Solution-Prepare a statement of cash flows for monty

Prepare a statement of cash flows for monty

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Reference no: EM13557922

Monty is a publicly listed company. Its financial statements for the year ended 31 March 20X3 including comparatives are shown below.

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH

Revenue

Cost of sales

Gross profit

Distribution costs

Administrative expenses

Finance costs - loan interest

- lease interest

Profit before tax

Income tax expense

Profit for the year

Other comprehensive income (Note 1)

Total comprehensive income

20X3

$'000

31,000

(21,800)

9,200

(3,600)

(2,200)

(150)

(250)

3,000

(1,000)

2,000

1,350

3,350

20X2

$'000

25,000

(18,600)

6,400

(2,400)

(1,600)

(250)

(150)

2,050

(750)

1,300

STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH

ASSETS

Non-current assets

Property, plant and equipment

Deferred development expenditure

Current assets

Inventory

Trade receivables

Bank

Total assets

EQUITY AND LIABILITIES

Equity shares of $1 each

Revaluation surplus

Retained earnings

Non-current liabilities

8% loan notes

Deferred tax

Finance lease obligation

Current liabilities

Finance lease obligation

Trade payables

Current tax payable

Total equity and liabilities

20X3

$'000

14,000

1,000

15,000

3,300

2,950

6,300

21,300

8,000

1,350

3,200

12,550

1,400

1,500

1,200

4,100

750

2,650

1,250

4,650

21,300

20X2

$'000

10,700

3,800

2,200

1,300

7,300

18,000

8,000

1,750

9,750

3,125

800

900

4,825

600

2,100

725

3,425

18,000

Notes

1 On 1 July 20X2, Monty acquired additional plant under a finance lease that had a fair value of $1.5 million. On this date it also revalued its property upwards by $2 million and transferred $650,000 of the resulting revaluation reserve this created to deferred tax. There were no disposals of non-current assets during the period.

2 Depreciation of property, plant and equipment was $900,000 and amortisation of the deferred development expenditure was $200,000 for the year ended 31 March 20X3.

Required

Prepare a statement of cash flows for Monty for the year ended 31 March 20X3, in accordance with IAS 7 Statement of Cash Flows, using the indirect method.

Reference no: EM13557922

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Prepare a statement of cash flows for monty

Reference no: EM13557922

Reference no: EM13557922

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