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The balance sheets of the XYZ Limited at the end

01 / 10 / 2021 Projects

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The balance sheets of the XYZ Limited at the end

The balance sheets of the XYZ Limited at the end of 2006 and 2007 areas follows:ParticularsAssets2006Rs.2007Rs.CashAccounts receivable(Net)Merchandise Inventory20,000 15,00045,000 50,00040,000 65,000Prepaid expenses10,0005,000Building and equipmentAllowance for deprecation—building and equipmentLand70,000 85,000(7,500) (17,500)45,000 80,000222,500 282,500Liabilities & CapitalRs.Rs.Accounts payableAccrued expensesNotes payable—–Mortgage payableCapital stock, Rs.10 par40,000 50,00012,500 10,00030,00030,000150,000 185,000Retain earnings ( deficit)(10,000)7,500222,500 282,500Land was acquired for Rs. 35,000 in exchange for capital stock, par Rs. 35,000,during the year; equipment of Rs. 15,000 was acquired for cash. Cash dividendsof Rs. 10,000 were charged to retained earnings during the year; the transfer ofnet income (Rs. 27,500) to retained earnings was the only other entry in thisaccount.Required: Prepare a statement of cash flow.



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