The following information has been taken from the financial statements of Haruna Ltd, a listed company for the year ended 31 March 2017.
The following additional information is relevant:
i) During the year Haruna Ltd issued both ordinary shares and redeemable preference shares for cash.
ii) Investments classified as current assets are held for the short term and are readily convertible into the stated amounts of cash on demand.
iii) During the year, Haruna Ltd sold plant and equipment with a carrying amount of GH¢840,500 for GH¢900,000. Total depreciation charges for the year amounted to GH¢1,100,000. Plant costing GH¢50,000 was purchased on credit. The amount is included within trade and other payables.
iv) Trade and other payables include accrued interest of GH¢5,000 as at 31 March 2017 (2016: GH¢10,000).
v) Intangibles relate to development costs capitalised in accordance with IAS 38 Intangible Assets. Costs amounting to GH¢70,000 were capitalised during the year.
Required:
Prepare a Statement of Cash Flows for Haruna Ltd for the year to 31 March 2017 in accordance with IAS 7 Statement of Cash Flows.
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Haruna Ltd
Statement of cash flows for the year ended 31 March 2017.
