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Make Statement of cash flows for the year ended December

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Question - Waqar is a sole trader. He provides the following financial information in respect of his business.

Income statement for the year ended 31 December 2019

Sales 3380

Cost of sales (2000)

Expenses (1200)

Profit for the year 180

Statements of financial position at:

31 December 2018 31 December 2019

Non-current assets

Freehold land 2000 3500

Plant and machinery at cost 900 1020

Less: depreciation (500) (470)

Net book value 400 550

2400 4050

Current assets

Inventory 310 320

Trade receivables 240 210

Cash and cash equivalents 10 0

560 530

Current liabilities

Trade payables 200 160

Bank overdraft - 530

200 690

Non-current liability - loan 500 350

Net assets 2260 3540

Additional Information:

1. Drawing is $400

2. During the year Winston purchased new plant at a cost of $200 000. He also sold some plant that had a net book value of $20 000 and had been depreciated by $60 000. This resulted in a loss on disposal of $2000.

REQUIRED - Make Statement of cash flows for the year ended 31 December 2019.

Reference no: EM132647575

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