The data given ahead were provided by the accounting records of Shuchi diamonds Ltd.:
Income Statement
|
Liabilities |
2011 |
2010 |
Assets |
2011 |
2010 |
|
Share Capital: |
2,32,500 |
1,57,500 |
Plant Assets |
3,57,500 |
2,52,500 |
|
Reserves and Surplus |
70,000 |
66,000 |
Less: Accumulated |
(51,500) |
(34,000) |
|
|
|
|
Depreciation |
|
|
|
Current Liabilities: |
|
|
|
3,06,000 |
2,18,500 |
|
Account Payable |
25,000 |
21,500 |
Investment (Long Term) |
57,500 |
63,500 |
|
Accrued Liabilities |
6,000 |
4,500 |
Current Assets: |
|
|
|
Income Tax Payable |
1,500 |
2,500 |
Inventory |
72,000 |
55,000 |
|
Secured Loan: |
|
|
Accounts Receivable |
23,500 |
27,500 |
|
Bonds |
1,97,500 |
1,22,500 |
Cash |
23,000 |
7,500 |
|
|
|
|
Prepaid Expenses |
500 |
2,500 |
|
|
4,82,500 |
3,74,500 |
|
4,82,500 |
3,74,500 |
(for the Year Ended on 31 March 2010)
|
|
|
Rs. |
|
Sales |
|
3,49,000 |
|
Cost of Goods Sold |
|
(2,60,000) |
|
Gross Margin |
|
89,000 |
|
Operating Expenses |
|
(73,500) |
|
(Including Depreciation Expenses of 18,500) |
|
15,500 |
|
Other Income (Expenses): |
|
|
|
Interest Expenses Paid |
(11,500) |
|
|
Interest Income Received |
3,000 |
|
|
Gain on Sale of Investments |
6,000 |
|
|
Loss on Sale of Plant |
(1,500) |
(4,000) |
|
Provision Before Tax |
|
11,500 |
|
Provision for tax |
|
(3,500) |
|
Provision After Tax |
|
8,000 |
Comparative Balance Sheets (as on 31 March)
Analysis of selected transactions and accounts during 2010–11:
Prepare cash flow statement for the year ended on 31 March 2011 as per AS-(3) (Revised) using indirect method.
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