Question
An analysis of the cash account for Holmes Ltd for the 2013/2014 financial year revealed the following information: Holmes Ltd (a) Cash on hand 1
An analysis of the cash account for Holmes Ltd for the 2013/2014 financial year revealed the following information:
Holmes Ltd
(a) Cash on hand 1 July 2013, $50 000.
(b) Cash receipts:
From issuing short-term debt $15,000
From issuing long-term debt 21,000
From selling land 19,000
From selling equipment 40,000
From issuing preference shares 15,000
From customers 245630
From interest received 10256
(c) Cash payments:
To purchase land 23000
To liquidate long-term debt 25630
To pay dividends 24530
To purchase equipment 34000
To liquidate short-term debt 13000
To pay suppliers and employees 214630
To pay interest 7000
To pay income taxes 30000
(d) Cash on hand 30 June 2014, xxxxxx
Required: Prepare a statement of cash flows for Holmes for the year ended 30 June 2014 in accordance with the requirements of AASB107 and write in question (d) value of cash on hand 30 June 2014 how much?
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