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A Statement of Cash Flows forms an integral portion of a set of Financial Statements to be made by a reporting entity. The given Financial Statements of Smoothflows Ltd. has been given to you. They are in respect of Financial Years ending 31st December 2011 and 2012 correspondingly:

1782_cash flow statement.jpg

1390_cash flow statement_2.jpg

This additional information was given:

a) Throughout the Year 2012, Plant which had cost Rs 100,000 and which had a book value of Rs 20,000 was sold for Rs 15,000;

b) Rs 50,000 of the Debentures were repaid on 31st December 2012;

c) An Interim Dividend of Rs 7,500 was paid throughout the year 2012; and

d) Taxation in the sum of Rs 6,000 has been debited to the Profit and Loss Account.

Profit and loss account for the year ended 31st December 2012:

2168_profit and loss account.jpg

Required:

problem 1: Make a Statement of Cash Flows for the year ended 31st December 2012 by using the Indirect Method, and complying with IAS 7.

problem 2: Describe the main purpose of a Statement of Cash Flows.

problem 3: Describe what you understand by ‘Allocation’ and ‘Apportionment’ of Costs. 

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M96957

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