The balance sheets of M Daly, a sole trader, for two successive years are shown below. You
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The balance sheets of M Daly, a sole trader, for two successive years are shown below. You are required to draw up a cash flow statement for the year ended 31 December 20X4.
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Fixed assets Land and premises (cost 3,000) Plant and machinery (cost 2,000) (cost 3,000) Current Assets Stocks Trade debtors Bank Current Liabilities Trade creditors Bank overdraft Loan (repayable December 20X9) Balance Sheets as at 31 December 20X3 20X4 3 M 2,600 2,340 1,500 4,100 2,300 4,640 660 630 1,780 1,260 2,440 710 2,600 1,200 840 640 (1,840) (840) 600 1,760 4,700 6,400 (1,000) 4,700 5,400 Represented by Capital account: Balance at 1 January 4,200 4,700 Add Net profit for the year 1,800 2,200 6,000 6,900 Less drawings (1,300) (1,500) 4,700 5,400
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