
Gross profit 782
Other expenses -134
Fair value gain on financial assets   100
Finance costs -9
Profit before tax 739
Income tax expense -232
Profit for the year 507
Other comprehensive income:  
Gain on revaluation of property, plant and equipment 160
Total comprehensive income for the year 667

 

Following information are relevant:

  1. During the year Mango Plc has charged depreciation of $98,000 on its property, plant and equipment and amortization of $120,000 on its intangible assets. Mango Plc has disposed a machine with carrying value of $100,000 for $125,000. There was no disposal of intangible assets. A revaluation gain of $160,000 was recognized on property, plant and equipment. There was no deferred tax on revaluation gain. 
  2. During the year Mango Plc has taken a new lease of $76,000. Right-of-use-asset of lease contract is recorded in property, plant and equipment.
  3. Mango Plc has recorded a fair value gain on its financial assets of $100,000 in the statement of profit or loss. Financial asset with fair value of $10,000 was sold for a net proceed after transaction cost of $9,000. 
  4. Mango Plc has made a 1:5 bonus issue. The bonus issue was fully funded from retained earnings. Mango Plc also made a right issue during the period.
  5. Mango Plc made a dividend payment during the period.

Requirements:

Prepare statement of cash flows for Mango Plc for the year ended 31 December 2008

Marks: 20

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