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Question - The following information is available for Starter's business for the year ended 31 December. He started his business on 1 January.
Rs. (000)
Trade payables
6,400
Trade receivables
5,060
Purchases
16,100
Revenue
28,400
Motor van
1,700
Drawings
5,100
Insurance
174
General expenses
1,596
Rent and rates
2,130
Salaries
4,162
Inventory at 31 December
2,050
Sales returns
200
Cash at bank
2,628
Cash in hand
50
Capital introduced
4,100
Required - Prepare a statement of comprehensive income for the year ended 31 December and a statement of financial position at that date.
Also one page on analyzing Statement of cash flow: Are cash flows from operations more or less then net income for the past two years? And one page on analyzing one significant item from the notes to the financial statements
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