HKAAT Paper 7 Advanced Accounting December 2003 Q.C1 The draft financial statements of Hanford Ltd are given below:

The following information is available:

(1)    Cost of sales includes a loss on sale of plant of $150,000, and a credit for the transaction of government grants.

(2)    The plant maintenance provision was released to the income statement in the year to 31 December 2002 as these provisions are no longer required, following the company’s change of accounting policy to account for maintenance costs on an actual incurred basis.

(3)    The company revalued its buildings by $600,000 on 1 September 2002. The surplus was credited to a revaluation reserve.

(4)    New plant was acquired during the year at a cost of $750,000 and a government grant of $150,000 was received for the plant. The remaining movement on property, plant and equipment was due to the disposal of obsolete plant.

(5)    On 1 July 2002 a bonus issue of 1 new share for every 10 held was made from the revaluation reserve. In addition to the bonus issue, the company made a further issue of ordinary shares for cash.

Required:

Use the indirect method to prepare a statement of cash flows for Hanford Ltd for the year ended 31 December 2002 in accordance with the requirements of HKAS 7. Show all workings.

Show more







Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10