992012.100Peace Plc had the following balances in its accounts at 31 December 2011 and 31 December31 December 2011 31 December 2012GH¢GH¢1,1001,00041,627ABсDCash in handBank overdraftCash at bankLong-term bank loanABсDIn accordance with IAS 7 Statement of Cash Flows, what amount should be shown under netchange in cash and cash equivalents in the company's statement of cash flows for the year ended31 December 2012?GH¢16,695 decreaseGH¢63,659 increaseGH¢63,559 increaseGH$20,295 decrease50,000Mario Plc purchased a machine for GHS 50,000 on 1 January 20X1. The machine was judged tohave a five-year life with a residual value of GHS 5,000. During 20X3, the market for theproduct declined and the machine was sold on 1 January 20X4 for GHS 7,000.According to IAS 16 Property, Plant and Equipment, what was the loss on disposal?GHS 27,000GHS 13,00021,93225,000GHS 16,000GHS 23,000

Q 99 Solution: Cash and Cash Equivalent constitute most liquid current assets like cash in hand,…

99 2012. A B Peace Plc had the following balances in its accounts at 31 December 2011 and 31 December 31 December 2011 31 December 2012 GHe GH¢ 1,100 1,000 41,627 50,000 с D Cash in hand Bank overdraft Cash at bank Long-term bank loan In accordance with IAS 7 Statement of Cash Flows, what amount should be shown under net change in cash and cash equivalents in the company's statement of cash flows for the year ended 31 December 2012? A B с D GH 16,695 decrease GH 63,659 increase GH 63,559 increase GH 20,295 decrease 100 Mario Plc purchased a machine for GHS 50,000 on 1 January 20X1. The machine was judged to have a five-year life with a residual value of GHS 5,000. During 20X3, the market for the product declined and the machine was sold on 1 January 20X4 for GHS 7,000. According to IAS 16 Property, Plant and Equipment, what was the loss on disposal? 21,932 25,000 GHS 27,000 GHS 13,000 GHS 16,000 GHS 23,000

99 2012. A B Peace Plc had the following balances in its accounts at 31 December 2011 and 31 December 31 December 2011 31 December 2012 GHe GH¢ 1,100 1,000 41,627 50,000 с D Cash in hand Bank overdraft Cash at bank Long-term bank loan In accordance with IAS 7 Statement of Cash Flows, what amount should be shown under net change in cash and cash equivalents in the company's statement of cash flows for the year ended 31 December 2012? A B с D GH 16,695 decrease GH 63,659 increase GH 63,559 increase GH 20,295 decrease 100 Mario Plc purchased a machine for GHS 50,000 on 1 January 20X1. The machine was judged to have a five-year life with a residual value of GHS 5,000. During 20X3, the market for the product declined and the machine was sold on 1 January 20X4 for GHS 7,000. According to IAS 16 Property, Plant and Equipment, what was the loss on disposal? 21,932 25,000 GHS 27,000 GHS 13,000 GHS 16,000 GHS 23,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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