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The following are balance sheet data of Anwar Ali Company Ltd. Debit Balances Cash Account receivable Merchandise Inventory Prepaid Expenses Land Building Equipment Retained earnings Credit Balances Allowances for Bad debts Allowances for Depreciation-Building Allowances for Depreciation-equipment Account payable Accrued Expenses Long term Loan Capital Stock Rs. 10 Par Retained Earnings Additional Data: 2017 2016 12,000 4,000 40,000 50,000 95,000 130,000 7,000 3,000 65,000 75,000 200,000 125,000 18,000 10,000 10,000 447,000 397,000 2017 2016 4,000 5,000 30,000 27,000 3,000 5,000 50,000 63,000 10,000 7,000 100,000 80,000 250,000 200,000 10,000 447,000 397,000 During the year land costing Rs.10,000 was sold at a gain of Rs.5,000 for cash and the old equipment costing Rs.10,000 was sold for Rs.2,000 on credit. Required: Prepare Cashflow statement using indirect method for the year ended December 31,2017.

The following are balance sheet data of Anwar Ali Company Ltd. Debit Balances Cash Account receivable Merchandise Inventory Prepaid Expenses Land Building Equipment Retained earnings Credit Balances Allowances for Bad debts Allowances for Depreciation-Building Allowances for Depreciation-equipment Account payable Accrued Expenses Long term Loan Capital Stock Rs. 10 Par Retained Earnings Additional Data: 2017 2016 12,000 4,000 40,000 50,000 95,000 130,000 7,000 3,000 65,000 75,000 200,000 125,000 18,000 10,000 10,000 447,000 397,000 2017 2016 4,000 5,000 30,000 27,000 3,000 5,000 50,000 63,000 10,000 7,000 100,000 80,000 250,000 200,000 10,000 447,000 397,000 During the year land costing Rs.10,000 was sold at a gain of Rs.5,000 for cash and the old equipment costing Rs.10,000 was sold for Rs.2,000 on credit. Required: Prepare Cashflow statement using indirect method for the year ended December 31,2017.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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explain net income

The following are balance sheet data of Anwar Ali Company Ltd. Debit Balances Cash Account receivable Merchandise Inventory Prepaid Expenses Land Building Equipment Retained earnings Credit Balances Allowances for Bad debts Allowances for Depreciation-Building Allowances for Depreciation-equipment Account payable Accrued Expenses Long term Loan Capital Stock Rs. 10 Par Retained Earnings Additional Data: 2017 2016 12,000 4,000 40,000 50,000 95,000 130,000 7,000 3,000 65,000 75,000 200,000 125,000 18,000 10,000 10,000 447,000 397,000 2017 2016 4,000 5,000 30,000 27,000 3,000 5,000 50,000 63,000 10,000 7,000 100,000 80,000 250,000 200,000 10,000 447,000 397,000 During the year land costing Rs.10,000 was sold at a gain of Rs.5,000 for cash and the old equipment costing Rs.10,000 was sold for Rs.2,000 on credit. Required: Prepare Cashflow statement using indirect method for the year ended December 31,2017.
Transcribed Image Text:The following are balance sheet data of Anwar Ali Company Ltd. Debit Balances Cash Account receivable Merchandise Inventory Prepaid Expenses Land Building Equipment Retained earnings Credit Balances Allowances for Bad debts Allowances for Depreciation-Building Allowances for Depreciation-equipment Account payable Accrued Expenses Long term Loan Capital Stock Rs. 10 Par Retained Earnings Additional Data: 2017 2016 12,000 4,000 40,000 50,000 95,000 130,000 7,000 3,000 65,000 75,000 200,000 125,000 18,000 10,000 10,000 447,000 397,000 2017 2016 4,000 5,000 30,000 27,000 3,000 5,000 50,000 63,000 10,000 7,000 100,000 80,000 250,000 200,000 10,000 447,000 397,000 During the year land costing Rs.10,000 was sold at a gain of Rs.5,000 for cash and the old equipment costing Rs.10,000 was sold for Rs.2,000 on credit. Required: Prepare Cashflow statement using indirect method for the year ended December 31,2017.
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