1. Mr. and Mrs. Shine run a small private company selling children toys from China. Mr....

 

  
 

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1. Mr. and Mrs. Shine run a small private company selling children toys from China. Mr. Shine has asked you to prepare set of financial staternent for the year ended 31 December 2020 as soon as possible as the previous accountant left the company at very short notice. Dr Cr 3. Audit and Accountancy 500 Advertising 900 Bank 1,500 Creditors 8,900 Long Term Bank Loan 7,400 Debtors 41,350 Directors remuneration 5,500 Electricity 2,800 Insurance 1,700 Fixtures and Fittings At Cost 80,000 Accumulated depreciation (at 1.1.2020) 16,000 Motor Vehicle At Cost 10,000 Accumulated depreciation (at 1.1.2020) 1,350 Office expenses 5,300 Ordinary £1 shares (issued and fully paid) 65,000 Profit and loss account (at 1.1.2020) 13,200 Purchases 144,000 Rent and rates 7,500 Sales 219,000 Stock (at 1.1.2020) 14,000 Wages and salaries 15,000 Bank Interest 800 £330,850 £330,850 Additional Information: 1. Stock at 31 December 2020 valued at cost amounted to £20,000 2. Depreciation is to be provided on fixtures and fittings at 25% on cost 10% on reducing balance method for motor vehicle. 3. Provision is to be made for Rent and Rates for £250 4. Insurance paid in advance at 314 December 2020 amounted to £700 Required 1. Prepare Income statement for the year ended 31st December2020 2. Prepare Balance Sheet as at 31st December2020 3. Discuss the SIX accounting concepts, underlying the preparation of financial Statements. Question 2. The following statements of financial positions for the year ended 31st December 2019 and 2020 have been prepared for Happy Limited. Statement of financial positions at: 31,12.20 31.12.19 3. Non-current assets Plant and machinery at cost Less: Depreciation 35,000 (8,000) 35,000 (6,000) 27,000 29,000 20,000 Investments at cost Current assets Inventory Trade receivables 36,000 22,000 24,000 11,000 1,000 Cash 58,000 36,000 85,000 85,000 Capital and reserves Ordinary share capital Share premium account Retained earnings 40,000 40,000 5,000 5,000 6,000 3,000 Shareholders' funds 51,000 48,000 Non-current liabilities Loans 9,000 Current liabilities Trade payables Bank overdraft 29,000 28,000 5,000 34,000 85,000 85,000 Additional information: There were no purchases or sales of plant and machinery during the year. Required 1. Mrs Happy has asked you to prepare Happy Limited's statement of cash flows for the year ended 31st December 2020. 2. Write a short memo to Mrs Happy explaining the findings of your statement of cash flow. 1. Mr. and Mrs. Shine run a small private company selling children toys from China. Mr. Shine has asked you to prepare set of financial staternent for the year ended 31 December 2020 as soon as possible as the previous accountant left the company at very short notice. Dr Cr 3. Audit and Accountancy 500 Advertising 900 Bank 1,500 Creditors 8,900 Long Term Bank Loan 7,400 Debtors 41,350 Directors remuneration 5,500 Electricity 2,800 Insurance 1,700 Fixtures and Fittings At Cost 80,000 Accumulated depreciation (at 1.1.2020) 16,000 Motor Vehicle At Cost 10,000 Accumulated depreciation (at 1.1.2020) 1,350 Office expenses 5,300 Ordinary £1 shares (issued and fully paid) 65,000 Profit and loss account (at 1.1.2020) 13,200 Purchases 144,000 Rent and rates 7,500 Sales 219,000 Stock (at 1.1.2020) 14,000 Wages and salaries 15,000 Bank Interest 800 £330,850 £330,850 Additional Information: 1. Stock at 31 December 2020 valued at cost amounted to £20,000 2. Depreciation is to be provided on fixtures and fittings at 25% on cost 10% on reducing balance method for motor vehicle. 