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Three friends of yours have formed a partnership to sell dietary supplements made from organic ingredients. They have been operating for one year. Their
Three friends of yours have formed a partnership to sell dietary supplements made from organic ingredients. They have been operating for one year. Their bank balance at the end of the year is $34,000. A summary of their transactions is below: Sales to customers 356,000 200,000 Receipts from customers Payments for inventory 108,000 6,000 Payments for electricity, telephone, rent and insurance Purchase of a motor vehicle 25,000 55,000 Drawings Payment of interest 10,000 Loan proceeds 18,000 Interest received 2,000 Income taxes paid 6,000 Additional capital contribution by owners 24,000 Required: Prepare a statement of cash flows based on information given for your friends for the year ended 30 June 2018 in accordance with the requirements of AASB107
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