Question
Vittoria Ltd requires a Statement of Cash Flows to be prepared for the year ended 31 March 2018, the following information has been collected for
Vittoria Ltd requires a Statement of Cash Flows to be prepared for the year ended
31 March 2018, the following information has been collected for this purpose.
Vittoria Ltd Balance Sheets as at 31 March | ||
| 2017 | 2018 |
Cash | $176 000 | $239 000 |
Accounts receivable | 220 000 | 280 000 |
Allowance for doubtful debts | (30 000) | (40 000) |
Inventory | 90 000 | 100 000 |
Plant and equipment | 900 000 | 1 074 000 |
Accumulated depreciation | (80 000) | (100 000) |
Total assets | $1 276 000 | $1 553 000 |
Accounts payable | 80 000 | 70 000 |
Interest payable | 1 000 | 2 000 |
Income tax payable | 76 000 | 88 000 |
Long term loans | 109 000 | 148 000 |
Share capital | 400 000 | 500 000 |
Asset revaluation surplus | - | 30 000 |
Retained earnings | 610 000 | 715 000 |
Total equity and liabilities | $1 276 000 | $1 553 000 |
Vittoria Ltd SCI for the year ended 31 March 2018: | |
Sales | $885 000 |
Less expenses: |
|
COGS | 240 000 |
Depreciation expense | 90 000 |
Interest expense | 6 000 |
Doubtful debts expense | 40 000 |
Salaries and wages expense | 200 000 |
Income tax expense | 84 000 |
Other expenses | 120 000 |
Profit after tax | 105 000 |
OCI: Revaluation gain | 30 000 |
TCI | $135 000 |
Additional information:
Vittoria Ltd classifies interest expense and dividends paid as cash outflows from financing activities.
Plant and equipment, with a fair value of $100 000, has been acquired by the issue of
$100 000 worth of fully paid Vittoria Ltd shares to the sellers of the plant and equipment.
During the year, equipment that originally cost $100 000 was sold for $30 000 cash.
Plant and equipment was revalued upwards by $30 000.
A long-term loan of $30 000 was specifically organised for the purchase of plant and equipment costing $30 000.
Also:
(a) GST of 15% is applicable
(b) The existing balances for Accounts receivable and Accounts payable are GST inclusive
(c) A GST account existed and the account balance in 2017 and2018 was $10 000 Cr
(d) The 2017 Retained earnings account balance changed to $600 000, and the 2018 balance changed to $705 000.
Required:
- Selected general ledger accounts of Vittoria Ltd to complete:
Accounts receivable
| GST inclusive |
| GST exclusive | GST | GST inclusive |
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Allowance for DD
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Inventory
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Accounts payable
| GST exclusive | GST | GST inclusive |
| GST inclusive |
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GST payable
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