3. Provision is to be made for Rent and Rates for £250 4. Insurance paid in advance at 314 December 2020 amounted to £700 Required 1. Prepare Income statement for the year ended 31st December2020 2. Prepare Balance Sheet as at 31st December2020 3. Discuss the SIX accounting concepts, underlying the preparation of financial Statements. Question 2. The following statements of financial positions for the year ended 31st December 2019 and 2020 have been prepared for Happy Limited. Statement of financial positions at: 31,12.20 31.12.19 3. Non-current assets Plant and machinery at cost Less: Depreciation 35,000 (8,000) 35,000 (6,000) 27,000 29,000 20,000 Investments at cost Current assets Inventory Trade receivables 36,000 22,000 24,000 11,000 1,000 Cash 58,000 36,000 85,000 85,000 Capital and reserves Ordinary share capital Share premium account Retained earnings 40,000 40,000 5,000 5,000 6,000 3,000 Shareholders' funds 51,000 48,000 Non-current liabilities Loans 9,000 Current liabilities Trade payables Bank overdraft 29,000 28,000 5,000 34,000 85,000 85,000 Additional information: There were no purchases or sales of plant and machinery during the year. Required 1. Mrs Happy has asked you to prepare Happy Limited's statement of cash flows for the year ended 31st December 2020. 2. Write a short memo to Mrs Happy explaining the findings of your statement of cash flow. 1. Mr. and Mrs. Shine run a small private company selling children toys from China. Mr. Shine has asked you to prepare set of financial staternent for the year ended 31 December 2020 as soon as possible as the previous accountant left the company at very short notice. Dr Cr 3. Audit and Accountancy 500 Advertising 900 Bank 1,500 Creditors 8,900 Long Term Bank Loan 7,400 Debtors 41,350 Directors remuneration 5,500 Electricity 2,800 Insurance 1,700 Fixtures and Fittings At Cost 80,000 Accumulated depreciation (at 1.1.2020) 16,000 Motor Vehicle At Cost 10,000 Accumulated depreciation (at 1.1.2020) 1,350 Office expenses 5,300 Ordinary £1 shares (issued and fully paid) 65,000 Profit and loss account (at 1.1.2020) 13,200 Purchases 144,000 Rent and rates 7,500 Sales 219,000 Stock (at 1.1.2020) 14,000 Wages and salaries 15,000 Bank Interest 800 £330,850 £330,850 Additional Information: 1. Stock at 31 December 2020 valued at cost amounted to £20,000 2. Depreciation is to be provided on fixtures and fittings at 25% on cost 10% on reducing balance method for motor vehicle. 3. Provision is to be made for Rent and Rates for £250 4. Insurance paid in advance at 314 December 2020 amounted to £700 Required 1. Prepare Income statement for the year ended 31st December2020 2. Prepare Balance Sheet as at 31st December2020 3. Discuss the SIX accounting concepts, underlying the preparation of financial Statements. Question 2. The following statements of financial positions for the year ended 31st December 2019 and 2020 have been prepared for Happy Limited. Statement of financial positions at: 31,12.20 31.12.19 3. Non-current assets Plant and machinery at cost Less: Depreciation 35,000 (8,000) 35,000 (6,000) 27,000 29,000 20,000 Investments at cost Current assets Inventory Trade receivables 36,000 22,000 24,000 11,000 1,000 Cash 58,000 36,000 85,000 85,000 Capital and reserves Ordinary share capital Share premium account Retained earnings 40,000 40,000 5,000 5,000 6,000 3,000 Shareholders' funds 51,000 48,000 Non-current liabilities Loans 9,000 Current liabilities Trade payables Bank overdraft 29,000 28,000 5,000 34,000 85,000 85,000 Additional information: There were no purchases or sales of plant and machinery during the year. Required 1. Mrs Happy has asked you to prepare Happy Limited's statement of cash flows for the year ended 31st December 2020. 2. Write a short memo to Mrs Happy explaining the findings of your statement of cash flow. 1. Mr. and Mrs. Shine run a small private company selling children toys from China. Mr. Shine has asked you to prepare set of financial staternent for the year ended 31 December 2020 as soon as possible as the previous accountant left the company at very short notice. Dr Cr 3. Audit and Accountancy 500 Advertising 900 Bank 1,500 Creditors 8,900 Long Term Bank Loan 7,400 Debtors 41,350 Directors remuneration 5,500 Electricity 2,800 Insurance 1,700 Fixtures and Fittings At Cost 80,000 Accumulated depreciation (at 1.1.2020) 16,000 Motor Vehicle At Cost 10,000 Accumulated depreciation (at 1.1.2020) 1,350 Office expenses 5,300 Ordinary £1 shares (issued and fully paid) 65,000 Profit and loss account (at 1.1.2020) 13,200 Purchases 144,000 Rent and rates 7,500 Sales 219,000 Stock (at 1.1.2020) 14,000 Wages and salaries 15,000 Bank Interest 800 £330,850 £330,850 Additional Information: 1. Stock at 31 December 2020 valued at cost amounted to £20,000 2. Depreciation is to be provided on fixtures and fittings at 25% on cost 10% on reducing balance method for motor vehicle. 