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Prepare Cashflow Statement for ABC company from the following information. Showing your workings.

Prepare Cashflow Statement for ABC company from the following information. Showing your workings.

FINANCIAL ACCOUNTING
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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Prepare Cashflow Statement for ABC company from the following information. Showing your workings. (Unit: CU1000)

 

 

ABC's statement of financial position As at March 31, 20X7 ASSETS 31 March 20X7 31 March 20X6 I. Non-current assets 1. Properties, plants and equipment 2. Intangible assets 500,000 100,000 500,000 95,000 3. Non-current investments 100,000 II. Current assets 1. Inventories 50,000 80,000 205,000 935,000 130,000 2. Trade receivables 120,000 3. Cash and cash equivalents 327,000 Total assets 1,272,000 EQUITY AND LIABILITIES I. Equity 1.Share capital 2. Retained earnings 500,000 250,000 700,000 420,000 II. Non-current liabilities S 1. Long-term borrowings: 10% bank loan 50,000 100,000 III. Current liabilities 1. Trade payables 50,000 5,000 30,000 935,000 45,000 2. Accrued rental 7,000 3. Provisions for taxation 50,000 Total equity and liabilities 1,272,000
Transcribed Image Text:ABC's statement of financial position As at March 31, 20X7 ASSETS 31 March 20X7 31 March 20X6 I. Non-current assets 1. Properties, plants and equipment 2. Intangible assets 500,000 100,000 500,000 95,000 3. Non-current investments 100,000 II. Current assets 1. Inventories 50,000 80,000 205,000 935,000 130,000 2. Trade receivables 120,000 3. Cash and cash equivalents 327,000 Total assets 1,272,000 EQUITY AND LIABILITIES I. Equity 1.Share capital 2. Retained earnings 500,000 250,000 700,000 420,000 II. Non-current liabilities S 1. Long-term borrowings: 10% bank loan 50,000 100,000 III. Current liabilities 1. Trade payables 50,000 5,000 30,000 935,000 45,000 2. Accrued rental 7,000 3. Provisions for taxation 50,000 Total equity and liabilities 1,272,000
Additional information: 1. Properties, plants and equipment including: 31 March 20X7 31 March 20X6 Equipment 230,000 200,000 Furniture 270,000 300,000 Total 500,000 500,000 2. During the year, equipment with cost of 80,000 was purchased. Loss on sale of equipment amounted to 5,000. 3. Depreciation charged on equipment and furniture of 15,000 and 30,000 relatively. Amortisation of intangible assets is at 5% on reducing balance. 4. Bank loan 50,000 was repaid on 31 March 20X7. 5. Dividend declared and fully paid for the year 20X5-20X6 was 50,000. 6. Provision for taxation of the previous year is fully paid and all of provision for taxation of current year has not been paid. 7. During the year, the company made a 2 for 5 rights issuance.
Transcribed Image Text:Additional information: 1. Properties, plants and equipment including: 31 March 20X7 31 March 20X6 Equipment 230,000 200,000 Furniture 270,000 300,000 Total 500,000 500,000 2. During the year, equipment with cost of 80,000 was purchased. Loss on sale of equipment amounted to 5,000. 3. Depreciation charged on equipment and furniture of 15,000 and 30,000 relatively. Amortisation of intangible assets is at 5% on reducing balance. 4. Bank loan 50,000 was repaid on 31 March 20X7. 5. Dividend declared and fully paid for the year 20X5-20X6 was 50,000. 6. Provision for taxation of the previous year is fully paid and all of provision for taxation of current year has not been paid. 7. During the year, the company made a 2 for 5 rights issuance.
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