The following information relates to the activities of Chemco Ltd: Statement of Financial Position as at...
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The following information relates to the activities of Chemco Ltd: Statement of Financial Position as at 30 June Assets Non-current assets Current assets Inventory Receivables Bank Total assets Equity and liabilities Share capital Retained earnings Total equity Non-current liabilities 10% Debentures Current liabilities Bank overdraft Payables Taxation Total liabilities Total equity and liabilities Operating profit Interest payable Profit before taxation Taxation Rs '000 1,531 (26) 1,505 2022 Rs'000 1,295 (480) 1,025 1,500 2,680 5,475 600 1.625 2,225 160 1,810 1,000 280 3.250 5.475 2021 Rs'000 810 500 890 740 2.940 400 600 1,000 360 Additional information: (i) The statement of profit or loss for the year ended 30 June 2022 shows the following: 680 900 1.940 2,940 6 of 7 perating profit Interest payable Profit before taxation Taxation Rs '000 1,531 (26) 1,505 (480) 1,025 Page 5 of 7 (ii) Payables consists of trade payables and accrued interest. The accrued interest as at 30 June 2022 was Rs 45,000 and 2020 was Rs 80,000. REQUIRED: (iii) Profit before taxation had been arrived at after charging Rs 395,000 for depreciation on non-current assets. (iv) During the year non-current assets with a carrying amount of Rs 200,000 were sold for Rs 190,000. (a) Prepare a Statement of Cash Flows for Chemco Ltd for the year ended 30 June 2022, in accordance with IAS 7: Statement of cash flows. (20 marks) The following information relates to the activities of Chemco Ltd: Statement of Financial Position as at 30 June Assets Non-current assets Current assets Inventory Receivables Bank Total assets Equity and liabilities Share capital Retained earnings Total equity Non-current liabilities 10% Debentures Current liabilities Bank overdraft Payables Taxation Total liabilities Total equity and liabilities Operating profit Interest payable Profit before taxation Taxation Rs '000 1,531 (26) 1,505 2022 Rs'000 1,295 (480) 1,025 1,500 2,680 5,475 600 1.625 2,225 160 1,810 1,000 280 3.250 5.475 2021 Rs'000 810 500 890 740 2.940 400 600 1,000 360 Additional information: (i) The statement of profit or loss for the year ended 30 June 2022 shows the following: 680 900 1.940 2,940 6 of 7 perating profit Interest payable Profit before taxation Taxation Rs '000 1,531 (26) 1,505 (480) 1,025 Page 5 of 7 (ii) Payables consists of trade payables and accrued interest. The accrued interest as at 30 June 2022 was Rs 45,000 and 2020 was Rs 80,000. REQUIRED: (iii) Profit before taxation had been arrived at after charging Rs 395,000 for depreciation on non-current assets. (iv) During the year non-current assets with a carrying amount of Rs 200,000 were sold for Rs 190,000. (a) Prepare a Statement of Cash Flows for Chemco Ltd for the year ended 30 June 2022, in accordance with IAS 7: Statement of cash flows. (20 marks)
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Answer rating: 100% (QA)
Operating Activities Calculate Cash Receipts from Customers Net Sales Rs 3250615000 from the income statement Decrease in Receivables Rs 810000 740000 Rs 70000 2021 2022 Cash Receipts from Customers N... View the full answer
Related Book For
Financial Accounting Reporting Analysis And Decision Making
ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
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