Question: ZEN is a large retailer which has been established for many years. Extracts from ZEN's financial statements are shown below. Equity Ordinary shares Share premium

ZEN is a large retailer which has been established for many years. Extracts from ZEN's financial statements are shown below.

Equity Ordinary shares Share premium 2021 000 460 82 44 273 Revaluation reserve Retained earnings Non-current REQUIRED: Prepare the cash flows from financing activities section of ZEN's statement of cash flows for the

(b) Currently international financial reporting standards permit the recognition of only a limited range of

Equity Ordinary shares Share premium 2021 000 460 82 44 273 Revaluation reserve Retained earnings Non-current liabilities Long term borrowings The following information is also available. 129 Retained earnings at 31 December 2020 Profit for the year Dividends paid Retained earnings at 31 December 2021 2020 000 400 70 24 246 105 000 246 46 (19) 273 During the year ended 31 December 2021 ZEN's transactions included the following: (1) (2) Repaid 25,000 of its long term borrowings during the year. Issued ordinary shares at a 20% premium. The company's accounting policy is to classify dividends and interest received as investing activities, dividends paid as financing activities and interest paid as operating activities.

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Statement of Cash Flows for the Year Ended 31 December 2021 Cash Flows from Financing Activities Proceeds from issue of ordinary shares 36800 460 shares issued at a 20 premium over the par value of 82 ... View full answer

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