Solution-Prepare the statement of cash flows

Prepare the statement of cash flows

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Reference no: EM133109257

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	20	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	380
Plant	240	190
Accumulated depreciation	49	63
Bank overdraft	30	-
Accounts payable	420	380
Accrued interest	4	6
Long-term loan	244	266
Share capital	80	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.

Reference no: EM133109257

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Prepare the statement of cash flows

Reference no: EM133109257

Reference no: EM133109257

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