3. Provision is to be made for Rent and Rates for £250 4. Insurance paid in advance at 314 December 2020 amounted to £700 Required 1. Prepare Income statement for the year ended 31st December2020 2. Prepare Balance Sheet as at 31st December2020 3. Discuss the SIX accounting concepts, underlying the preparation of financial Statements. Question 2. The following statements of financial positions for the year ended 31st December 2019 and 2020 have been prepared for Happy Limited. Statement of financial positions at: 31,12.20 31.12.19 3. Non-current assets Plant and machinery at cost Less: Depreciation 35,000 (8,000) 35,000 (6,000) 27,000 29,000 20,000 Investments at cost Current assets Inventory Trade receivables 36,000 22,000 24,000 11,000 1,000 Cash 58,000 36,000 85,000 85,000 Capital and reserves Ordinary share capital Share premium account Retained earnings 40,000 40,000 5,000 5,000 6,000 3,000 Shareholders' funds 51,000 48,000 Non-current liabilities Loans 9,000 Current liabilities Trade payables Bank overdraft 29,000 28,000 5,000 34,000 85,000 85,000 Additional information: There were no purchases or sales of plant and machinery during the year. Required 1. Mrs Happy has asked you to prepare Happy Limited's statement of cash flows for the year ended 31st December 2020. 2. Write a short memo to Mrs Happy explaining the findings of your statement of cash flow. 1. Mr. and Mrs. Shine run a small private company selling children toys from China. Mr. Shine has asked you to prepare set of financial staternent for the year ended 31 December 2020 as soon as possible as the previous accountant left the company at very short notice. Dr Cr 3. Audit and Accountancy 500 Advertising 900 Bank 1,500 Creditors 8,900 Long Term Bank Loan 7,400 Debtors 41,350 Directors remuneration 5,500 Electricity 2,800 Insurance 1,700 Fixtures and Fittings At Cost 80,000 Accumulated depreciation (at 1.1.2020) 16,000 Motor Vehicle At Cost 10,000 Accumulated depreciation (at 1.1.2020) 1,350 Office expenses 5,300 Ordinary £1 shares (issued and fully paid) 65,000 Profit and loss account (at 1.1.2020) 13,200 Purchases 144,000 Rent and rates 7,500 Sales 219,000 Stock (at 1.1.2020) 14,000 Wages and salaries 15,000 Bank Interest 800 £330,850 £330,850 Additional Information: 1. Stock at 31 December 2020 valued at cost amounted to £20,000 2. Depreciation is to be provided on fixtures and fittings at 25% on cost 10% on reducing balance method for motor vehicle. 3. Provision is to be made for Rent and Rates for £250 4. Insurance paid in advance at 314 December 2020 amounted to £700 Required 1. Prepare Income statement for the year ended 31st December2020 2. Prepare Balance Sheet as at 31st December2020 3. Discuss the SIX accounting concepts, underlying the preparation of financial Statements. Question 2. The following statements of financial positions for the year ended 31st December 2019 and 2020 have been prepared for Happy Limited. Statement of financial positions at: 31,12.20 31.12.19 3. Non-current assets Plant and machinery at cost Less: Depreciation 35,000 (8,000) 35,000 (6,000) 27,000 29,000 20,000 Investments at cost Current assets Inventory Trade receivables 36,000 22,000 24,000 11,000 1,000 Cash 58,000 36,000 85,000 85,000 Capital and reserves Ordinary share capital Share premium account Retained earnings 40,000 40,000 5,000 5,000 6,000 3,000 Shareholders' funds 51,000 48,000 Non-current liabilities Loans 9,000 Current liabilities Trade payables Bank overdraft 29,000 28,000 5,000 34,000 85,000 85,000 Additional information: There were no purchases or sales of plant and machinery during the year. Required 1. Mrs Happy has asked you to prepare Happy Limited's statement of cash flows for the year ended 31st December 2020. 