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Question No 59 Chapter 8 – UNIMAX Class 12 Part 2 – 2021
59 From the following information, prepare a Cash Flow Statement:
BALANCE SHEETS AS AT…….
| Particulars | 31.3.2022 | 31.3.2021 |
| I. Equity and liabilities | ||
| (1) Shareholders’ funds | ||
| (a) Share capital | 1,00,000 | |
| (b) General reserve | 4,000 | 4,000 |
| Profit & loss account | ||
| (2) Non-current liabilities: | ||
| 15% debentures | 14,000 | 12,000 |
| (3) Current liabilities | ||
| (a) Cash credit | 13,600 | 34,000 |
| (b) Trade payable | 31,600 | 34,000 |
| (c) Short term provisions (provision for tax) | 8,400 | 6,000 |
| (d) Dividend payables | 2,000 | – |
| Total | 1,76,000 | 1,63,000 |
| II. Assets: | ||
| (1) Non-current assets: | ||
| Fixed assets | 80,000 | 82,000 |
| Less: accumulated Dep. | 30,000 | 22,000 |
| 50,000 | 60,000 | |
| (2) Current assets: | ||
| (a) Inventories | 70,000 | 60,000 |
| (b) Sundries debtors | 48,000 | 40,000 |
| (c) Prepaid expenses | 1,000 | 600 |
| (d) Current investment | 5,000 | 2,000 |
| Cash in hand | 2,000 | 400 |
| Total | 1,76,000 | 1,63,000 |
Additional Information:
(A) Contingent liability | 31.3.2022 | 31.3.2021 |
Proposed dividend | 11,600 | 10,000 Advertisement |
(B) Provision for tax made 9,400. |
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(C) Fixed assets sold for 10,000 their cost 20,000 and accumulated depreciation till date of sale is 6,000. |
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(D) An interim dividend paid during the year 9,000. |
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The solution of Question No 59 Chapter 8 – UNIMAX Class 12 Part 2 – 2021 : –
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31st MARCH . 2022
| Particulars | ₹ | ₹ |
| I. cash flow from operating activities | ||
| Net profit before tax (note 1) | 28,800 | |
| Adjustments for non-cash and non-operating items: | ||
| Add: depreciation 14,000 | ||
| Loss on sale of fixed assets 4000 | ||
| Interest on debentures 1,800 | 19,800 | |
| Operating profit before working capital change | 48,600 | |
| Less: increase in current assets | ||
| Inventories | ||
| Trade receivables 8,000 | ||
| Prepaid expenses 400 | ||
| Decrease in current liabilities: | ||
| Trade payable 2,400 | (20,800) | |
| Cash generated from operating activities | 27,800 | |
| Less: income tax paid | (7,000) | |
| Net cash from operating activities | 20,800 | 20,800 |
| B. cash flow from investing activities | ||
| Sale of fixed assets | 10,000 | |
| Purchase of fixed assets | (18000) | |
| Not cash used in investing activities | (8000) | (8000) |
| C. cash flows from financing activities | ||
| Issue of share capital | 20,000 | |
| Issue of debenture | 2,000 | |
| Interest on debenture | (1800) | |
| Decrease in cash credit | (11,400) | |
| Payment of proposed dividend (for 2021) | ||
| (10,000-dividend payable 2,000) | (8000) | |
| Interim dividend paid | (9000) | |
| Net cash used in financing activities | (8200) | (8200) |
| Net increase in cash and cash equivalents | 4600 | |
| Add: cash and cash equivalents in the beginning of the period | 2400 | |
| Cash and cash equivalents at the end of the period | 7,000 |
Working Notes:
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| 1. Calculation of net profit before tax: | Amounts |
| Profit & loss a/c 31st march, 2022 | 2,400 |
| Less: profit & loss account 31st march, 2021 | 2,000 |
| 400 | |
| Add: proposed dividend | 10,000 |
| Interim dividend paid | 9,000 |
| Provision for tax made during the current year | 9,400 |
| 28,800 |
2. It is assumed that new debentures have been issued at the end of current accounting period. Hence interest on debentures is 15% on 12,000.
. Fixed asset account (On Original Cost)
| Particulars | ₹ | Particulars | ₹ |
| To Balance b/d | 82,000 | By Bank (sale) | 10,000 |
| To Bank (balancing figures, being purchase) | 18,000 | By Accumulated depreciation a/c | 6,000 |
| (Being depreciation on fixed asset sold) | |||
| By statements of P&L | 6,000 | ||
| (Loss on sale of fixed assets) | |||
| By Balance c/d | 80,000 | ||
| 1,00,000 | 1,00,000 |
End of Solution
Check Out the Solution of all questions for this chapter:
The solution to all questions of Chapter No. 8 – Cash Flow Statement Class 12 Unimax is shown as follows, click on the image of the question to get the solution.
Question No 08 Chapter 8 – UNIMAX Class 12 Part 2 – 2021
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Question No 57 Chapter 8 – UNIMAX Class 12 Part 2 – 2021
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Punjab School Education Board (PSEB) Solutions of Usha Publication.
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