The following information relates to ABC Pty Ltd, a business that manufactures electric products operating in...
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The following information relates to ABC Pty Ltd, a business that manufactures electric products operating in Pretoria. Statement of Financial Position Information as at 31 December 2015 and 2016 2015 (R) 400 000 100 000 Ordinary Shares Capital (R1) Preference Share Capital (RO.50) Share Premium Retained Earning Long Term Loan from AB bank Land and Buildings at cost Machinery and Equipment at cost Machinery and Equipment: Accumulated Depreciation Fixed Deposits (at Standard bank) Inventory Trade Debtors Bank (Dr) Petty Cash Cash in Hand Trade Creditors Bank Overdraft Income tax payable Shareholders for dividends Interest Payable 15 000 25 000 90 000 Item Interest Income from fixed deposits Depreciation Charge for the year Loss of sale of machinery and equipment Interest on long term loan Income tax expense Profit for the year Ordinary dividends Preference dividends 300 000 130 000 43 000 35 000 31 000 40 000 115 000 5 000 - 18 000 15 000 15 000 5 000 Amount (R) 13 000 29 000 1 500 14 000 47 000 90 500 20 000 6 000 2016 (R) 500 000 100 000 17 500 115 000 60 000 320 000 80 000 49 000 50 000 50 000 35 000 Extract of items disclosed in the Statement of Comprehensive Income for the year ended 31 December 2016: - 5 000 4 500 25 000 2 000 13 000 25 000 6 000 NB: Use the Indirect method. Comparative figures and notes are not required. Additional Information: 1) No machinery and equipment were purchasing during the financial year. Machinery and equipment were sold for R85 500 of which R45 500 was on still outstanding. 2) The new property which was acquired is situated at Site 100 Thabo Sehume, Pretoria. The company plans to use it as its warehousing sites. 3) Inventory is recorded at cost. 4) The shares issued in March 2016. Required: Prepare the Statement of Cash Flows for ABC Pty Ltd for the year ended 31 December 2016 in compliance with the requirements of GAAP as stipulated in IAS 7. The following information relates to ABC Pty Ltd, a business that manufactures electric products operating in Pretoria. Statement of Financial Position Information as at 31 December 2015 and 2016 2015 (R) 400 000 100 000 Ordinary Shares Capital (R1) Preference Share Capital (RO.50) Share Premium Retained Earning Long Term Loan from AB bank Land and Buildings at cost Machinery and Equipment at cost Machinery and Equipment: Accumulated Depreciation Fixed Deposits (at Standard bank) Inventory Trade Debtors Bank (Dr) Petty Cash Cash in Hand Trade Creditors Bank Overdraft Income tax payable Shareholders for dividends Interest Payable 15 000 25 000 90 000 Item Interest Income from fixed deposits Depreciation Charge for the year Loss of sale of machinery and equipment Interest on long term loan Income tax expense Profit for the year Ordinary dividends Preference dividends 300 000 130 000 43 000 35 000 31 000 40 000 115 000 5 000 - 18 000 15 000 15 000 5 000 Amount (R) 13 000 29 000 1 500 14 000 47 000 90 500 20 000 6 000 2016 (R) 500 000 100 000 17 500 115 000 60 000 320 000 80 000 49 000 50 000 50 000 35 000 Extract of items disclosed in the Statement of Comprehensive Income for the year ended 31 December 2016: - 5 000 4 500 25 000 2 000 13 000 25 000 6 000 NB: Use the Indirect method. Comparative figures and notes are not required. Additional Information: 1) No machinery and equipment were purchasing during the financial year. Machinery and equipment were sold for R85 500 of which R45 500 was on still outstanding. 2) The new property which was acquired is situated at Site 100 Thabo Sehume, Pretoria. The company plans to use it as its warehousing sites. 3) Inventory is recorded at cost. 4) The shares issued in March 2016. Required: Prepare the Statement of Cash Flows for ABC Pty Ltd for the year ended 31 December 2016 in compliance with the requirements of GAAP as stipulated in IAS 7.
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