a. Prepare the Cash Flow Statement for the year ended 31st December 2019, in compliance with IAS 7. b. Describe the disclosure requirements of the restricted cash and cash equivalent balances. c. IAS 7.25 requires cash flows arising from transactions in a foreign currency to be recorded at the exchange rate between an entity's functional currency and the foreign currency at the date of the cash flow. Discuss in details.
a. Prepare the Cash Flow Statement for the year ended 31st December 2019, in compliance with IAS 7. b. Describe the disclosure requirements of the restricted cash and cash equivalent balances. c. IAS 7.25 requires cash flows arising from transactions in a foreign currency to be recorded at the exchange rate between an entity's functional currency and the foreign currency at the date of the cash flow. Discuss in details.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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T2- Please I want solution of these sub-parts questions. Thanks
![a. Prepare the Cash Flow Statement for the year ended 31st December 2019, in compliance with
IAS 7.
b. Describe the disclosure requirements of the restricted cash and cash equivalent balances.
c. IAS 7.25 requires cash flows arising from transactions in a foreign currency to be recorded at
the exchange rate between an entity's functional currency and the foreign currency at the
date of the cash flow. Discuss in details.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe8d1378f-d4fd-485f-8d69-59422e6e6719%2Fc02aa90a-ca75-415f-b2e5-5a9cca71ad5d%2Ftq3v072_processed.png&w=3840&q=75)
Transcribed Image Text:a. Prepare the Cash Flow Statement for the year ended 31st December 2019, in compliance with
IAS 7.
b. Describe the disclosure requirements of the restricted cash and cash equivalent balances.
c. IAS 7.25 requires cash flows arising from transactions in a foreign currency to be recorded at
the exchange rate between an entity's functional currency and the foreign currency at the
date of the cash flow. Discuss in details.
![The summarised Statements of Financial Position of Al Haq for the year ended 31 December 2018
and 2019 and the comprehensive income statement for the year ended 31"December2019 are given
below:
Statement of Financial Position as at 31*December
2019
2018
OMR
OMR
Assets
Non-
current
Assets
net
of
depreciation:
Premises
90,000
90,000
Fixtures
75,000
54,000
Vehicles
144,000
90,000
Current Assets
Inventory
72,000
60,000
Trade debtors
51,000
48,000
Government securities
72,000
30,000
Cash and bank balances
24,000
36,000
528,000
408,000
Capital and Liabilities
Share Capital
300,000
240,000
Profit and loss account
75,000
60,000
Current liabilities
Trade creditors
72,000
54,000
Provision for taxation
45,000
30,000
Dividend Payable
36,000
24,000
Total of capital and liabilities
528,000
408,000
Comprehensive Income Statement for the year ended December 31st, 2019
OMR
OMR
Profit before adjustments
180,000
Depreciation:
Fixtures
12,000
Vehicles
18,000
(30,000)
Foreign currency loss
(36,000)
Loss on sale of vehicles
(18,000)
Profit before taxation
96,000
Provision for taxation
(45,000)
Profit after taxation
51,000
Additional information: During the year vehicles of book values OMR 60,000 have been sold for OMR
42,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe8d1378f-d4fd-485f-8d69-59422e6e6719%2Fc02aa90a-ca75-415f-b2e5-5a9cca71ad5d%2Fp7u0pc_processed.png&w=3840&q=75)
Transcribed Image Text:The summarised Statements of Financial Position of Al Haq for the year ended 31 December 2018
and 2019 and the comprehensive income statement for the year ended 31"December2019 are given
below:
Statement of Financial Position as at 31*December
2019
2018
OMR
OMR
Assets
Non-
current
Assets
net
of
depreciation:
Premises
90,000
90,000
Fixtures
75,000
54,000
Vehicles
144,000
90,000
Current Assets
Inventory
72,000
60,000
Trade debtors
51,000
48,000
Government securities
72,000
30,000
Cash and bank balances
24,000
36,000
528,000
408,000
Capital and Liabilities
Share Capital
300,000
240,000
Profit and loss account
75,000
60,000
Current liabilities
Trade creditors
72,000
54,000
Provision for taxation
45,000
30,000
Dividend Payable
36,000
24,000
Total of capital and liabilities
528,000
408,000
Comprehensive Income Statement for the year ended December 31st, 2019
OMR
OMR
Profit before adjustments
180,000
Depreciation:
Fixtures
12,000
Vehicles
18,000
(30,000)
Foreign currency loss
(36,000)
Loss on sale of vehicles
(18,000)
Profit before taxation
96,000
Provision for taxation
(45,000)
Profit after taxation
51,000
Additional information: During the year vehicles of book values OMR 60,000 have been sold for OMR
42,000
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