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please do it in 50 minutes please urgently... I'll give you up thumb definitely Question 1 The following financial statements relates to Mayday plc, a
please do it in 50 minutes please urgently... I'll give you up thumb definitely
Question 1 The following financial statements relates to Mayday plc, a publicly listed company. Statement of financial position at: 30 September 2013 30 September 2012 '000 '000 '000 '000 Non-current assets: Property, plant & equipment 317 255 Current assets: Inventory Trade receivables Interest receivable Investments Cash in bank Cash in hand 210 195 2 25 38 3 230 160 5 0 0 2 473 790 397 652 Total assets Capital & reserves: Ordinary shares 0.50 each Share premium Revaluation reserve Retained profits 181.5 44.5 25 31.5 150 46 0 (36) 282.5 160 Non-current liabilities: 10% loan notes 5% loan notes 0 164.5 20 175 164.5 195 Current liabilities: Bank overdraft Trade payables Income tax Accruals 0 275 SO 18 35 200 45 17 343 790 297 652 Statement of profits or loss for the year to 30 September 2013 '000 Revenue Cost of sales Gross profit Administrative expenses Distribution costs 260 '000 1,450 (867) 583 G 5 (431) 152 Profits from operations Income from investments Finance cost 3 (10) Profit before tax Income tax expenses Profit for the year (7) 145 (52) 93 Mayday - other comprehensive income for the year ended 30 September 2013 '000 93 Profit for the year Other comprehensive income: Gain on property revaluation Total comprehensive income for the year 25 118 Additional information: (1) The current asset investment was a 30-day government bond. (2) Non-current tangible assets include certain properties which were revalued in the year. (3) Non-current tangible assets disposed of in the year had a carrying amount of 37,500; cash received on disposal was 49,000. (4) Depreciation charged for the year was 43,500. (5) The accruals balance includes interest payable of 16,500 at 30 September 2012 and 3,000 at 30 September 2013. (6) On 1 October 2012, Mayday plc issued 30,000 1 ordinary shares at par. The proceeds were used to finance the purchase and cancellation of all its 10% loan notes and some of i 5% loan notes, both at par. A bonus issue of one for ten shares held was made on 1 November 2012; all shares in issue qualified for the bonus. (7) Interim dividends paid during the year were 26,500. Required: Prepare for Mayday ple: (a) Statement of cashflows (using the indirect method) for the year ended 30 September 2013. (29 marks) (b) The cash and cash equivalents analysis for Mayday plc. (4 marks) (Total: 33 marks)Step by Step Solution
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