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Practice Question Q.No.1.Following are the financial statements of Pakistan Products Limited: Pakistan Product Limited Statements of Financial Position As on June 30, 2009 and 2008. Share capital and reserves: Issued, subscribed and paid up capital Retained earnings June 30, 2009 (Rs.000) 19,300 5,610 24,910 June 30, 2008 (Rs.000) 19,000 5,930 24,930 5,050 5,200 Non-current liabilities: TFCs Current Liabilities: Trade and other payables Provision for taxation 1,650 1,115 2,765 32,725 1,800 1,100 2,900 33,030 Total Liabilities and Equity 11,500 6,900 6,700 11,800 7,000 6,350 ASSETS Non-current assets: Property, plant and equipment: Land Building Equipment Current Assets: Inventory Trade receivables Prepaid expenses Cash and bank balances Total Assets 3,400 2,800 565 860 32,725 3,550 2,650 580 1,100 33,030 Additional Information: 1. A piece of land was sold for cash at 20% profit. 2. Dividends of Rs.500,000 were declared and paid during the year. 3. Equipment of Rs.700,000 was purchased for cash. In addition, an equipment costing Rs.300,000 with a book value of Rs.50,000 was sold for Rs.40,000 for cash. 4. TFCs were redeemed at face value by issuing ordinary shares at par. 5. Rs.150,000 were provided against tax liability for the year. Required: Using indirect method, prepare Statement of Cash Flows for the year ended June 30, 2009 as per the requirements of IAS-7