The Income Statement for the year ended on 30 June, 2020 of Asghar Trading Company is...
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The Income Statement for the year ended on 30 June, 2020 of Asghar Trading Company is as follows. Income Statement for the year ended 30-06-2020 Sales Revenues Less Cost of Goods Sold Selling and admin expenses Other expenses Net income before tax Less income tax Net income after tax a) b) c) Rs. 570,000 Rs. 218,000 Rs. 6,500 d) e) f) Rs. 1,280,000 Following additional information was also available: Depreciation of Rs. 15,500 was included in the selling and admin expenses Other expenses include the bad debts of Rs 3,000 Rs. 794,500 Rs. 485,500 Rs. 145,650 Rs. 339,850 Accounts receivables were increased by Rs. 118,000 at the end of the year. The opening cash balance was Rs. 70,500. Accounts payable were increased by Rs. 70,800 at the end of the year. Inventories were increased by Rs. 125,000 at the end of the year. Tax payable was decreased by Rs. 22,000 at end of the year. 60 h) i) j) k) 1) Salaries payable of selling staff were decreased by Rs. 23,000 at end of the year. Dividend of Rs. 120,000 was paid to stockholders. Plant amounting to Rs. 250,000 was purchased during the year. Debentures amounting to Rs. 400,000 were issued during the year. Old motor car was sold at Rs. 122,000 at cash. A motor cycle for marketing staff was purchased at Rs. 130,000. Required: Prepare cash flow statement at end of the year under direct and indirect method approaches for operating, investing and financing activities. The Income Statement for the year ended on 30 June, 2020 of Asghar Trading Company is as follows. Income Statement for the year ended 30-06-2020 Sales Revenues Less Cost of Goods Sold Selling and admin expenses Other expenses Net income before tax Less income tax Net income after tax a) b) c) Rs. 570,000 Rs. 218,000 Rs. 6,500 d) e) f) Rs. 1,280,000 Following additional information was also available: Depreciation of Rs. 15,500 was included in the selling and admin expenses Other expenses include the bad debts of Rs 3,000 Rs. 794,500 Rs. 485,500 Rs. 145,650 Rs. 339,850 Accounts receivables were increased by Rs. 118,000 at the end of the year. The opening cash balance was Rs. 70,500. Accounts payable were increased by Rs. 70,800 at the end of the year. Inventories were increased by Rs. 125,000 at the end of the year. Tax payable was decreased by Rs. 22,000 at end of the year. 60 h) i) j) k) 1) Salaries payable of selling staff were decreased by Rs. 23,000 at end of the year. Dividend of Rs. 120,000 was paid to stockholders. Plant amounting to Rs. 250,000 was purchased during the year. Debentures amounting to Rs. 400,000 were issued during the year. Old motor car was sold at Rs. 122,000 at cash. A motor cycle for marketing staff was purchased at Rs. 130,000. Required: Prepare cash flow statement at end of the year under direct and indirect method approaches for operating, investing and financing activities.
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Asghar Trading Company Cash Flow Statement For the year ended 30 June 2020 Rs in 000 Direct method Operating activities Net cash inflow from operating ... View the full answer
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