08-21-2009, 03:22 AM
Dear students and graduates
I am a distance BTECH student at the Polytechnic of Namibia,and having problems in solving the group cashflow statement
Question
Consolidated balance sheet as at 30 September 2009
2009 2008
N$ N$
Assets
Non-current assets
Intangible assets(note3) 35 19
Property,plant and equipment(note4) 240 280
Investments in associates 80 70
_______ ______
355 369
Current assets
Inventories 105 90
Trade receivables 120 100
Investments 20 70
___ ___
255 265
___ ___
Total Assets 610 634
Equity and liabilities
Capital and reserves
Issued capital 100 100
Revaluation reserve - 20
Retained earnings 199 122
___ ____
299 242
Minority interest 65 40
Non-current liabilities
Obligations under finance lease 80 70
Loans payable - 90
Deferred tax provision 30 24
___ ____
110 184
Current Liabilities
Trade payables(note5) 71 60
Tax payable 10 8
Obligations under finance lease 25 20
Bank overdraft 30 80
____ ____
136 168
___ ___
Total Equity and liabilities 610 634
Consolidated income statement for the year ended 30 Sept 2009
2009 2008
Revenue 600 500
Cost of sales (300) (240)
____ ______
Gross Profit 300 260
Other operating exp(note1)(150) (130)
Other income(note20 10 -
Finance cost (50) (45)
Share of profit associates 17 17
____ ____
Profit before tax 127 102
Income tax exp (35) (25)
_____ ____
Profit for the period 92 77
_____ ____
Attributable to
Equity holders of parent 82 71
Minority interest 10 6
____ ____
92 77
Consolidated statement of changes in equity - 30 Sept 2009
(amounts attributable to equity holders of the parent)
2009 2008
Opening balance 242 196
Profit for year 82 71
Dividend (25) (25)
_____ ______
299 242
Notes to the financial statements
1. Other operating expenses
2009 2008
Distribution costs 81 75
Administrative exp 75 70
Investment income (6) (15)
____ _____
150 130
From time to time the group invest cash susrpluses in highly liquid investments that are shown as current assets in the consolidated balance sheet.
2. Other income
This represents the gain on sale of a large freehold property that was sold by Poly ltd during the year on 1 Oct 2008 and leased back on an operating lease in line with the practice adopted by the rest of the group. The property was not depreciated in the current year. The property had been revalued in 2000 and the revaluation surplus was credited to a revaluation reserve.No other entries had been made in the revaluation reserve prior to the sale of the property.
3. Intangible non-current assets
This comprise the unimpaired balance of goodwill on consolidation.During the year ended 30 SEPT 2009, Poly ltd purchased 80% of the issued equity share capital of COLL LTD FOR N$100,payable in cash.The net assets of Coll ltd,at the date of acquisition were assessed as having fair values as follows
Plant and machinery-owned 50
Fixture and fittings-owned 10
Inventories 30
Trade receivables 25
Cash at bank and in hand 10
Trade payables (15)
Tax payable (5)
_____
105
4.Property,plant and equipment
30.9.09 30.9.08
Freehold land and buildings - 90
Plant and machinery - owned 130 100
Plant and machinery - leased 90 70
Fixtures and fittings-owned 20 20
_______ _____
240 280
During the year the group entered into new finance lease in respect of certain items of plant and machinery(see note2above).The amounts debited to property,plant and equipment in respect of such agreements during the year totalled N$40.No disposals of property,plant and equipment(owned or leased) took place during the year.Depreciation of property,plant and equipment for the year totalled N$58.
I need to prepare a group cashflow statement - year ended 30 Sept 2009 in the form required by IAS7 Cashflow statements.
In the meantime i will also attend to the question,i already started with the workings.I can post it if you want to check on it.
Many thanks
Flora
I am a distance BTECH student at the Polytechnic of Namibia,and having problems in solving the group cashflow statement
Question
Consolidated balance sheet as at 30 September 2009
2009 2008
N$ N$
Assets
Non-current assets
Intangible assets(note3) 35 19
Property,plant and equipment(note4) 240 280
Investments in associates 80 70
_______ ______
355 369
Current assets
Inventories 105 90
Trade receivables 120 100
Investments 20 70
___ ___
255 265
___ ___
Total Assets 610 634
Equity and liabilities
Capital and reserves
Issued capital 100 100
Revaluation reserve - 20
Retained earnings 199 122
___ ____
299 242
Minority interest 65 40
Non-current liabilities
Obligations under finance lease 80 70
Loans payable - 90
Deferred tax provision 30 24
___ ____
110 184
Current Liabilities
Trade payables(note5) 71 60
Tax payable 10 8
Obligations under finance lease 25 20
Bank overdraft 30 80
____ ____
136 168
___ ___
Total Equity and liabilities 610 634
Consolidated income statement for the year ended 30 Sept 2009
2009 2008
Revenue 600 500
Cost of sales (300) (240)
____ ______
Gross Profit 300 260
Other operating exp(note1)(150) (130)
Other income(note20 10 -
Finance cost (50) (45)
Share of profit associates 17 17
____ ____
Profit before tax 127 102
Income tax exp (35) (25)
_____ ____
Profit for the period 92 77
_____ ____
Attributable to
Equity holders of parent 82 71
Minority interest 10 6
____ ____
92 77
Consolidated statement of changes in equity - 30 Sept 2009
(amounts attributable to equity holders of the parent)
2009 2008
Opening balance 242 196
Profit for year 82 71
Dividend (25) (25)
_____ ______
299 242
Notes to the financial statements
1. Other operating expenses
2009 2008
Distribution costs 81 75
Administrative exp 75 70
Investment income (6) (15)
____ _____
150 130
From time to time the group invest cash susrpluses in highly liquid investments that are shown as current assets in the consolidated balance sheet.
2. Other income
This represents the gain on sale of a large freehold property that was sold by Poly ltd during the year on 1 Oct 2008 and leased back on an operating lease in line with the practice adopted by the rest of the group. The property was not depreciated in the current year. The property had been revalued in 2000 and the revaluation surplus was credited to a revaluation reserve.No other entries had been made in the revaluation reserve prior to the sale of the property.
3. Intangible non-current assets
This comprise the unimpaired balance of goodwill on consolidation.During the year ended 30 SEPT 2009, Poly ltd purchased 80% of the issued equity share capital of COLL LTD FOR N$100,payable in cash.The net assets of Coll ltd,at the date of acquisition were assessed as having fair values as follows
Plant and machinery-owned 50
Fixture and fittings-owned 10
Inventories 30
Trade receivables 25
Cash at bank and in hand 10
Trade payables (15)
Tax payable (5)
_____
105
4.Property,plant and equipment
30.9.09 30.9.08
Freehold land and buildings - 90
Plant and machinery - owned 130 100
Plant and machinery - leased 90 70
Fixtures and fittings-owned 20 20
_______ _____
240 280
During the year the group entered into new finance lease in respect of certain items of plant and machinery(see note2above).The amounts debited to property,plant and equipment in respect of such agreements during the year totalled N$40.No disposals of property,plant and equipment(owned or leased) took place during the year.Depreciation of property,plant and equipment for the year totalled N$58.
I need to prepare a group cashflow statement - year ended 30 Sept 2009 in the form required by IAS7 Cashflow statements.
In the meantime i will also attend to the question,i already started with the workings.I can post it if you want to check on it.
Many thanks
Flora
