[EmmaJacobs]

You are given the following figures referring to the operations of a firm for its accounting year.

Sales R500 000
Purchases R320 000
Administrative and other expenses paid in cash R 80 000
Cash received from customers R410 000
Cash paid to creditors R280 000

At the end of the year fixed assets which cast R420 000 were valuated at R250 000, compared with R275 000 a year earlier.

Stock a year ago was R72 000: it is now worth R47 000.

At the beginning of the year there was a bank overdraft of R5 000, debtors stood at R45 000 and craditors at R32 000.

You are required:

To prepare a profit statement for the year ans a balance sheet at the year end:

And

To prepare a cash flow statement for the year.