2. Write a short memo to Mrs Happy explaining the findings of your statement of cash flow. 1. Mr. and Mrs. Shine run a small private company selling children toys from China. Mr. Shine has asked you to prepare set of financial staternent for the year ended 31 December 2020 as soon as possible as the previous accountant left the company at very short notice. Dr Cr 3. Audit and Accountancy 500 Advertising 900 Bank 1,500 Creditors 8,900 Long Term Bank Loan 7,400 Debtors 41,350 Directors remuneration 5,500 Electricity 2,800 Insurance 1,700 Fixtures and Fittings At Cost 80,000 Accumulated depreciation (at 1.1.2020) 16,000 Motor Vehicle At Cost 10,000 Accumulated depreciation (at 1.1.2020) 1,350 Office expenses 5,300 Ordinary £1 shares (issued and fully paid) 65,000 Profit and loss account (at 1.1.2020) 13,200 Purchases 144,000 Rent and rates 7,500 Sales 219,000 Stock (at 1.1.2020) 14,000 Wages and salaries 15,000 Bank Interest 800 £330,850 £330,850 Additional Information: 1. Stock at 31 December 2020 valued at cost amounted to £20,000 2. Depreciation is to be provided on fixtures and fittings at 25% on cost 10% on reducing balance method for motor vehicle. 3. Provision is to be made for Rent and Rates for £250 4. Insurance paid in advance at 314 December 2020 amounted to £700 Required 1. Prepare Income statement for the year ended 31st December2020 2. Prepare Balance Sheet as at 31st December2020 3. Discuss the SIX accounting concepts, underlying the preparation of financial Statements. Question 2. The following statements of financial positions for the year ended 31st December 2019 and 2020 have been prepared for Happy Limited. Statement of financial positions at: 31,12.20 31.12.19 3. Non-current assets Plant and machinery at cost Less: Depreciation 35,000 (8,000) 35,000 (6,000) 27,000 29,000 20,000 Investments at cost Current assets Inventory Trade receivables 36,000 22,000 24,000 11,000 1,000 Cash 58,000 36,000 85,000 85,000 Capital and reserves Ordinary share capital Share premium account Retained earnings 40,000 40,000 5,000 5,000 6,000 3,000 Shareholders' funds 51,000 48,000 Non-current liabilities Loans 9,000 Current liabilities Trade payables Bank overdraft 29,000 28,000 5,000 34,000 85,000 85,000 Additional information: There were no purchases or sales of plant and machinery during the year. Required 1. Mrs Happy has asked you to prepare Happy Limited's statement of cash flows for the year ended 31st December 2020. 2. Write a short memo to Mrs Happy explaining the findings of your statement of cash flow. 1. Mr. and Mrs. Shine run a small private company selling children toys from China. Mr. Shine has asked you to prepare set of financial staternent for the year ended 31 December 2020 as soon as possible as the previous accountant left the company at very short notice. Dr Cr 3. Audit and Accountancy 500 Advertising 900 Bank 1,500 Creditors 8,900 Long Term Bank Loan 7,400 Debtors 41,350 Directors remuneration 5,500 Electricity 2,800 Insurance 1,700 Fixtures and Fittings At Cost 80,000 Accumulated depreciation (at 1.1.2020) 16,000 Motor Vehicle At Cost 10,000 Accumulated depreciation (at 1.1.2020) 1,350 Office expenses 5,300 Ordinary £1 shares (issued and fully paid) 65,000 Profit and loss account (at 1.1.2020) 13,200 Purchases 144,000 Rent and rates 7,500 Sales 219,000 Stock (at 1.1.2020) 14,000 Wages and salaries 15,000 Bank Interest 800 £330,850 £330,850 Additional Information: 1. Stock at 31 December 2020 valued at cost amounted to £20,000 2. Depreciation is to be provided on fixtures and fittings at 25% on cost 10% on reducing balance method for motor vehicle. 