Seng Pte Ltd is a company incorporated in Singapore and adopts the Singapore FRSs. The comparative statements of financial position and extract of its final income statement for Seng Pte Ltd are given as follow:

 

Additional information:

(1) In December 20X1, Seng Pte Ltd sold its freehold land at cost for cash. There is no other disposal of fixed assets.

(2) During the year, the company renovated its office and capitalised the cost (incurred in cash) accordingly. Depreciation on this cost has also been accounted for

(3) The investments in other companies were also made in cash.

(4) The company’s practice is to classify interest receipts and dividend receipts and interest payments as under operating cash flows and dividend payments as under financing cash flows on the Statement of Cash Flows.

(5) When preparing the Statement of Cash Flows, the company’s practice is to present the section on cash flows from operating activities using the indirect method.

Prepare Seng Pte Ltd’s Statement of Cash Flows for the year ended 31 December 20X1.

Please show all workings clearly.

Current Assets Cash Seng Pte Ltd Statement of Financial Position As at 31 December 20X1 Accounts receivable Inventory Dividends receivable Non-current Assets Freehold Land Office renovation and improvement, net PPE, net Investment in AC Ltd Total assets Liabilities and Shareholders' Equity Current Liabilities Accounts payable Salaries payable Interest payable Non-current Liabilities Bonds Shareholders' equity Share capital Retained earnings Total liabilities & Shareholders' Equity Service revenue Dividend revenue Expenses: Salary expense Depreciation expense Other operating expense Interest expense Total expense 20X1 $ Profit before tax Income tax expense Profit after tax 433,600 31,300 66,100 2,100 35,800 22,000 1,200 Seng Pte Ltd Income Statement (extract) For the year ended 31 December 20X1 $ 50,000 54,000 411,100 100,000 1,098,200 1,161,800 900,000 89,200 1,098,200 20X0 $ 76,400 46,900 49,800 2,000 42,000 64,500 57,300 6,000 540,000 452,000 25,600 15,600 3,200 90,000 900,000 127,400 1,161,800 $ 445,000 5,000 175,100 274,900 29,500 245,400