Prepare a statement of cash flows in accordance with aasb

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Reference no: EM13174789

A comparative Statement of Financial Position of Aqua Ltd is presented below:

	30 June 2012	30 June 2011
	$	$

Cash	218,000	120,000
Trade receivables	204,000	184,000
Inventory	160,000	100,000
Land (at valuation)	62,000	50,000
Plant	520,000	460,000
Accumulated depreciation	(120,000)	(90,000)
	1,044,000	824,000

Accounts payable	155,000	150,000
Accrued interest	16,000	12,000
Other accrued liabilities	43,000	45,000
Current tax payable	34,000	30,000
Provision for employee benefits	42,000	38,000
Dividend payable	60,000	-
Borrowings	105,000	95,000
Deferred tax liability	39,000	58,000
Share capital	380,000	350,000
Revaluation reserve	20,000	12,000
Retained earnings	150,000	34,000
	1,044,000	824,000

Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2012
	$

Sales	3,580,000
Cost of sales	(2,864,000)
Gross profit	716,000
Gain on sale of plant	16,000
Dividend income	4,000
Distribution costs	(185,000)
Administrative costs	(160,000)
Interest expense	(8,000)
Other costs	(40,000)
Profit before tax	343,000
Income tax expense	(103,000)
Profit for the year	240,000
Other Comprehensive Income
Gain on asset revaluation (net of tax)	8,000
Total comprehensive income	248,000

Additional information:

The land revaluation reserve increment for the year is net of deferred tax of $4,000.
Plant with a carrying amount of $60,000 (cost $85,000, accumulated depreciation $25,000) was sold for $76,000.
Accounts payable at 30 June 2012 include $22,000 in respect of plant acquisitions.
There were borrowing repayments of $30,000 during the year.
The increase in share capital of $30,000 arose from the company's dividend reinvestment scheme.
Dividends declared out of profits for the year were: interim dividend $64,000, final dividend $60,000.

Required:

Using the direct method of presenting cash flows from operating activities, prepare a Statement of Cash Flows in accordance with AASB 107 for the year ended 30 June 2012, including a reconciliation of cash flows arising from operating activities and profit.Show all workings.

Reference no: EM13174789

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