IAS7-Cashflow statement - Printable Version +- Accountancy Forum (https://www.accountancy.com.pk/forum) +-- Forum: The Profession (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=4) +--- Forum: Accounting and Audit (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=7) +--- Thread: IAS7-Cashflow statement (/showthread.php?tid=6422) |
IAS7-Cashflow statement - hinanifaf - 08-21-2009 Dear students and graduates I am a distance BTECH student at the Polytechnic of Namibia,and having problems in solving the group cashflow statement Question Consolidated balance sheet as at 30 September 2009 2009 2008 N$ N$ Assets Non-current assets Intangible assets(note3) 35 19 Property,plant and equipment(note4) 240 280 Investments in associates 80 70 _______ ______ 355 369 Current assets Inventories 105 90 Trade receivables 120 100 Investments 20 70 ___ ___ 255 265 ___ ___ Total Assets 610 634 Equity and liabilities Capital and reserves Issued capital 100 100 Revaluation reserve - 20 Retained earnings 199 122 ___ ____ 299 242 Minority interest 65 40 Non-current liabilities Obligations under finance lease 80 70 Loans payable - 90 Deferred tax provision 30 24 ___ ____ 110 184 Current Liabilities Trade payables(note5) 71 60 Tax payable 10 8 Obligations under finance lease 25 20 Bank overdraft 30 80 ____ ____ 136 168 ___ ___ Total Equity and liabilities 610 634 Consolidated income statement for the year ended 30 Sept 2009 2009 2008 Revenue 600 500 Cost of sales (300) (240) ____ ______ Gross Profit 300 260 Other operating exp(note1)(150) (130) Other income(note20 10 - Finance cost (50) (45) Share of profit associates 17 17 ____ ____ Profit before tax 127 102 Income tax exp (35) (25) _____ ____ Profit for the period 92 77 _____ ____ Attributable to Equity holders of parent 82 71 Minority interest 10 6 ____ ____ 92 77 Consolidated statement of changes in equity - 30 Sept 2009 (amounts attributable to equity holders of the parent) 2009 2008 Opening balance 242 196 Profit for year 82 71 Dividend (25) (25) _____ ______ 299 242 Notes to the financial statements 1. Other operating expenses 2009 2008 Distribution costs 81 75 Administrative exp 75 70 Investment income (6) (15) ____ _____ 150 130 From time to time the group invest cash susrpluses in highly liquid investments that are shown as current assets in the consolidated balance sheet. 2. Other income This represents the gain on sale of a large freehold property that was sold by Poly ltd during the year on 1 Oct 2008 and leased back on an operating lease in line with the practice adopted by the rest of the group. The property was not depreciated in the current year. The property had been revalued in 2000 and the revaluation surplus was credited to a revaluation reserve.No other entries had been made in the revaluation reserve prior to the sale of the property. 3. Intangible non-current assets This comprise the unimpaired balance of goodwill on consolidation.During the year ended 30 SEPT 2009, Poly ltd purchased 80% of the issued equity share capital of COLL LTD FOR N$100,payable in cash.The net assets of Coll ltd,at the date of acquisition were assessed as having fair values as follows Plant and machinery-owned 50 Fixture and fittings-owned 10 Inventories 30 Trade receivables 25 Cash at bank and in hand 10 Trade payables (15) Tax payable (5) _____ 105 4.Property,plant and equipment 30.9.09 30.9.08 Freehold land and buildings - 90 Plant and machinery - owned 130 100 Plant and machinery - leased 90 70 Fixtures and fittings-owned 20 20 _______ _____ 240 280 During the year the group entered into new finance lease in respect of certain items of plant and machinery(see note2above).The amounts debited to property,plant and equipment in respect of such agreements during the year totalled N$40.No disposals of property,plant and equipment(owned or leased) took place during the year.Depreciation of property,plant and equipment for the year totalled N$58. I need to prepare a group cashflow statement - year ended 30 Sept 2009 in the form required by IAS7 Cashflow statements. In the meantime i will also attend to the question,i already started with the workings.I can post it if you want to check on it. Many thanks Flora - kamranACA - 08-21-2009 Dear Flora, It would be quite helping if you email me this question through the email option given by forum. It appears hard to understand and reply here due to formatting problem of the question posted by you. Regrads, Kamran. - wsafca - 08-21-2009 I would love to have it for my practice, if you may please send me this as well? Regards Waqas - newhandsom - 09-19-2009 Flora, If it hasnt been solved, I may be able to help you as well. You need to email me this. thanks, Adnan |