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Please read the following instructions carefully before attempting Quiz This Assignment covers lesson no.
Please read the following instructions carefully before attempting Quiz
This Assignment covers lesson no.18
Last date for submission of Assignment # 2 is 31/5/2016
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marked zero.
The balance sheets of the Ahmed Fabrics Limited at the end of 2006 and 2007 are
as follows:
Particulars
Assets
2006
Rs.
2007
Rs.
Cash
Accounts receivable(Net)
Merchandise Inventory
20,000 15,000
45,000 50,000
40,000 65,000
Prepaid expenses
10,000
5,000
Building and equipment
Allowance for deprecation---building and equipment
Land
70,000 85,000
(7,500) (17,500)
45,000 80,000
222,500 282,500
Liabilities & Capital
Rs.
Rs.
Accounts payable
Accrued expenses
Notes payable-----
Mortgage payable
Capital stock, Rs.10 par
40,000 50,000
12,500 10,000
30,000
30,000
150,000 185,000
Retain earnings ( deficit)
(10,000)
7,500
222,500 282,500
Land was acquired for Rs. 35,000 in exchange for capital stock, par Rs. 35,000,
during the year; equipment of Rs. 15,000 was acquired for cash. Cash dividends
of Rs. 10,000 were charged to retained earnings during the year; the transfer of
net income (Rs. 27,500) to retained earnings was the only other entry in this
account.
Required:
Prepare a statement of cash flow.
