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Make a statement of cash flows for the year ended june

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Reference no: EM132606653

Three friends of yours have formed a partnership to sell dietary supplements made from organic ingredients. They have been operating for one year. Their bank balance at the end of the year is $41,000.

A summary of their transactions is below:

Sales to customers                                                    256,000

Receipts from customers                                            199,000

Payments for inventory                                             103,000

Payments for electricity, telephone, rent and insurance   5,000

Purchase of a motor vehicle                                      30,000

Drawings                                                               50,000

Payment of interest                                               8,000

Loan proceeds                                                     20,000

Interest received                                                    1,000

Income taxes paid                                                   3,000

Additional capital contribution by owners                    20,000

Required:

Question 1: Make a statement of cash flows based on information given for your friends for the year ended 30 June 2018 in accordance with the requirements of AASB107

Reference no: EM132606653

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