The following information was extracted from the books of Nayi Nig. Ltd. Profit and Loss Statement...
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The following information was extracted from the books of Nayi Nig. Ltd. Profit and Loss Statement as at 31st December 2021 N'O00 Turnover 51,060 Cost of Sales 36,280 Gross Profit 14,780 Distribution Costs 2,500 Admin Expenses Operating Profit 5.280 7,000 Interest Received 500 Interest Paid 1,500 Profit on ordinary activities before tax 6,000 Тах 2,800 Profit after tax 3,200 Extraordinary Item 200 Dividend 1,800 Retained profit for the year 1,200 Statement of Affairs as at 31st December 2021 2020 N'O00 NO00 Tangible assets 7,600 6,100 Long term investment Listed securities 500 Patent & Trademark 5,000 4,000 Current Assets Stock 3,000 2,040 Debtors 7,800 6,300 Short term investment 1,000 Bank & Cash Balance 40 20 24,440 18,960 Ordinary Share of N1 each 4,000 3,000 Share Premium 3,200 3,000 Revaluation Reserve 2,000 1,820 Retained Profit 3,200 2,000 Creditors Due after 1 Year 15% Debenture 3,400 1,000 Creditors Due before 1 Year Creditors 2,740 2,380 Bank Overdraft 1,960 Accruals 1,700 Тах Рayable Proposed Dividend 2,400 2,200 1,800 1,600 24,440 18,960 The following information is also provided; 1. Proceed sale of investment amounted to N600,000 2. Fixtures and fittings with an original cost of N.7M and a net book value of N900,000 were sold for N640,000 during the year. 3. Tangible assets comprise of; 31/12/2021 31/12/2020 Cost N14.4m N11.9m Accumulated Depreciation N6.8m N5.8m 4. Im ordinary shares of N1 were issued during the year at a premium of 20k per share 5. The short-term investment represents investment in CBN Treasury Bills maturing in a months' time 6. Movement in patent & Trademarks represent payment made for a new product licence. Required to prepare a cashflow statement of Nayi Ltd for the year ended 31/12/2021. The following information was extracted from the books of Nayi Nig. Ltd. Profit and Loss Statement as at 31st December 2021 N'O00 Turnover 51,060 Cost of Sales 36,280 Gross Profit 14,780 Distribution Costs 2,500 Admin Expenses Operating Profit 5.280 7,000 Interest Received 500 Interest Paid 1,500 Profit on ordinary activities before tax 6,000 Тах 2,800 Profit after tax 3,200 Extraordinary Item 200 Dividend 1,800 Retained profit for the year 1,200 Statement of Affairs as at 31st December 2021 2020 N'O00 NO00 Tangible assets 7,600 6,100 Long term investment Listed securities 500 Patent & Trademark 5,000 4,000 Current Assets Stock 3,000 2,040 Debtors 7,800 6,300 Short term investment 1,000 Bank & Cash Balance 40 20 24,440 18,960 Ordinary Share of N1 each 4,000 3,000 Share Premium 3,200 3,000 Revaluation Reserve 2,000 1,820 Retained Profit 3,200 2,000 Creditors Due after 1 Year 15% Debenture 3,400 1,000 Creditors Due before 1 Year Creditors 2,740 2,380 Bank Overdraft 1,960 Accruals 1,700 Тах Рayable Proposed Dividend 2,400 2,200 1,800 1,600 24,440 18,960 The following information is also provided; 1. Proceed sale of investment amounted to N600,000 2. Fixtures and fittings with an original cost of N.7M and a net book value of N900,000 were sold for N640,000 during the year. 3. Tangible assets comprise of; 31/12/2021 31/12/2020 Cost N14.4m N11.9m Accumulated Depreciation N6.8m N5.8m 4. Im ordinary shares of N1 were issued during the year at a premium of 20k per share 5. The short-term investment represents investment in CBN Treasury Bills maturing in a months' time 6. Movement in patent & Trademarks represent payment made for a new product licence. Required to prepare a cashflow statement of Nayi Ltd for the year ended 31/12/2021.
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Question Answer Cash Flow Statement for the year ended on December 31 2018 Particulars Amount N000 Amount N000 A Operating Activities Net profit as pe... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-0077862220
12th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
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