A company's statement of comprehensive income for the year to 31s December 2020 is shown below. The company's statement of financial position as at that date (with comparative figures for 2019) is also shown. Additional information pertaining to adjustments is disclosed as well. Required

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Question 01 :
A company's statement of comprehensive income for the year to
31“ December 2020 is shown below. The company's statement
of financial position as at that date (with comparative figures for
2019) is also shown. Additional information pertaining to
adjustments is disclosed as well.
Required
Prepare the Companies cash flow statement in accordance with
IAS 7.
Income Statement
£000
Sales
1,504
Cost of Sales
(774)
Gross Profit
730
Administrative and Selling Expenses
Interest Payable
(450)
(36)
Other Income
44
288
(56)
232
Profit Before Tax
Taxation
Profit After Tax
Transcribed Image Text:Question 01 : A company's statement of comprehensive income for the year to 31“ December 2020 is shown below. The company's statement of financial position as at that date (with comparative figures for 2019) is also shown. Additional information pertaining to adjustments is disclosed as well. Required Prepare the Companies cash flow statement in accordance with IAS 7. Income Statement £000 Sales 1,504 Cost of Sales (774) Gross Profit 730 Administrative and Selling Expenses Interest Payable (450) (36) Other Income 44 288 (56) 232 Profit Before Tax Taxation Profit After Tax
2020
2019
Statement of Financial Position
£00
£000
Assets
Non-current assets
Property, plant and equipment
Investments
976
500
940
500
1,476
1440
Current assets
Inventories
Trade receivables
462
424
314
280
Cash at bank
30
772
2248
738
Total Assets
2,178
Equity
Share capital
Share premium account
Retained eamings
440
400
140
120
1,062
890
1,642
1,410
Liabilities
Non-current liabilities
Long-term loans
Current liabilities
Trade payables
Accrued interest payable
180
260
364
352
6
Тахation
56
110
Bank overdraft
46
606
768
Total Equity & Liabilities
2248
2,178
Additional Information
1. Administrative expenses included Depreciation of £ 140,000
2. There were no non current asset disposals during the year
3. The company paid an equity dividend of £ 60,000 during
the year
Transcribed Image Text:2020 2019 Statement of Financial Position £00 £000 Assets Non-current assets Property, plant and equipment Investments 976 500 940 500 1,476 1440 Current assets Inventories Trade receivables 462 424 314 280 Cash at bank 30 772 2248 738 Total Assets 2,178 Equity Share capital Share premium account Retained eamings 440 400 140 120 1,062 890 1,642 1,410 Liabilities Non-current liabilities Long-term loans Current liabilities Trade payables Accrued interest payable 180 260 364 352 6 Тахation 56 110 Bank overdraft 46 606 768 Total Equity & Liabilities 2248 2,178 Additional Information 1. Administrative expenses included Depreciation of £ 140,000 2. There were no non current asset disposals during the year 3. The company paid an equity dividend of £ 60,000 during the year
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