Comprehensive Restructuring and Re-Organization of The Entity
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Comprehensive Restructuring and Re-Organization of The Entity
MJ’s draft financial statements for the year ended 30 June 2020 and financial statements for the year ended 30 June 2010 are as follows: Statement of Financial Position as at 30 June
2020 2019
Other Information
R000
R000
Non-current assets
Property, plant & equipmentComprehensive Restructuring and Re-Organization of The Entity
(i) to (v)
5,675
4,785
Deferred development expenditure
Current assets
Inventory
95
80
Trade receivables
190
145
Cash and cash equivalents
95
160
380 385
6,225 5,239
Equity and liabilities
Equity
Share capitalComprehensive Restructuring and Re-Organization of The Entity
(vii)
910
760
Share premium
(vii)
665
400
Revaluation reserve
600
0
Retained earnings
2,899
1,982
5,074 5,239
Non-current liabilities
Deferred tax
410
0
Long-term loans
250
1,500
660 1,500
Current liabilities
Trade payables
60
85
Income tax
321
305
Interest payable
5
32
Provision for restructuring costs
Provision for legal claimComprehensive Restructuring and Re-Organization of The Entity
Statement of comprehensive income for the year ended 30 June 2020
R000
Revenue
2,300
Cost of Sales
(450)
1,850
Administration expenses and distribution costs
Loss on disposal of plant
Profit from operations
Interest payable
Profit before tax
Income tax
Profit after tax
Other comprehensive Income
Revaluation of property, net of deferred tax
Total comprehensive incomeComprehensive Restructuring and Re-Organization of The Entity
Other information:
(i) Non-current assets – property, plant and equipment, balances at 30 June 2019 were:
Cost or valuation: R000
Property 4,150
Plant 2,350
Equipment 985 7,485
Depreciation:
Property 450
Plant 1,350
Equipment 900 2,700
Net book value 4,785
Equipment was purchased during the year at a cost of R275,000 and plant was purchased for R215,000.
During the year MJ disposed of plant with a book value of R30,000 and accumulated depreciation of R60,000.
On 1 July 2019 property was revalued to R4,500,000.At that time the average remaining life of property was 90 years. Property is depreciated on a straight line basis.
Comprehensive Restructuring and Re-Organization of The Entity
Depreciation for the year was R280,000 and R40,000 for plant and equipment respectively.Development expenditure incurred during the year to 30 June 2020 was R114,000. Deferred development expenditure is amortised over its useful economic life.
MJ issued equity shares during the year at a premium.
Provision was made by MJ for outstanding legal claims against the entity at the year end.
The restructuring costs relate to a comprehensive restructuring and re-organisation of the entity that began in 2018. MJ’s financial statements for the year ended 30 June 2019 included a provision for restructuring costs of R100,000.Restructuring costs incurred in the year to 30 June 2020 were R160,000. No further restructuring and re-organisation costs are expected to occur. MJ treats restructuring costs as a cost of sales.
Required:
Prepare a statement of cash flows, for MJ for the year ended 30 June 2020 using the indirect method, in accordance with the requirements of IAS 7 Statement of Cash Flows.Comprehensive Restructuring and Re-Organization of The Entity
RUBRIC
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