Reference no: EM132993152

Question - The balances in the accounts of XYZ at 30 June 2023 and 30 June 2024 are:

2024 ($000) 2023 ($000)

Sales (all on credit) 250 350

Cost of goods sold 130 110

Doubtful debts expense 25 30

Interest expense 20 30

Salaries 30 25

Depreciation 10 15

Cash 144 139

Inventory 180 160

Accounts receivable 270 250

Allowance for doubtful debts 30 35

Land 150 150

Plant 100 90

Accumulated depreciation 20 30

Bank overdraft 20 19

Accounts payable 200 190

Accrued salaries 22 18

Long-term loan 90 70

Share capital 120 100

Opening retained earnings 307 187

Other information

Share capital is increased by the bonus issue of 20 000 shares for $1.00 each out of retained earnings. Plant is acquired during the period at a cost of $30 000, while plant with a carrying amount of $nil (cost of $20 000; accumulated depreciation of $20 000) is scrapped.

Required - Prepare a statement of cash flows for XYZ Ltd for the year ending 30 June 2024.