Three friends of yours have formed a partnership to sell dietary supplements made from organic ingredients. They have been operating for one year. Their bank balance at the end of the year is $41,000. A summary of their transactions is below: Sales to customers 256,000 Receipts from customers 199,000 Payments for inventory 103,000 Payments for electricity, telephone, rent and insurance 5,000 Purchase of a motor vehicle 30,000 Drawings 50,000 Payment of interest 8,000 Loan proceeds 20,000 Interest received 1,000 Income taxes paid 3,000 Additional capital contribution by owners 20,000 Required: Prepare a statement of cash flows based on information given for your friends for the year ended 30 June 2018 in accordance with the requirements of AASB107.
Three friends of yours have formed a partnership to sell dietary supplements made from organic ingredients. They have been operating for one year. Their bank balance at the end of the year is $41,000. A summary of their transactions is below:
Sales to customers 256,000
Receipts from customers 199,000
Payments for inventory 103,000
Payments for electricity, telephone, rent and insurance 5,000
Purchase of a motor vehicle 30,000
Drawings 50,000
Payment of interest 8,000
Loan proceeds 20,000
Interest received 1,000
Income taxes paid 3,000
Additional capital contribution by owners 20,000
Required:
Prepare a statement of
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