(a) Reconstruct the company’s income statement for 2021.

(b) Prepare a statement of cash flows in the formats required under FSB 1 and IAS 7 respectively.

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KOMBE Ltd has the following balance sheets for years ended 31 December 2020 and 31 December 2021. KOMBE LIMITED Balance sheet as at 31 December 2020 Capital Ordinary shares Redeemable Preference shares Income statement Long-term liabilities Debentures Current Liabilities Taxation Dividend Creditors Bank overdraft 70000 40,000 110,000 40,000 K 350,000 150,000 Plant Non-current assets Buildings 210,000 Vehicles 710,000 50,000 Investment in associate Current assets Stock 260,000 1,020,000 Debtors Bills receivable Cash in hand K Cost Accumulated Depreciation 310,000 431,000 195,000 236,000 196,000 937,000 310,000 85,000 111,000 280,000 657,000 100,000 120,000 20,000 3,000 120,000 243,000 1,020,000 KOMBE Ltd has the following balance sheets for years ended 31 December 2020 and 31 December 2021. KOMBE LIMITED Balance sheet as at 31 December 2020 Capital Ordinary shares Redeemable Preference shares Income statement Long-term liabilities Debentures Current Liabilities Taxation Dividend Creditors Bank overdraft 70000 40,000 110,000 40,000 K 350,000 150,000 Plant Non-current assets Buildings 210,000 Vehicles 710,000 50,000 Investment in associate Current assets Stock 260,000 1,020,000 Debtors Bills receivable Cash in hand K Cost Accumulated Depreciation 310,000 431,000 195,000 236,000 196,000 937,000 310,000 85,000 111,000 280,000 657,000 100,000 120,000 20,000 3,000 120,000 243,000 1,020,000

Answer rating: 100% (QA)

a KOMBE LIMITED Income statement for the year ended 31 December 2021 Revenue 1200000 Cost of sales 9... View the full answer