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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:

  1. Selected general ledger accounts of Vittoria Ltd to complete:

Accounts receivable

GST

inclusive

GST

exclusive

GST

GST

inclusive

Allowance for DD

Inventory

Accounts payable

GST

exclusive

GST

GST

inclusive

GST

inclusive

GST payable

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