The following information relates to Hunter a small private company. It consists of an opening statement of financial position as at 1 April 20X3 and a listing of the company’s ledger accounts at 31 March 20X4 after the draft operating profit before interest and tax (of

$17,900) had been calculated. HUNTER

STATEMENT OF FINANCIAL POSITION AS AT 1 APRIL 20X3

	$
Non-current assets
Land & Buildings (at valuation of $49,200 less accumulated depreciation of $5,000)	44,200
Plant (at cost of $70,000 less accumulated depreciation of $22,500)	47,500
Investments at cost	16,900
	108,600
Current Assets
Inventory	57,400
Trade Receivables	28,600
Bank	1,200
Total assets	195,800
Equity & Liabilities
Equity
Ordinary shares of $1 each	25,000
Share Premium	5,000
Revaluation Reserve	12,000
Retained Earnings	70,300
	112,300
Non-current liabilities
8% loan notes	43,200
Current liabilities
Trade payables	31,400
Taxation	8,900
Total equity and liabilities	195,800

Ledger accounts

	DR $	CR $
Ordinary shares of $1 each		50,000
Share Premium		8,000
Retained earnings-1 April 20X3		70,300
Profit before interest and tax-year to 31 March 20X4		17,900
Revaulation reserve		18,000
8% loan notes		39,800
Trade payables		26,700
Accrued loan interest		300
Taxation	1,100
Land & Buildings at valuation	62,300
Plant at cost	84,600
Buildings- accumulated depreciation 31 March 20X4		6,800
Plant- accumulated depreciation 31 March 20X4		37,600
Investments at cost	8,200
Trade receivables	50,400
Inventory-31 March 20X4	43,300
Bank		1,900
Investment income		400
Loan Interest	1,700
Ordinary dividend	26,100
	277,700	277,700

Notes:

• There were no disposals of land and buildings during the year. The increase in revaluation reserve was entirely due to the revaluation of the company’s land.
• Plant with a net book value of $12,000 (cost $23,500) was sold during the year for

$7,800. The loss on sale has been included in the profit before interest and tax.

• Investments with a cost of $8,700 were sold during the year for $11,000. The profit has been included in the profit before interest and tax. There were no further purchase of investments.
• On 10 October 20X3 a bonus issue of 1 for 10 ordinary shares was made utilizing the share premium account. The remainder of the increase in ordinary shares was due to an issue for cash on 30 October 20X3.
• The balance of the taxation account is after the settlement of the provision made for the year to 31 March 20X3. A provision for the current year has not been made.

Required:

From the above information, prepare a statement of cash flows for Hunter using the indirect method in accordance with IAS7 Statement of Cash Flows for the year ended 31 March  20X4.