Dacember 2017. (30 Marks)
[Total 30 marks)
Question 2
ENG 11:48 AM
6/7/2020
UK
(D
The following summarized statements of financial position relate to Track Limited:
Statements of financial position at 30 June
2014
2013
N$000 N$000
Non-current assets at cost
650
500
Less accumulated depreciation
300
200
350
300
Investment at cost
50
200
400
500
Current assets:
Inventory
700
400
Accounts recelvable
1,550 1,350
Cash at bank
100
2.250
1.850
Total assets
2.650
2.350
Current liabilitles
Bank overdraft
60
Accounts payable
920
800
Taxation
190
230
Total liabilities
1.170
1.030
Page 3 of 7
1.480
1,320
Net assets
Equity
Called-up share capital (1 ordinary shares)
Share premium account
Retained profits
750
200
530
1.480
500
150
670
1,320
Additional Information:
1. During the year to 30 June 2014, some non-current assets originally costing
N$25,000 had been sold for N$20,000 in cash. The accumulated depreciation
on these non-current assets at 30 June 2013 amounted to N$10,000. Similarly,
some of the investments originally costing N$150,000 had been sold for cash at
their book value.
2. The taxation balances disclosed in the above statements of financial position
represent the actual amounts agreed with the revenue and customs. All taxes
were pald on their due dates Advance corporation tax may be ignored
3. A dividend of N$130,000 was pald during the year to 30 June 2014
4. During the year to 30 June 2014, the company made a 1-for-2 rights issue of 250
ordinary N$ shares at 120p por share.
Required:
Prepare Track Ltd's statement of cash flows for the year to 30 June 2014. (30 marks)
[Total 30 marks]