3. Provision is to be made for Rent and Rates for £250 4. Insurance paid in advance at 314 December 2020 amounted to £700 Required 1. Prepare Income statement for the year ended 31st December2020 2. Prepare Balance Sheet as at 31st December2020 3. Discuss the SIX accounting concepts, underlying the preparation of financial Statements. Question 2. The following statements of financial positions for the year ended 31st December 2019 and 2020 have been prepared for Happy Limited. Statement of financial positions at: 31,12.20 31.12.19 3. Non-current assets Plant and machinery at cost Less: Depreciation 35,000 (8,000) 35,000 (6,000) 27,000 29,000 20,000 Investments at cost Current assets Inventory Trade receivables 36,000 22,000 24,000 11,000 1,000 Cash 58,000 36,000 85,000 85,000 Capital and reserves Ordinary share capital Share premium account Retained earnings 40,000 40,000 5,000 5,000 6,000 3,000 Shareholders' funds 51,000 48,000 Non-current liabilities Loans 9,000 Current liabilities Trade payables Bank overdraft 29,000 28,000 5,000 34,000 85,000 85,000 Additional information: There were no purchases or sales of plant and machinery during the year. Required 1. Mrs Happy has asked you to prepare Happy Limited's statement of cash flows for the year ended 31st December 2020. 2. Write a short memo to Mrs Happy explaining the findings of your statement of cash flow. 1. Mr. and Mrs. Shine run a small private company selling children toys from China. Mr. Shine has asked you to prepare set of financial staternent for the year ended 31 December 2020 as soon as possible as the previous accountant left the company at very short notice. Dr Cr 3. Audit and Accountancy 500 Advertising 900 Bank 1,500 Creditors 8,900 Long Term Bank Loan 7,400 Debtors 41,350 Directors remuneration 5,500 Electricity 2,800 Insurance 1,700 Fixtures and Fittings At Cost 80,000 Accumulated depreciation (at 1.1.2020) 16,000 Motor Vehicle At Cost 10,000 Accumulated depreciation (at 1.1.2020) 1,350 Office expenses 5,300 Ordinary £1 shares (issued and fully paid) 65,000 Profit and loss account (at 1.1.2020) 13,200 Purchases 144,000 Rent and rates 7,500 Sales 219,000 Stock (at 1.1.2020) 14,000 Wages and salaries 15,000 Bank Interest 800 £330,850 £330,850 Additional Information: 1. Stock at 31 December 2020 valued at cost amounted to £20,000 2. Depreciation is to be provided on fixtures and fittings at 25% on cost 10% on reducing balance method for motor vehicle. 3. Provision is to be made for Rent and Rates for £250 4. Insurance paid in advance at 314 December 2020 amounted to £700 Required 1. Prepare Income statement for the year ended 31st December2020 2. Prepare Balance Sheet as at 31st December2020 3. Discuss the SIX accounting concepts, underlying the preparation of financial Statements. Question 2. The following statements of financial positions for the year ended 31st December 2019 and 2020 have been prepared for Happy Limited. Statement of financial positions at: 31,12.20 31.12.19 3. Non-current assets Plant and machinery at cost Less: Depreciation 35,000 (8,000) 35,000 (6,000) 27,000 29,000 20,000 Investments at cost Current assets Inventory Trade receivables 36,000 22,000 24,000 11,000 1,000 Cash 58,000 36,000 85,000 85,000 Capital and reserves Ordinary share capital Share premium account Retained earnings 40,000 40,000 5,000 5,000 6,000 3,000 Shareholders' funds 51,000 48,000 Non-current liabilities Loans 9,000 Current liabilities Trade payables Bank overdraft 29,000 28,000 5,000 34,000 85,000 85,000 Additional information: There were no purchases or sales of plant and machinery during the year. Required 1. Mrs Happy has asked you to prepare Happy Limited's statement of cash flows for the year ended 31st December 2020. 2. Write a short memo to Mrs Happy explaining the findings of your statement of cash flow. 1. Mr. and Mrs. Shine run a small private company selling children toys from China. Mr. Shine has asked you to prepare set of financial staternent for the year ended 31 December 2020 as soon as possible as the previous accountant left the company at very short notice. Dr Cr 3. Audit and Accountancy 500 Advertising 900 Bank 1,500 Creditors 8,900 Long Term Bank Loan 7,400 Debtors 41,350 Directors remuneration 5,500 Electricity 2,800 Insurance 1,700 Fixtures and Fittings At Cost 80,000 Accumulated depreciation (at 1.1.2020) 16,000 Motor Vehicle At Cost 10,000 Accumulated depreciation (at 1.1.2020) 1,350 Office expenses 5,300 Ordinary £1 shares (issued and fully paid) 65,000 Profit and loss account (at 1.1.2020) 13,200 Purchases 144,000 Rent and rates 7,500 Sales 219,000 Stock (at 1.1.2020) 14,000 Wages and salaries 15,000 Bank Interest 800 £330,850 £330,850 Additional Information: 1. Stock at 31 December 2020 valued at cost amounted to £20,000 2. Depreciation is to be provided on fixtures and fittings at 25% on cost 10% on reducing balance method for motor vehicle. 