Here is the statement of financial position for Ilvico Ltd as at 30 June 20x6: Additional information:

Question:

Here is the statement of financial position for Ilvico Ltd as at 30 June 20x6:


Additional information:

1. On 30 June 20x6, property, plant and equipment that had cost R25 000 (and on which depreciation of R15 000 was provided) were sold for R5 000.

2. On 30 June 20x6, the company made a capitalisation issue of one ordinary share for every three held by the shareholders. For this purpose an amount of R75 000 was transferred from retained earnings.

3. On 15 December 20x5, an interim dividend of R17 500 was declared and paid.

4. On 30 June 20x6, a final dividend of R35 000 was declared.

5. The income tax expense for the year came to R25 000. Included in payables was the SARS: Income tax account with a closing balance of R3 750 and an opening balance of R2 500.

6. Interest paid during the year amounted to R15 000.

7. Revenue for the year amounted to R750 000.


You are required to:

Prepare the statement of cash flows and notes for the year ended 30 June 20x6.

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Related Book For  answer-question

Fundamental Accounting

ISBN: 9781485112112

7th Edition

Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit

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