The Balance MLL Liabilities
Ordinary share capital..
Share premium
Retained earnings
Preference share capital
Bills payable..
mpany as on Chaitra 31st, are as follows:
Previous
Current
Assets
year
year
4,00,000 5,00,000 Goodwill
1,50,000
1,60,000 Fixed assets,
1,00,000
1,50,000 Inventories
1,00,000 50,000 Bills receivable
1,50,000 1,90,000 Bank balance
9,00,000 10,50,000 Total
Previous
year
1,00,000
5,00,000
50,000
1,50,000
1,00,000
9,00,000
Current
year
50,000
7,50,000
1,00,000
1,00,000
50,000
10,50,000
Total
Additional information:
Sales for current year Rs. 5,00,000
i.
ii.
Cost of goods sold Rs. 3,80,000
Cash operating expenses Rs. 1,00,000
iv. Fixed assets costing Rs. 50,000 sold for Rs. 40,000
Fixed assets purchased for Rs. 1,70,000
V.
Dividend distributed Rs. 30,000
ví.
vii. Preference shares redeemed with Rs. 10,000 premium.
Required: Cash flow statement using direct method.​

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

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Powell company began the 2018 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. during 2018, powell experienced the following events: sold merchandise costing $58,000 for $99,500 on account to prentise furniture store. delivered the goods to prentise under terms fob destination. freight costs were $900 cash. received returned goods from prentise. the goods cost powell $4,000 and were sold to prentise for $5,900. granted prentise a $3,000 allowance for damaged goods that prentise agreed to keep. collected partial payment of $81,000 cash from accounts receivable. required record the events in a statements model shown below. prepare an income statement, a balance sheet, and a statement of cash flows. why would prentise agree to keep the damaged goods?