The document contains financial statements for Ammara Summan Corporation for the years 2021, 2022, and 2023, detailing current and fixed assets, liabilities, and equities. It includes additional information necessary for preparing cash flow statements for the years 2021 and 2022, as well as data for M/S Kulsom & Co for the year 2023 to determine net profit or loss and cash flow changes. The document outlines various financial metrics, including dividends declared, marketable securities transactions, and changes in asset values.
The document contains financial statements for Ammara Summan Corporation for the years 2021, 2022, and 2023, detailing current and fixed assets, liabilities, and equities. It includes additional information necessary for preparing cash flow statements for the years 2021 and 2022, as well as data for M/S Kulsom & Co for the year 2023 to determine net profit or loss and cash flow changes. The document outlines various financial metrics, including dividends declared, marketable securities transactions, and changes in asset values.
The document contains financial statements for Ammara Summan Corporation for the years 2021, 2022, and 2023, detailing current and fixed assets, liabilities, and equities. It includes additional information necessary for preparing cash flow statements for the years 2021 and 2022, as well as data for M/S Kulsom & Co for the year 2023 to determine net profit or loss and cash flow changes. The document outlines various financial metrics, including dividends declared, marketable securities transactions, and changes in asset values.
The document contains financial statements for Ammara Summan Corporation for the years 2021, 2022, and 2023, detailing current and fixed assets, liabilities, and equities. It includes additional information necessary for preparing cash flow statements for the years 2021 and 2022, as well as data for M/S Kulsom & Co for the year 2023 to determine net profit or loss and cash flow changes. The document outlines various financial metrics, including dividends declared, marketable securities transactions, and changes in asset values.
Additional Information: Dividend payable is Rs 20000 A part of furniture costing Rs 10000 on which depreciation is charged Rs 2000 is disposed at Rs 5000
Required: Prepare Cash Flow Statement for 2021
Following are the balance sheets of two consecutive years of Ammara Summan Corporation 2022 2023
CURRENT ASSETS:
Cash 175000 200000
Accounts Receivable 270000 200000
Inventory 150000 160000
Prepaid Rent 25000 15000
Marketable Securities 50000 40000
670000 615000
FIXED ASSETS:
Land ----- 200000
Equipment 200000 300000
Less: Allowance for Depreciation (20000) (30000)
180000 490000 850000 1105000
LIABILITIES & EQUITIES:
Account Payable 100000 200000
Accrued Expense 20000 25000
Debenture Payable 120000 190000
240000 415000
EQUITIES:
Common Stock 350000 475000
Retained Earnings 260000 215000
610000 690000
850000 1105000
Addition Information: ● Marketable securities are sold at a profit of Rs 30000 ● Dividend Declared is Rs 60000 ● A part of equipment has been sold out for Rs 40000 which cost Rs 80000 with book value of Rs 45000 Following are the information of M/S Kulsom& Co as on Dec 31st 2023 Retained Earnings Opening (Debit) Rs 134000 Retained Earnings Closing (Credit) Rs 100000 Cash Dividend Rs 26000 and Stock Dividend Rs 32000 are declared Depreciation and Bad Debts Expense for the year are Rs 24000 and Rs 7000 respectively Gain on sale of Machine Rs 3000 Loss on sale of securities Rs 14000 Amortization of Goodwill Rs 20000 Increase in Receivables Rs 40000 Increase in Payables Rs 24000 Decrease in Inventory Rs 31000 Decrease in Accrued Expense Rs 9000 Purchase of Machinery Rs 70000 Sale of furniture Rs 10000 Sales of securities Rs 20000 Issue of Shares Rs 80000 Payment of Debentures Rs 30000
Required: 1. Net profit or loss 2. Net increase or decrease in cash flows
