,Qumbu Energy Ltd installs wind power turbines for renewable energy projects in OR Tambo District Municipality
in the Eastern Cape. The company services government contracts and private energy firms, operating from
Qumbu with projects mainly along the municipality. In 2023/2024, Qumbu Energy completed three major
installations, growing rapidly as renewable energy demand rises.
The following financial information is presented to you to assist in the preparation of financial statements:
Extract from the statement of financial position information as at 28 February 2024:
2024 2023
R R
Trade payables control 52,300 32,200
Interest payable 17,000 12,300
Dividends payable 15,200 24,300
Long-term loan: IDD Corporation 129,500 346,600
Current tax receivable 38,300 13,600
Bank 71,600 49,300
Inventory 91,200 70,200
Dividends receivable 30,900 18,800
Listed investment at fair value 487,400 391,400
Interest receivable 7,700 11,600
Trade receivables control 86,200 80,500
Loans to director 294,700 313,300
Retained earnings 1,399,800 820,500
Share capital 1,219,000 1,076,500
Revaluation reserve 252,100 177,300
Machinery and equipment at cost 307,100 385,700
Accumulated depreciation: Machinery and equipment 53,600 19,200
Buildings 1,169,000 695,500
Extract from the statement of profit or loss and other comprehensive income information for the year ended 28
February 2024:
R
Depreciation (machinery and equipment) 61,400
Interest income 13,400
Profit on sale of machinery and equipment 16,400
Loss on financial assets at fair value through profit or loss 31,600
Income tax expense 216,900
Investment income: Dividend received 15,800
, Rental income 29,100
Interest expense 12,300
Additional information
1. The company uses the indirect method to present the statement of cash flows.
2. The sale or purchase of property, plant, and equipment was in cash.
3. Loans to directors are immediately callable
4. Dividends paid to shareholders (in cash) during the year amounted to R240 000.
With regards to Qumbu Energy Ltd, complete the amounts in the EXTRACT of:
The statement of cash flows for the year ended 29 February 2024. The cash generated from/(used in)
operations is disclosed according to the INDIRECT METHOD.
Instructions:
1. Round off all your answers to the nearest rand (eg: 50.56 = 51)
2. Don’t use any special characters (&) and don’t use bold in your answer. It will be marked incorrect.
3. Do not use any abbreviations.
4. Do not use brackets, i.e. (50), for negative amounts. Instead use “–“, i.e. –50, for all negative amounts.
This is correct = –50
This is not correct = (50)
5. Do not type calculations in the allocated fields. Only input the final answer/amount you would have
calculated.
QUMBU ENERGY LTD
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 29 FEBRUARY 2024
CASH FLOWS FROM OPERATING ACTIVITIES R
Profit before tax 726500
Adjustments for:
Loss on financial assets 31600
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