National Foods Pvt. Ltd. is a company producing canned foods.Below are the company’s financial statements:
National Foods Pvt. Ltd. |
Statement of Comprehensive Income for the yearended 31 August 2018 |
| | | RM | |
| Sales revenue | | 2,700,000 | |
| Cost of goods sold | | (900,000) | |
| Gross profit | | 1800,000 | |
| Operating Expenses Administration & Distribution expenses | | (195,000) | |
| Depreciation expense | | (30,000) | |
| Other operating expense | | (150,000) | |
| Interest expense | | (135,000) | |
| Net profit before tax | | 1,290,000 | |
| Income tax expense | | (240,000) | |
| Net income | | 1,050,000 | |
| | | | |
National Foods Pvt. Ltd. |
Statement of Financial Position as at 31 August 2018 |
| 2017 | 2018 |
| RM | RM | RM | RM |
Non-current Assets | | | | |
Van | 600,000 | | 900,000 | |
(-)Accumulated depreciation | (120,000) | 480,000 | (150,000) | 750,000 |
Current Assets | | | | |
Bank | | 825,000 | | 1,186,500 |
Debtors | | 300,000 | | 150,000 |
Inventory | | 75,000 | | 90,000 |
Total Assets | | 1,680,000 | | 2,176,500 |
| | | | |
Non-current Liabilities | | | | |
Loan | | 480,000 | | 630,000 |
Current Liabilities | | | | |
Creditors | | 90,000 | | 135,000 |
Operating expenses payable | | 31,500 | | 33,000 |
| | | | |
Shareholders’ Equity | | | | |
Ordinary share capital | | 478,500 | | 478,500 |
Retained earnings | | 600,000 | | 900,000 |
Total Liabilities & Equities | | 1,680,000 | | 2,176,500 |
Required:
Prepare the statement of cash flows for Hasniza Foods Pte. Ltd.for the year ended 31 August 2018 using the directmethod. (Show all calculations).
