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The financial statements of Westwood are given below. Statement of financial position as at: 30-Sep18 30-Sep17 Non-current assets P000 P000 P000 P000 Property, plant and equipment 634 510 Current assets Inventory 420 460 Trade receivables 390 320 Interest receivable 4 9 Investments 50 0 Cash in bank 75 0 cash in hand 7 946 5 794 1,580 1,304 Capital and reserves Ordinary shares P0.50 each 363 300 Share premium 89 92 Revaluation reserve 50 0 Retained profits 63 565 (70) 322 Non-current liabilities 10% loan notes 0 40 5% loan notes 329 329 349 389 Current liabilities Bank overdraft 0 70 Trade payables 550 400 Income tax 100 90 Accruals 36 33 686 593 1,580 1,304 Statement of profit or loss for the year to 30 September 2018. P000 Revenue 2,900 cost of sales (1,734) Gross profit 1,166 Distribution costs (520) Administrative expenses (342) profit from operations 304 Income from investment 5 Finance cost (19) Profit before tax 290 Income tax expense (104) Profit for the year 186 Additional information: 1. On 1 October 2017, Westwood issued P0.50 ordinary shares at a premium of 100%. The proceeds were used to finance the purchase and cancellation of all its 10% loan notes and some of its 5% loan notes, both at par. A bonus issue of one for ten shares held was made on 1 November 2017; all shares in issue qualified for the bonus. 2. The current asset investment was a 30-day government bond. 3. Non-current tangible assets include certain properties which were revalued in the year. 4. Non-current tangible assets disposed of in the year had a carrying amount of P75, 000. Cash received on disposal was P98, 000. 5. Depreciation charged for the year was P87, 000. 6. The accruals balance includes interest payable at P33, 000 at 30 September 2017 and P6, 000 at 30 September 2018. 7. Interim dividends paid during the year were P53, 000. Required: Prepare for the year ended 30 September 2018, a statement of cash flows using the indirect method

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