The following information has been extracted from the financial records of Bovine Ltd: 31/3/2019 $500 4 991 7 000 45 025 16 000 31/3/2018 $275 5 152 | 7 240 44 000 13 500 200 6 992 Cash Accounts receivable Inventory Plant and equipment - at cost Accumulated Depreciation Bank overdraft Accounts payable GST payable Interest expense payable Dividends payable Income tax payable Long-term borrowings Share capital Retained earnings 381 15 7 452 50 10 150 40 3 000 11 864 18 950 30 4 000 9 799 21 750 Sales Cost of goods sold Operating expenses Interest expense Depreciation expense Loss on sale of P and E Tax expense Profit after tax 60 000 40 000 15 000 185 3 300 501 400 614 Additional information: 1. Bovine Ltd uses the direct method of reporting cash flows from operating activities. 2. The entity classifies dividends paid and interest paid as operating cash outflows. 3. There were no new long-term borrowings during the year. 4. An item of equipment was sold for $2 000 cash. 5. An item of equipment was purchased for $826 with an issue of shares. 6. The NZ GST rate is 15%. Required: (1) Reconstruct the named Bovine Ltd general ledger accounts in the Answer Booklet. (ii) Prepare a Statement of Cash Flows for Bovine Ltd, in accordance with NZ IAS 7 State- ment of Cash Flows, for the year ended 31 March 2019. The following information has been extracted from the financial records of Bovine Ltd: 31/3/2019 $500 4 991 7 000 45 025 16 000 31/3/2018 $275 5 152 | 7 240 44 000 13 500 200 6 992 Cash Accounts receivable Inventory Plant and equipment - at cost Accumulated Depreciation Bank overdraft Accounts payable GST payable Interest expense payable Dividends payable Income tax payable Long-term borrowings Share capital Retained earnings 381 15 7 452 50 10 150 40 3 000 11 864 18 950 30 4 000 9 799 21 750 Sales Cost of goods sold Operating expenses Interest expense Depreciation expense Loss on sale of P and E Tax expense Profit after tax 60 000 40 000 15 000 185 3 300 501 400 614 Additional information: 1. Bovine Ltd uses the direct method of reporting cash flows from operating activities. 2. The entity classifies dividends paid and interest paid as operating cash outflows. 3. There were no new long-term borrowings during the year. 4. An item of equipment was sold for $2 000 cash. 5. An item of equipment was purchased for $826 with an issue of shares. 6. The NZ GST rate is 15%. Required: (1) Reconstruct the named Bovine Ltd general ledger accounts in the Answer Booklet. (ii) Prepare a Statement of Cash Flows for Bovine Ltd, in accordance with NZ IAS 7 State- ment of Cash Flows, for the year ended 31 March 2019