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QUESTION 3 The following information has been extracted from the financial records of Nocturnes Ltd: Cash Accounts receivable Allowance for DD Inventory Plant and equipment - at cost Accumulated Depreciation Bank overdraft Accounts payable GST payable Interest expense payable Dividends payable Income tax payable Long-term borrowings Share capital Retained earnings 31/3/2022 $500 5 241 250 7 000 45 025 16 000 110 6 342 50 10 150 40 4 000 11 864 18 950 31/3/2021 $275 5452 300 7 240 44 000 13 500 200 7 992 381 15 30 3 000 9 799 21 750 Sales 70 000 Cost of goods sold 40 000 Operating expenses 14 591 Bad debt expense 150 Doubtful debt expense 239 Interest expense 205 Depreciation expense 3 300 Loss on sale of plant and equipment 501 Tax expense 4 000 Additional information: 1. Nocturnes Ltd uses the indirect method to report cash flows from operating activities. 2. The entity classifies both dividends paid and interest paid as operating cash flows. 3. An item of plant and equipment was sold for $2 000 during the year. 4. An item of plant and equipment was purchased for $628 with an issue of shares. 5. The GST rate is 15%. Required: (111) Prepare a Statement of Cash Flows for Nocturnes Ltd, in accordance with NZ IAS 7 Statement of Cash Flows, for the year ended 31 March 2022. Assume this time that Noc- turnes Ltd uses the direct method to report cash flows from operating activities. The reconcil- iation note, as per FRS-44 NZ, is required. Assume this time that the entity classifies both dividends paid and interest paid as financing cash flows. (iv) Explain why there is a difference in the dollar amount for Net cash flow (used in) from operating activities in (ii) and (111) above. Comment on the cash generated from operations amount in your answer. QUESTION 3 (iii) Nocturnes Ltd Statement of Cash Flows for the year ended 31 March 2022 Cash flows from operating activities: Receipt from customers Cash paid to accounts payable Cash generated from operations Net cash flow (used in)/from operating activities Cash flows from investing activities: Net cash flow (used in)/from investing activities Cash flows from financing activities Net cash flow (used in) from financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Check: QUESTION 3 (iii) continued: Nocturne Ltd Reconciliation of profit after tax to net cash flows from operating activities Start with ? Transactions of a non-cash nature: $ Deferrals/accruals of past or future operating cash receipts/payments: Reverse items of income/expense included in profit but are CFIA/CFFA: Net cash flow (used in) from operating activities (iv) Explain why there is a difference in the dollar amount for Net cash flow (used in) from operating activities in (ii) and (iii) above. Comment on the cash generated from operations' amount in your