Answer to Question #252406 in Accounting for Mami

Question

The following are extracts from the financial records of COF (Pty) Ltd for the year ended 30 June 2021:

30 June 2021 R

  Extract from the statement of profit or loss and other comprehensive income for the year ended 30 June 2021

  Revenue from sale of goods

Cost of sales

Profit on sale of non-current assets Commission income

Audit fees

Depreciation

Interest expense (finance cost) Income tax expense

Profit for the year (after tax)

  920 000 490 000 31 000 23 000 84 000 72 000 20 000 87 000 123 000

 

30 June 2021

   30 June 2021 R

  30 June 2020 R

 Inventories

Trade receivables Trade payables Taxation payable Prepaid expenses Accrued expenses

 302 000 690 000 400 000

75 000 8 000 84 000

  292 000 720 000 385 000

60 000 2 000 88 000

 Required:

Prepare only the “Cash generated by operations” section of the statement of cash flows for

the year ended 30 June 2021, using the indirect method

Answer 1

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