Swift flows Ltd has provided the following details: 2017 2018 Rs Rs Non-current Assets PPE 720,000...

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Swift flows Ltd has provided the following details: 2017 2018 Rs Rs Non-current Assets PPE 720,000 (200,000) 845,000 (240,000) Provision for depreciation 520,000 605,000 Current Assets Closing inventory Trade receivables Deposits at call Cash on hand 70,000 82,000 4,000 2,000 158,000 90,000 80,000 10,000 15,000 195,000 Less: Current Liabilities Trade payables Bank overdraft 60,000 8,000 4,000 10,000 82,000 57,000 15,000 8,000 20,000 100,000 Taxation Proposed dividend Net current assets 76,000 95,000 Less: 10% Debentures (100,000) (55,000) 496,000 645,000 Share Capital and Reserves Ordinary shares of Rs1 each Profit and loss account 175,000 280,000 16,000 25,000 496,000 250,000 338,000 26,000 31,000 645,000 Revaluation reserves Share premium Additional information: Note 1: During the current year, plant which had cost Rs125,000 and which had a book value at 31 December 2018 of Rs45,000 were sold for Rs30,000. Some assets were also revalued. Note 2: Part of the debentures were repaid on 31 December 2018. Note 3: An interim dividend of 5 cents per share was paid during the year 2018, following a rights issue of 75,000 shares on 30 June 2018. Note 4: Taxation in the sum of Rs8,000 has been debited to the income statement. REQUIRED: (a) Prepare a Cash Flow Statement for the year ended 31 December 2018 using the Indirect method, and complying with IAS7. (13 marks) Swift flows Ltd has provided the following details: 2017 2018 Rs Rs Non-current Assets PPE 720,000 (200,000) 845,000 (240,000) Provision for depreciation 520,000 605,000 Current Assets Closing inventory Trade receivables Deposits at call Cash on hand 70,000 82,000 4,000 2,000 158,000 90,000 80,000 10,000 15,000 195,000 Less: Current Liabilities Trade payables Bank overdraft 60,000 8,000 4,000 10,000 82,000 57,000 15,000 8,000 20,000 100,000 Taxation Proposed dividend Net current assets 76,000 95,000 Less: 10% Debentures (100,000) (55,000) 496,000 645,000 Share Capital and Reserves Ordinary shares of Rs1 each Profit and loss account 175,000 280,000 16,000 25,000 496,000 250,000 338,000 26,000 31,000 645,000 Revaluation reserves Share premium Additional information: Note 1: During the current year, plant which had cost Rs125,000 and which had a book value at 31 December 2018 of Rs45,000 were sold for Rs30,000. Some assets were also revalued. Note 2: Part of the debentures were repaid on 31 December 2018. Note 3: An interim dividend of 5 cents per share was paid during the year 2018, following a rights issue of 75,000 shares on 30 June 2018. Note 4: Taxation in the sum of Rs8,000 has been debited to the income statement. REQUIRED: (a) Prepare a Cash Flow Statement for the year ended 31 December 2018 using the Indirect method, and complying with IAS7. (13 marks)

Answer rating: 100% (QA)

Working notes T Accounts Currency is Rs Property plant and Equipment Opening balance 720000 Accumula... View the full answer