FIAC5112 ICE Task 6: 2024

Instructions:
Dear student,
Please read the following instructions carefully, since if they are not followed this can result in the loss of marks. Kindly contact your lecturer should you have any
questions.

1) There are two types of blocks to complete:

These blocks contain a drop down list in the bottom right corner. Select the correct option.
These blocks require you to enter a value.

2) Make sure to complete the calculations below the Statement of Cash Flows: ① + ②

3) Please take not of the following:

* With regards to the blue blocks: Make sure you select the correct item from the drop down list, because if the incorrect item is chosen, no marks will be awarded.
* With regards to the green blocks: Make sure the value does not have any "." or ","
* This excel workbook must be submitted on LEARN. If the excel document is not submitted, you will get 0

Marks

Quick Brick Ltd.

Statement of Cash flows for the year ended 31 October 2023
Calculation 2023
R
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 291 520 1 1
Elimination of items in profit before tax which are disclosed separately in the statement of cash flows
Interest received (28 800) 2 1
Interest paid 10 560 1

Elimination of items in profit before tax which do not represent cash flows 2
Depreciation 86 400 1
Credit losses 1 920 1
Profit/loss on Remeasurement of Financial assets held for trading (5 440) 1
Profit on sale of property, plant and equipment (12 480) 1
Profit/loss on Remeasurement of Financial assets NOT held for trading (4 800) 1

Elimination of the effect of the accrual basis 3

Increase in inventory (46 080) 1
Increase in receivables (82 560) 1
Increase in payables 7 680 1
4
Cash generated from operating activities
Interest paid (10 560) 1
Taxation paid ① (124 800) 1
Interest received 28 800 1
Dividends paid (76 800) 1
Net Cash generated from operating activities -

CASH FLOWS FROM INVESTING ACTIVITIES 5

Additions to Property, Plant and Equipment ② (201 600) 1
Proceeds on the sale of Property, Plant and Equipment 30 720 1
Additions to intangible assets (72 000) 1
Proceeds on the sale of investments 28 800 1
Cash used in investing activities -

CASH FLOWS FROM FINANCING ACTIVITIES 6

Proceeds on the issue of shares 57 600 1
Proceeds from loan obtained 115 200 1
Cash generated from financing activities -

Net increase in cash and cash equivalents #VALUE!

Cash and cash equivalents at the beginning of the year 80 960 0.5
Cash and cash equivalents at the end of the year 125 120 0.5

CALCULATIONS
① Taxation payables 7
Closing balance 115 200 1 Opening balance 105 600 1 2
Bank 124 800 1 Income Tax 134 400 1 2

240 000 240 000

② Property, plant and equipment - COST 8

Opening balance 571 200 1 Asset disposal 81 600 1 2
Bank 201 600 1 Closing balance 691 200 1 2
772 800 772 800

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