The following information is provided for Magico Ltd in respect of the year ended 31 December...
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The following information is provided for Magico Ltd in respect of the year ended 31 December 2021: Revenue Cost of sales Gross profit Distribution costs Administrative expenses Magico Ltd Statement of profit or loss for the year ended 31 December 2021 Operating profit Profit on sale of plant Loss on sale of equipment Interest income Finance cost Profit before taxation. Tax charge Profit for the year ASSETS Noncurrent assets Plant at cost Accumulated depreciation Equipment at cost Accumulated depreciation Current Assets Inventories Trade receivables Short term investments. Bank and cash EQUITY AND LIABILITIES Called up share capital Share premium account Retained earnings Non-Current Liabilities 12% debentures Current Liabilities Bank overdraft Trade payables Taxation Dividends Additional Information: Magico Ltd Statement of Financial Position as at 31 December 2021 2021 '000 4,290 (1.290) 1,890 (990) 555 885 1,500 915 Page 2 of 5 307 128 45 2021 2020 '000 '000 3,090 3,000 (990) 1,710 900 (930) 3,900 3,855 450 7,755 3,450 150 1,875 5,475 1,800 615 435 480 7.755 '000 150 458 82 15 150 (30) '000 6,030 (3,090) 2,940 (1,224) (441) 1,275 2020 120 162 (192) 1,365 (105) 1,260 '000 2,100 780 2,880 1.500 4.380 3,000 675 3,675 Maynooth University 2023 705 4.380 1. Depreciation of noncurrent assets has been charged to distribution costs. 2. Plant with a carrying value of 900,000, which had originally cost 1.5m, was sold during the year. 3. Equipment with a carrying value of 90,000, which had originally cost 300,000, was sold during the year. 4. Dividends of 60,000 were declared and approved during the year ended 31 December 2021 Requirement: (a) Prepare a statement of cash flows for Magico Ltd for the year ended 31 December 2021 in accordance with IAS 7 Statement of Cash Flows. 25 marks The following information is provided for Magico Ltd in respect of the year ended 31 December 2021: Revenue Cost of sales Gross profit Distribution costs Administrative expenses Magico Ltd Statement of profit or loss for the year ended 31 December 2021 Operating profit Profit on sale of plant Loss on sale of equipment Interest income Finance cost Profit before taxation. Tax charge Profit for the year ASSETS Noncurrent assets Plant at cost Accumulated depreciation Equipment at cost Accumulated depreciation Current Assets Inventories Trade receivables Short term investments. Bank and cash EQUITY AND LIABILITIES Called up share capital Share premium account Retained earnings Non-Current Liabilities 12% debentures Current Liabilities Bank overdraft Trade payables Taxation Dividends Additional Information: Magico Ltd Statement of Financial Position as at 31 December 2021 2021 '000 4,290 (1.290) 1,890 (990) 555 885 1,500 915 Page 2 of 5 307 128 45 2021 2020 '000 '000 3,090 3,000 (990) 1,710 900 (930) 3,900 3,855 450 7,755 3,450 150 1,875 5,475 1,800 615 435 480 7.755 '000 150 458 82 15 150 (30) '000 6,030 (3,090) 2,940 (1,224) (441) 1,275 2020 120 162 (192) 1,365 (105) 1,260 '000 2,100 780 2,880 1.500 4.380 3,000 675 3,675 Maynooth University 2023 705 4.380 1. Depreciation of noncurrent assets has been charged to distribution costs. 2. Plant with a carrying value of 900,000, which had originally cost 1.5m, was sold during the year. 3. Equipment with a carrying value of 90,000, which had originally cost 300,000, was sold during the year. 4. Dividends of 60,000 were declared and approved during the year ended 31 December 2021 Requirement: (a) Prepare a statement of cash flows for Magico Ltd for the year ended 31 December 2021 in accordance with IAS 7 Statement of Cash Flows. 25 marks
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