Prepare statement of cash flow from the financial statement of Alfalah (Pvt) Ltd. For the year ended. PROFIT AND LOSS STATEMENT 2017 RS. Sales 757,645 Cost of sales (628,143) Gross Profit 129,502 Administration expense 14,723 Other expenses 21,992 Gain on sale of fixed assets (2,000) Depreciation expenses 23,000 57,715 Profit before income tax 71,787 Income tax expenses(current) and deferred) 23,787 Net profit after tax 48,000 STATEMENT OF RETAINED EARNINGS Retained earnings, beginning of period 7,312 Net profit for the period 48,000 55,312 Dividend declared 33,000 Transfer to general reserve 20,000 53,000 Retained earnings, end of period 2,312 STATEMENT OF FINANCIAL POSITION 2017 2016 Cash 2,000 95,000 Trade Receivables 493,000 332,000 Inventories 325,000 259,000 Fixed assets-cost 425,000 450,000 Accumulated Depreciation (239,000) (240,000) Capital work in process 180,000 0 Long term trade receivables 50,000 45,000 1,236,000 932,000 Additional Information: 1. During the year company bonus shares, Rs.10,000 and right shares at par, Rs.30,000. 2. Machinery costing Rs. 25,000 was scrapped and sold for Rs. 3,000. The book value of machinery was Rs. 1,000. 3. All assessed taxation liabilities have been paid. 4. Proposed dividend was declared before year ended. Required: Statement of cash flows under direct method and indirect method.

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