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The following inrormation has been extracted from the draft financial information of Claudius Ltd. Draft statement of financial position as at 30th June 20X7 and 30th June 20X6 are as follows: 20X7 20X6 £ £ ASSETS Non current assets Property, plant and equipment 101,107 64,270 Current assets 27,979 11,506 3,240 Inventories 22,075 Trade receivables 14,265 Cash and Bank 42,725 294 36,634 TOTAL ASSETS 143,832 100,904 EQUITY AND LIABILITIES Equity Share capital 27,408 10,454 29,551 11,391 15,456 Share Premium Account Revaluation reserve 6,523 Retained earnings 11,351 67,749 7,474 51,859 Non current liabilities 6% debentures 37,184 22,844 Current Liabilities Bank overdraft 14,336 22,417 2,146 4,151 Trade and other payables Current tax payable 20,082 1,968 38,899 26,210 Page 3 TOTAL EQUITY AND LIABILITIES 143,832 100,904 Statement of comprehensive income for the year ended 30th June 20X7 Revenue 58,083 (31,399) 26,684 (8,959) (6,393) Cost of sales Gross Profit Distribution costs Administrative expenses Interest receivable 176 Interest payable (1,803) PROFIT BEFORE TAX 9,705 Tax Expense (2,626) PROFIT FOR THE PERIOD 7,079 Notes: Depreciation of £6003 has been charged for the year During the year, the company realised a profit £2835 on the sale of a piece of equipment for £7578. This equipment has never been revalued, and there were no other disposals of tangible non-current assets during the year The issued share capital of Claudius Ltd comprises ordinary shares only Required: Prepare a cash flow statement in accordance with IAS 7 for the year ended 30th June 20X7

The following inrormation has been extracted from the draft financial information of Claudius Ltd. Draft statement of financial position as at 30th June 20X7 and 30th June 20X6 are as follows: 20X7 20X6 £ £ ASSETS Non current assets Property, plant and equipment 101,107 64,270 Current assets 27,979 11,506 3,240 Inventories 22,075 Trade receivables 14,265 Cash and Bank 42,725 294 36,634 TOTAL ASSETS 143,832 100,904 EQUITY AND LIABILITIES Equity Share capital 27,408 10,454 29,551 11,391 15,456 Share Premium Account Revaluation reserve 6,523 Retained earnings 11,351 67,749 7,474 51,859 Non current liabilities 6% debentures 37,184 22,844 Current Liabilities Bank overdraft 14,336 22,417 2,146 4,151 Trade and other payables Current tax payable 20,082 1,968 38,899 26,210 Page 3 TOTAL EQUITY AND LIABILITIES 143,832 100,904 Statement of comprehensive income for the year ended 30th June 20X7 Revenue 58,083 (31,399) 26,684 (8,959) (6,393) Cost of sales Gross Profit Distribution costs Administrative expenses Interest receivable 176 Interest payable (1,803) PROFIT BEFORE TAX 9,705 Tax Expense (2,626) PROFIT FOR THE PERIOD 7,079 Notes: Depreciation of £6003 has been charged for the year During the year, the company realised a profit £2835 on the sale of a piece of equipment for £7578. This equipment has never been revalued, and there were no other disposals of tangible non-current assets during the year The issued share capital of Claudius Ltd comprises ordinary shares only Required: Prepare a cash flow statement in accordance with IAS 7 for the year ended 30th June 20X7

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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The following inrormation has been extracted from the draft financial information of Claudius Ltd. Draft statement of financial position as at 30th June 20X7 and 30th June 20X6 are as follows: 20X7 20X6 £ £ £ ASSETS Non current assets Property, plant and equipment 101,107 64,270 Current assets 27,979 11,506 22,075 14,265 Inventories Trade receivables Cash and Bank 3,240 42,725 294 36,634 TOTAL ASSETS 143,832 100,904 EQUITY AND LIABILITIES Equity Share capital 29,551 27,408 10,454 6,523 7,474 Share Premium Account 11,391 Revaluation reserve 15,456 Retained earnings 11,351 67,749 51,859 Non current liabilities 6% debentures 37,184 22,844 Current Liabilities 14,336 22,417 2,146 Bank overdraft 4,151 Trade and other payables Current tax payable 20,082 38,899 1,968 26,210 Page 3 TOTAL EQUITY AND LIABILITIES 143,832 100,904 Statement of comprehensive income for the year ended 30th June 20X7 £ 58,083 (31,399) Revenue Cost of sales Gross Profit 26,684 Distribution costs (8,959) (6,393) Administrative expenses Interest receivable 176 Interest payable (1,803) 9,705 (2,626) PROFIT BEFORE TAX Tax Expense PROFIT FOR THE PERIOD 7,079 Notes: Depreciation of £6003 has been charged for the year • During the year, the company realised a profit £2835 on the sale of a piece of equipment for £7578. This equipment has never been revalued, and there were no other disposals of tangible non-current assets during the year The issued share capital of Claudius Ltd comprises ordinary shares only Required: Prepare a cash flow statement in accordance with IAS 7 for the year ended 30th June 20X7
Transcribed Image Text:The following inrormation has been extracted from the draft financial information of Claudius Ltd. Draft statement of financial position as at 30th June 20X7 and 30th June 20X6 are as follows: 20X7 20X6 £ £ £ ASSETS Non current assets Property, plant and equipment 101,107 64,270 Current assets 27,979 11,506 22,075 14,265 Inventories Trade receivables Cash and Bank 3,240 42,725 294 36,634 TOTAL ASSETS 143,832 100,904 EQUITY AND LIABILITIES Equity Share capital 29,551 27,408 10,454 6,523 7,474 Share Premium Account 11,391 Revaluation reserve 15,456 Retained earnings 11,351 67,749 51,859 Non current liabilities 6% debentures 37,184 22,844 Current Liabilities 14,336 22,417 2,146 Bank overdraft 4,151 Trade and other payables Current tax payable 20,082 38,899 1,968 26,210 Page 3 TOTAL EQUITY AND LIABILITIES 143,832 100,904 Statement of comprehensive income for the year ended 30th June 20X7 £ 58,083 (31,399) Revenue Cost of sales Gross Profit 26,684 Distribution costs (8,959) (6,393) Administrative expenses Interest receivable 176 Interest payable (1,803) 9,705 (2,626) PROFIT BEFORE TAX Tax Expense PROFIT FOR THE PERIOD 7,079 Notes: Depreciation of £6003 has been charged for the year • During the year, the company realised a profit £2835 on the sale of a piece of equipment for £7578. This equipment has never been revalued, and there were no other disposals of tangible non-current assets during the year The issued share capital of Claudius Ltd comprises ordinary shares only Required: Prepare a cash flow statement in accordance with IAS 7 for the year ended 30th June 20X7
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