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Question - The balances of selected accounts of XYZ Ltd at 30 June 2020 and 30 June 2021 are:
2021 $000
2020 $000
Sales (all on credit)
520
720
Cost of goods sold
280
232
Doubtful debts expense
25
38
Interest expense
17
20
Salaries
88
134
Depreciation
32
Gain on sale of plant
4
14
Cash
-
55
Inventory
378
336
Accounts receivable
560
525
Allowance for doubtful debts
56
74
Land
380
Plant
240
190
Accumulated depreciation
49
63
Bank overdraft
30
Accounts payable
420
Accrued interest
6
Long-term loan
244
266
Share capital
80
Additional information:
Dividends of $36 000 were paid during the year ending 30 June 2021.
Plant with a carrying amount of $6 000 (original cost $40 000 and accumulated depreciation $34 000) was sold during the year ending 30 June 2021 and new plant was acquired.
Required - Prepare the Statement of Cash Flows and all supporting notes for the year ending 30 June 2021.
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