Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions