STATEMENT OF FINANCIAL POSITION AS AT $31$ MARCH $20$X$9$ Statement of Profit or Loss for the year ended $31$ March $20$X$9$As financial accountant for Elmgrove Co$,$ you are responsible for the preparation of a statement

of cash flows for the year ended $31$ March $20$X$9.$ The following information is available.

STATEMENT OF FINANCIAL POSITION AS AT $31$ MARCH $20$X$9$

$20$X$9$ $m $20$X$8$ $m

Non current assets

Property Plant equipment $327264$

Current assets

Inventory $123176$

Trade receivables $9587$

Short term investments $6530$

Cash in bank and in hand $29-$

$639557$

Equity

Share capital $$1$ shares $200120$

Share premium $30-$

Retained earnings $7141$

Non current liabilities

$10\%$ Debentures $166247$

Current liabilities

Bank overdraft $-22$

Trade payables $13370$

Income tax payable $3957$

$639557$

Statement of Profit or Loss for the year ended $31$ March $20$X$9$

$m

Revenue $473$

Cost of sales $(229)$

Gross profit $244$

Distribution costs $(76)$

Administrative cost $(48)$

Finance income $6$

Finance cost $(17)$

Profit before tax $109$

Income tax expense $(47)$

Profit for the year $62$

Dividends paid during the period$-32$

Property, plant and equipment held by Elmgrove are items of plant and equipment and freehold

premises. During $20$X$9$ items of plant and equipment which have a carrying amount of $$28$m at

the date of disposal were disposed of$,$ resulting in a loss of $$6$m

Short term investments :The short$-$term investments meet the definition of cash equivalents as per

IAS $7$ Statement of Cash Flows

$10\%$ debentures : On $1$ August $20$X$8$ $$50$m of $10\%$ debentures was converted into $$50$m of $$1$

ordinary shares.

$($v$)$ Depreciation :The depreciation charge for the year included in the statement of profit or loss

was $$43$m$.$

Required: Using the information provided, prepare a statement of cash flows for Elmgrove Co for

the year ended $31$ March $20$X$9$ using the indirect method.