Question FourWakanda Mulla has presented the following financial data for 2017 :Balance Sheet2016Non-Current AssetsGoodwillTangible AssetsLong term InvestmentCurrent AssetsClosing StockDebtorsShort term InvestmentBankCashTotal AssetsCapital & ReservesShare CapitalGeneral ReservesRetained ProfitNon Current Liability10% DebentureCurrent LiabilitiesCreditorsDividends PayableTax PayableInterest OwingBank OverdraftTotal Equity & LiabilitiesCondensed Income StatementPBITLess interestProfit before taxLess taxPATAdd Retained Earning bidTotal Profit for the YearCostLess Transfer to ReservesLess DividendsRetained Earning e/d1,800,000Depn(360.000)35,00065,00040,00002,00036,0001100020,00010.00035.000700,000250,000210,000 1,160,000Page 8 of 12NBV00260.0001.440.000130,0001,830,000142.0001,972,000700,000112,0001,972,000(60,000)(100,000)(160.000)0(160,000)210,00050,000050,0002017CostDepn2.300,000 (450,000)55,00020,00065,00040,00017.000900.000250,00050,00096,000110002000060,0000NBV210,0001.850.000130,0002,190,000197,0002,387,0001,200,0001,000,000187,0002,387,000Tangible asset costing $80,000 with depreciation of $25,000 was sold for a loss of $55,000.Required:a. Prepare the cash flow statement for the year 2017b. Select appropriate items in the cash flow to comment on the state of liquidity andprofitability of the company.

Cash Flow Statement : It is the statement of sources of funds (Inflow) and application of fund…

Balance Sheet Non-Current Assets Goodwill Tangible Assets Long term Investment Current Assets Closing Stock Debtors Short term Investment Bank Cash Total Assets Cost 2016 Depn NBV 260,000 1.800.000 (360.000) 1.440.000 130,000 1.830.000 35,000 65,000 40,000 0 2,000 142.000 1,972,000 2017 Cost 2.300.000 Depn (450,000) 55,000 20,000 65,000 40,000 17.000 NBV 210,000 1.850.000 130,000 2.190,000 197,000 2,387,000

Balance Sheet Non-Current Assets Goodwill Tangible Assets Long term Investment Current Assets Closing Stock Debtors Short term Investment Bank Cash Total Assets Cost 2016 Depn NBV 260,000 1.800.000 (360.000) 1.440.000 130,000 1.830.000 35,000 65,000 40,000 0 2,000 142.000 1,972,000 2017 Cost 2.300.000 Depn (450,000) 55,000 20,000 65,000 40,000 17.000 NBV 210,000 1.850.000 130,000 2.190,000 197,000 2,387,000

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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