SANJEEDA You are presented with the statement of financial position of a company called Sanjeeda as...

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SANJEEDA You are presented with the statement of financial position of a company called Sanjeeda as at 31 May 20X3, together with comparative figures for the previous year. Sanjeeda plc statements of financial position as at 31 May 20X3 20X2 $00 $000 $000 Non-current assets Tangible assets Less depreciation 2,000 470 1,530 Current assets Inventory Trade receivables Bank 1.650 1,240 3.850 2,770 Equity and liabilities Equity Ordinary share capital Share premium Retained earnings 2,000 1,500 250 405 460 2,655 1.960 Non-current liabilities Loan notes 350 100 Current liabilities Trade payables 500 460 Bank overdraft 30 Таxation 345 220 845 710 3,850 2,770 Additional information a) Equipment with a net book value of $130,000 was sold for a profit of $55,000 during the year ended 31 May 20X3. b) Depreciation charged for the year ended 31 May 20X3 was $230,000. c) Interest paid was $33,000 during the year ended 31 May 20X3. d) There were no dividends paid during 20X3. Required: (a) Calculate the operating profit of Sanjeeda for the year ended 31 May 20X3. (4 marks) (b) Prepare a statement of cash flows for Sanjeeda for the year ended 31 May 20X3 in accordance with IAS 7. (21 marks) (Total: 25 marks) SANJEEDA You are presented with the statement of financial position of a company called Sanjeeda as at 31 May 20X3, together with comparative figures for the previous year. Sanjeeda plc statements of financial position as at 31 May 20X3 20X2 $00 $000 $000 Non-current assets Tangible assets Less depreciation 2,000 470 1,530 Current assets Inventory Trade receivables Bank 1.650 1,240 3.850 2,770 Equity and liabilities Equity Ordinary share capital Share premium Retained earnings 2,000 1,500 250 405 460 2,655 1.960 Non-current liabilities Loan notes 350 100 Current liabilities Trade payables 500 460 Bank overdraft 30 Таxation 345 220 845 710 3,850 2,770 Additional information a) Equipment with a net book value of $130,000 was sold for a profit of $55,000 during the year ended 31 May 20X3. b) Depreciation charged for the year ended 31 May 20X3 was $230,000. c) Interest paid was $33,000 during the year ended 31 May 20X3. d) There were no dividends paid during 20X3. Required: (a) Calculate the operating profit of Sanjeeda for the year ended 31 May 20X3. (4 marks) (b) Prepare a statement of cash flows for Sanjeeda for the year ended 31 May 20X3 in accordance with IAS 7. (21 marks) (Total: 25 marks)

Answer rating: 100% (QA)

a Operating profit Operating profit Net profit Interest paid taxes But Net profit for the year 20X3 ... View the full answer