Required: Prepare a Cashflow statement P. Howell for the year ending 31 December 2020.

The following information were extracted from the financial reports of P.Howell, a sole-trader. From the details below (Income Statement in 2020, and Balance Sheets in 2019 and 2020) you are to draft a statement of cash flow for P. Howell for the year ending 31 December 2020. P. Howell Income Statement for the vear ending 31 December 2019 f 116,900 2020 f 140,800 Sales Less Cost of goods sold Opening inventory Add Purchases Less Closing inventory Gross Profit Add Discounts received Profit on sale of furniture 28,400 75,000 -24,300 24,300 95,000 -28,500 -79,100 37,800 -90,800 50,000 400 500 2,000 400 38,200 2,500 52,500 Less Expenses Electricity Telephone Salary General Expenses Bad debt Increase in allowance for doubtful debt Depreciation: Furniture 1,100 2,400 10,500 1,600 500 100 1,000 1,500 3,200 15,600 2,100 700 200 1,000 -17,200 21,000 -24,300 28,200 Statement of Financial Position as at 31 December 2019 2020 f Non-current assets Furniture at cost Less depreciation to date 28,000 -8,000 20,000 21,000 -5,000 16,000 Current assets Inventory Accounts receivable less allowance* Bank 24,300 5,100 4,000 28,500 4,100 9,000 Total Assets 33,400 53,400 41,600 57,600 Current Liabilities Accounts payable 2,700 3,200 7,000 4,000 Non-current liabilities Loan from J. Abaslor Total liabilities Net assets -9,700 43.700 -7,200 50.400 Capital Opening balance b/d Add Net profit Add Capital Introduced Less Drawings Total Capital 15,800 21,000 43,700 28,200 6,900 43.700 -21,500 50.400 * Accounts receivable 2019 5,700 - allowance 600. Accounts receivable 2020 4,900 - allowance 800. Note: Some furniture were sold for 5,000 during 2020. No new furniture was purchased during the year