After one week at the accounting practice your manager Frank Chung gives you an extract (see...
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After one week at the accounting practice your manager Frank Chung gives you an extract (see below) of a cashbook for Diamond Industries Limited for the year ended 30 June 2018. Cash Book Opening balance Accounts receivable Commission received Plant & equipment Share capital Office furniture Bills receivable (customers) Interest income 65,000 Accounts payable 622,000 Bills payable (suppliers) 3,000 Motor vehicles 9,000 Salaries & wages 150,000 Taxation payable 12,000 Provision for annual leave 10,000 Petty Cash 1,500 Other operating expenses Deposits at call Dividend payable Closing balance $872,500 242,000 15,000 80,000 220,000 28,000 13,000 500 126,000 50,000 25,500 72,500 $872,500 Additional Information: The petty cash float was $1,500 on 1 July 2017. There were no deposits at call on 1 July 2017. Required: In accordance with the accounting standard AASB 107, prepare a cashflow statement including a note for the reconciliation of cash for Diamond Industries Limited for the period ended 30 June 2018. After one week at the accounting practice your manager Frank Chung gives you an extract (see below) of a cashbook for Diamond Industries Limited for the year ended 30 June 2018. Cash Book Opening balance Accounts receivable Commission received Plant & equipment Share capital Office furniture Bills receivable (customers) Interest income 65,000 Accounts payable 622,000 Bills payable (suppliers) 3,000 Motor vehicles 9,000 Salaries & wages 150,000 Taxation payable 12,000 Provision for annual leave 10,000 Petty Cash 1,500 Other operating expenses Deposits at call Dividend payable Closing balance $872,500 242,000 15,000 80,000 220,000 28,000 13,000 500 126,000 50,000 25,500 72,500 $872,500 Additional Information: The petty cash float was $1,500 on 1 July 2017. There were no deposits at call on 1 July 2017. Required: In accordance with the accounting standard AASB 107, prepare a cashflow statement including a note for the reconciliation of cash for Diamond Industries Limited for the period ended 30 June 2018.
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Answer rating: 100% (QA)
To prepare the cash flow statement for Diamond Industries Limited for the year ended 30 June 2018 we need to follow the guidelines of the accounting s... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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