Following are extracts from the accounting records of S Ltd at 30 June 2024:

Additional information

During the year, land with a fair value of $240 000 is acquired through the issue of 240 000 fully paid shares.

There is an upward revaluation by $120 000 of land previously held.

There are no cash sales during the year.

Debtors of $72 000 previously provided for as doubtful were written off during the year.

The following expenses are paid as incurred:

1 – electricity
2 – rates
3 – interest.

Accruals of lease rentals and salaries are made before payment.

Depreciation allowable for tax purposes for the year was:

1– Buildings: no allowable tax depreciation

2– Plant and equipment: $168 000 tax depreciation.

Plant costing $240 000 is sold during the year for $72 000. Accumulated depreciation at the time of sale is $168 000.

The accounts payable account is used for inventory purchases.

Assume a tax rate of 40 per cent.

REQUIRED

Prepare a statement of cash flows for S Ltd for the year ending 30 June 2024, in accordance with AASB 107 (comparative figures are not required).

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S Ltd Statement of financial position as at 30 June 2024 Current assets Cash Inventory Accounts receivable Allowance for doubtful debts Total assets Current liabilities Accounts payable Accrued expenses Income tax payable 2024 ($000) 2023 ($000) Non-current assets Land 600 Buildings 960 Accumulated depreciation-buildings (144) Plant and equipment 1.008 Accumulated depreciation-plant and equipment (96) Deferred tax asset 10 Non-current liabilities Long-term loans Deferred tax liability 574 240 672 (96) 1390 2 338 3 728 168 30 218 416 264 48 312 422 216 528 (72) 1 094 240 960 (96) 960 (96) 1968 3 062 192 24 182 398 240 240