B. The comparative statements of financial position of SearchNoMore Bhd (SNMB) for the year 2020 are as
Question:
B. The comparative statements of financial position of SearchNoMore Bhd (SNMB) for the year 2020 are as follows:
SearchNoMore Bhd
Statement of Financial Position
As at 31 December 2020
| 2020 | 2019 |
Cash | RM | RM |
182,000 | 40,000 | |
Accounts Receivable | 180,000 | 130,000 |
Inventories | 124,000 | 116,000 |
Prepayments | 24,000 | 20,000 |
Land | 180,000 | 160,000 |
Plant | 640,000 | 560,000 |
Accumulated Depreciation | (184,000) | (120,000) |
Total Assets | 1,146,000 | 906,000 |
Accounts Payable 96,000 90,000 | ||
Borrowings | 400,000 | 320,000 |
Share Capital | 460,000 | 400,000 |
Retained Earnings | 190,000 | 96,000 |
Total Equity and Liabilities | 1,146,000 | 906,000 |
Additional information:
1. There were no disposals of land or plant during the year.
2. RM60,000 of borrowing was settled through the issue of ordinary shares. There were no other repayments of borrowings.
3. Profit after tax for the year was RM240,000, interest expense was RM28,000 and income tax expense was RM82,000. There were no items of other comprehensive income.
4. RM146,000 of dividend was paid during the year.
5. Sales revenue for the year was RM600,000. There was no other revenue.
REQUIRED:
Prepare the Statement of Cash Flows for SNMB for the year ended 31 December 2020 using indirect method in accordance to MFRS 107 Statement of Cash Flows.
Expert Answer:
Computation of statement of Cash flows by using indirect method for the year 2020 Particulars Amount ... View the full answer