3. Provision is to be made for Rent and Rates for £250 4. Insurance paid in advance at 314 December 2020 amounted to £700 Required 1. Prepare Income statement for the year ended 31st December2020 2. Prepare Balance Sheet as at 31st December2020 3. Discuss the SIX accounting concepts, underlying the preparation of financial Statements. Question 2. The following statements of financial positions for the year ended 31st December 2019 and 2020 have been prepared for Happy Limited. Statement of financial positions at: 31,12.20 31.12.19 3. Non-current assets Plant and machinery at cost Less: Depreciation 35,000 (8,000) 35,000 (6,000) 27,000 29,000 20,000 Investments at cost Current assets Inventory Trade receivables 36,000 22,000 24,000 11,000 1,000 Cash 58,000 36,000 85,000 85,000 Capital and reserves Ordinary share capital Share premium account Retained earnings 40,000 40,000 5,000 5,000 6,000 3,000 Shareholders' funds 51,000 48,000 Non-current liabilities Loans 9,000 Current liabilities Trade payables Bank overdraft 29,000 28,000 5,000 34,000 85,000 85,000 Additional information: There were no purchases or sales of plant and machinery during the year. Required 1. Mrs Happy has asked you to prepare Happy Limited's statement of cash flows for the year ended 31st December 2020. 2. Write a short memo to Mrs Happy explaining the findings of your statement of cash flow. 1. Mr. and Mrs. Shine run a small private company selling children toys from China. Mr. Shine has asked you to prepare set of financial staternent for the year ended 31 December 2020 as soon as possible as the previous accountant left the company at very short notice. Dr Cr 3. Audit and Accountancy 500 Advertising 900 Bank 1,500 Creditors 8,900 Long Term Bank Loan 7,400 Debtors 41,350 Directors remuneration 5,500 Electricity 2,800 Insurance 1,700 Fixtures and Fittings At Cost 80,000 Accumulated depreciation (at 1.1.2020) 16,000 Motor Vehicle At Cost 10,000 Accumulated depreciation (at 1.1.2020) 1,350 Office expenses 5,300 Ordinary £1 shares (issued and fully paid) 65,000 Profit and loss account (at 1.1.2020) 13,200 Purchases 144,000 Rent and rates 7,500 Sales 219,000 Stock (at 1.1.2020) 14,000 Wages and salaries 15,000 Bank Interest 800 £330,850 £330,850 Additional Information: 1. Stock at 31 December 2020 valued at cost amounted to £20,000 2. Depreciation is to be provided on fixtures and fittings at 25% on cost 10% on reducing balance method for motor vehicle. 3. Provision is to be made for Rent and Rates for £250 4. Insurance paid in advance at 314 December 2020 amounted to £700 Required 1. Prepare Income statement for the year ended 31st December2020 2. Prepare Balance Sheet as at 31st December2020 3. Discuss the SIX accounting concepts, underlying the preparation of financial Statements. Question 2. The following statements of financial positions for the year ended 31st December 2019 and 2020 have been prepared for Happy Limited. Statement of financial positions at: 31,12.20 31.12.19 3. Non-current assets Plant and machinery at cost Less: Depreciation 35,000 (8,000) 35,000 (6,000) 27,000 29,000 20,000 Investments at cost Current assets Inventory Trade receivables 36,000 22,000 24,000 11,000 1,000 Cash 58,000 36,000 85,000 85,000 Capital and reserves Ordinary share capital Share premium account Retained earnings 40,000 40,000 5,000 5,000 6,000 3,000 Shareholders' funds 51,000 48,000 Non-current liabilities Loans 9,000 Current liabilities Trade payables Bank overdraft 29,000 28,000 5,000 34,000 85,000 85,000 Additional information: There were no purchases or sales of plant and machinery during the year. Required 1. Mrs Happy has asked you to prepare Happy Limited's statement of cash flows for the year ended 31st December 2020. 2. Write a short memo to Mrs Happy explaining the findings of your statement of cash flow.

Answer rating: 100% (QA)

Profit and loss Particulars Amount Particulars Amount Opening Stock 14000 Sales 219000 Purchases 144... View the full answer