B. The comparative statements of financial position of SearchNoMore Bhd (SNMB) for the year 2020 are as follows: SearchNoMore Bhd Statement of Financial Position As at 31 December 2020 2020 2019 RM RM Cash 182,000 40,000 Accounts Receivable 180,000 130,000 Inventories 124,000 116,000 24,000 Prepayments Land Plant 20,000 180,000 160,000 640,000 560,000 Accumulated Depreciation (184,000) (120,000) Total Assets 1,146,000 906,000 Accounts Payable 96,000 Borrowings Share Capital Retained Earnings Total Equity and Liabilities 90,000 400,000 320,000 460,000 400,000 190,000 96,000 1,146,000 906,000 Additional information: 1. There were no disposals of land or plant during the year. 2. RM60,000 of borrowing was settled through the issue of ordinary shares. There were no other repayments of borrowings. 3. Profit after tax for the year was RM240,000, interest expense was RM28,000 and income tax expense was RM82,000. There were no items of other comprehensive income. 4. RM146,000 of dividend was paid during the year. 5. Sales revenue for the year was RM600,000. There was no other revenue. REQUIRED: Prepare the Statement of Cash Flows for SNMB for the year ended 31 December 2020 using indirect method in accordance to MFRS 107 Statement of Cash Flows,
B. The comparative statements of financial position of SearchNoMore Bhd (SNMB) for the year 2020 are as follows: SearchNoMore Bhd Statement of Financial Position As at 31 December 2020 2020 2019 RM RM Cash 182,000 40,000 Accounts Receivable 180,000 130,000 Inventories 124,000 116,000 24,000 Prepayments Land Plant 20,000 180,000 160,000 640,000 560,000 Accumulated Depreciation (184,000) (120,000) Total Assets 1,146,000 906,000 Accounts Payable 96,000 Borrowings Share Capital Retained Earnings Total Equity and Liabilities 90,000 400,000 320,000 460,000 400,000 190,000 96,000 1,146,000 906,000 Additional information: 1. There were no disposals of land or plant during the year. 2. RM60,000 of borrowing was settled through the issue of ordinary shares. There were no other repayments of borrowings. 3. Profit after tax for the year was RM240,000, interest expense was RM28,000 and income tax expense was RM82,000. There were no items of other comprehensive income. 4. RM146,000 of dividend was paid during the year. 5. Sales revenue for the year was RM600,000. There was no other revenue. REQUIRED: Prepare the Statement of Cash Flows for SNMB for the year ended 31 December 2020 using indirect method in accordance to MFRS 107 Statement of Cash Flows,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:B. The comparative statements of financial position of SearchNoMore Bhd (SNMB) for the
year 2020 are as follows:
SearchNoMore Bhd
Statement of Financial Position
As at 31 December 2020
2020
2019
RM
RM
Cash
182,000
40,000
Accounts Receivable
180,000
130,000
Inventories
124,000
116,000
Prеpayments
24,000
20,000
Land
180,000
160,000
Plant
640,000
560,000
Accumulated Depreciation
(184,000)
(120,000)
Total Assets
906,000
1,146,000
Accounts Payable 96,000
Borrowings
Share Capital
Retained Earnings
Total Equity and Liabilities
90,000
400,000
320,000
460,000
400,000
190,000
96,000
1,146,000
906,000
Additional information:
1. There were no disposals of land or plant during the year.
2. RM60,000 of borrowing was settled through the issue of ordinary shares. There were
no other repayments of borrowings.
3. Profit after tax for the year was RM240,000, interest expense was RM28,000 and
income tax expense was RM82,000. There were no items of other comprehensive
income.
4. RM146,000 of dividend was paid during the year.
5. Sales revenue for the year was RM600,000. There was no other revenue.
REQUIRED:
Prepare the Statement of Cash Flows for SNMB for the year ended 31 December 2020
using indirect method in accordance to MFRS 107 Statement of Cash Flows.
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