Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show any working out, thank you in advance Required: Prepare a statement of cash flows for the year to 31 March 2021 in accordance

image text in transcribed

image text in transcribed

image text in transcribed

Please show any working out, thank you in advance

Required: Prepare a statement of cash flows for the year to 31 March 2021 in accordance with the requirements of IA S7 (using the indirect method) for XOVID-20. 50 Marks Question 1 The statements of financial position of XOVID-20 Ltd for the past two years and the company's most recent income statement are set out below. Extracts from Statement of comprehensive income for the year to 31 March 2021 000 (91) 3,369 (1.444) Finance costs interest on loans Profit before taxation Taxation Profit for the year Statement of financial position at 31 March 2021 & 2020 1.925 2021 000 000 000 2020 000 Assets Non-current assets Property, plant, and equipment at cost 25.171 22,479 Current assets Inventories Trade receivables and prepayments Cash and cash equivalent 3.696 3.350 10 3.864 2.464 350 7,056 6,678 29.157 32.227 Equity Ordinary share capital Share premium account Retained earnings 2.100 900 24.990 1,900 800 23.065 25,565 27.990 Liabilities Non-current liabilities Bank loans 1.700 700 Current Liabilities Trade payables and accruals Taxation Bank overdraft 732 1.344 461 2537 1.848 944 100 2.892 32,227 29.157 The following information is also available: a. Property, plant, and equipment costing 999,000 with accumulated depreciation of 555,000 was sold during the year at a profit of 224,000. b. The total depreciation charge for the year for property, plant and equipment was 4,545,000 C. No dividends were paid during the year

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

Occupational Fraud And Abuse

Authors: Joseph T. Wells

1st Edition

1889277088, 978-1889277080

More Books

Students also viewed these Accounting questions