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Lock Ltd reported the following information for the year ended 30 June 2021: 2021 2020 Bank overdraft 7,000 9,500 Dividend payable 12,000 10,000 Bank loan
Lock Ltd reported the following information for the year ended 30 June 2021:
| 2021 | 2020 |
Bank overdraft | 7,000 | 9,500 |
Dividend payable | 12,000 | 10,000 |
Bank loan | 150,000 | 80,000 |
Share Capital | 305,000 | 250,000 |
Retained earnings | 50,500 | 90,000 |
Profit after tax | 18,500 |
|
Additional information:
- An interim dividend was paid during the year: $25,000 was paid by way of a bonus share issue, the remainder of the interim dividend was paid in cash
- A patent was purchased during the year, with part payment made by taking out a bank loan of $45,000.
- Repayments on bank loans for the year amounted to $30,000.
Required:
Calculate and prepare Cash Flows from Financing Activities (an extract from the Statement of Cash Flows) in accordance with AASB107 for the year ended 30 June 2021. (12 marks)
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