Tools for Financial Analysis and Planning

7.3 CASH FLOW ANALYSIS

According to Accounting Standard - 3 (Revised) an enterprise should prepare a Cash Flow Statement
and should present it for each period with financial statements prepared. AS-3 (Revised) has also given
the meaning of the words cash, cash equivalent and cash flows.
(i) Cash: This includes cash on hand and demand deposits with banks.
(ii) Cash equivalents: Cash Equivalents are short term, highly liquid investments that are readily
convertible into cash. This includes purely short term and highly liquid investments which are readily
convertible into cash and which are subject to an insignificant risk of changes in value. Therefore
an investment normally qualifies as a cash equivalent only when it has a short maturity, of say
three months or less.
(iii) Cash flows: This includes inflows and outflows of cash and cash equivalents. If the effect of
transaction results in the increase of cash and its equivalents, it is called an inflow (source) and if
it results in the decrease of total cash, it is known as outflow (use of cash).

Classification of Cash Flows

According to AS-3 (Revised) cash flows are classified into three main categories:
A. Cash flows from Operating Activities.
B. Cash flows from Investing Activities.
C. Cash flows from Financing Activities.

A. Cash flows from Operating Activities: Operating activities are the principal revenue-producing
activities of the enterprise and other activities that are not investing or financing activities. The following
are the important operating activities:
(i) Cash receipts from the sale of goods and the rendering of services.
(ii) Cash receipts from royalties, fees, commissions and other revenue.
(iii) Cash payments to suppliers for goods and services.
(iv) Cash payments to and on behalf of employees.
(v) Cash receipts and cash payments of an insurance enterprise for premiums and claims, annuities
and other policy benefits,
(vi) Cash payments or refunds of income taxes unless they can be specifically identified with
financing and investing activities,
(vii) Cash receipts and payments relating in future contracts, forward contracts, option contracts and
swap contracts when the contracts (Derivatives) are held for dealing or trading purposes.

B. Cash flows from Investing Activities: Examples of cash flows arising from Investing Activities are

(i) Cash payments to acquire fixed assets (including intangibles). These payments include those
relating to capitalised research & development costs and self constructed fixed assets.
(ii) Cash receipts from disposal of fixed assets (including intangibles).

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(iii) Cash payments to acquire shares, warrants, or debt instruments of other enterprises and interests
in joint ventures.
(iv) Cash receipts from disposal of shares, warrants, or debt instruments of other enterprises and
interests in joint venture.
(v) Cash advances and loans made to third parties (other than advances and loans made by a
financial enterprise).
(vi) Cash receipts from the repayment of advances and loans made to third parties (other than
advances and loans of a financial enterprise).

C. Cash flows from financing activities: Financing activities are activities that result in changes in the
size and composition of the owners capital (including Preference Share Capital in the case of a
company) and borrowing of the enterprise.
Examples of cash flows arising from financing activities are
(i) Cash proceeds from issuing shares or other similar instruments.
(ii) Cash proceeds from issuing debentures loans, notes, bonds and other short-or long-term
borrowings and
(iii) Cash repayments of amounts borrowed such as redemption of debentures, bonds, preference
shares.

Treatment of some typical items

AS - 3 (Revised) has also provided for the treatment of cash flows from some peculiar items as discussed
below :
Extraordinary Items: The cash flows associated with extraordinary items should be classified as arising
from operating, investing or financing activities as appropriate and separately disclosed in the Cash
Flows Statement to enable users to understand their nature and effect on the present and future
cash flows of the enterprise.
Interest and Dividends: cash flows arising from interest and Dividend paid should be classified as cash
flows from financing activities while interest and dividends received should be classified as cash flows
from investing activities.

Taxes on income: Cash flows arising from taxes on income should be separately disclosed and should
be classified as cash flows from operating activities unless they can be specifically identified with
financing and investing activities.

Acquisitions and disposals of subsidiaries and other business units : The aggregate cash flows arising
from acquisitions and from disposals of subsidiaries or other business units should be presented
separately and classified as investing activities.

Foreign currency cash flows: Cash flows arising from transactions in a foreign currency should be
recorded in an enterprise’s reporting currency by applying to the foreign currency amount the
exchange rate between the reporting currency and the foreign currency at the date of the cash

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flow. The effect of changes in exchange rates on cash and cash equivalents held in a foreign
currency should be reported as a separate part of the reconciliation of the changes in cash and cash
equivalents during the period.

Non-cash transactions: Many investing and financing activities do not have a direct impact on current
cash flows although they do affect the capital and asset structure of an enterprise.
Examples of non-cash transactions are:

(i) The acquisition of assets by assuming directly related activities.

(ii) The acquisition of an enterprise by means of issue of shares; and

(iii) The conversion of debt to equity.

Investing and financing transactions that do not require the use of cash or cash equivalents should be
excluded from a Cash Flow Statement. Such transactions should be disclosed elsewhere in the financial
statements in a way that provides all the relevant information about these investing and financing
activities.

Methods of Calculating Cashflows (Used in) Operating Activities

There are two methods of reporting cash flows from operating activities namely (1) Direct Method and
(2) Indirect Method.

A. The Direct Method: Under the direct method, cash receipts (inflows) from operating revenues and
cash payments (outflows) for operating expenses are calculated to arrive at cash flows from operating
activities. The difference between the cash receipts and cash payments is the net cash flow provided
by (or used in) operating activities. The following are the examples of cash receipts and cash payments
(called cash flows) resulting from operating activities:

(a) Cash receipts from the sale of goods and the rendering of services.

(b) Cash receipts from royalties, fees commissions and other revenues

(c) Cash payment to suppliers for goods and services

(d) Cash payment to and on behalf of employees.

(e) Cash receipts and cash payment of an insurance enterprise for premiums and claims annuities
and other policy benefits.

(f) Cash payments or refund of income taxes unless they can be specifically indentified with
financing and investing activities.

Format of Cash Flow Statement: AS-3 (Revised) has not provided any specific format for preparing a
Cash Flows Statement. The Cash Flow Statement should report cash flows during the period classified
by operating, investing and financing activities; a widely used format of Cash Flow Statement is given
below:

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Cash Flow Statement (for the year ended.....)

Particulars (`) (`)
Cash Flows from Operating activities
Cash receipts from customers xxx
Cash paid to suppliers and employees and for overheads (xxx)
Cash generated from operations xxx
Income tax paid (xx)
Cash flow before extraordinary items xxx
Extraordinary items xxx
Net cash from (used in) Operating activities xxx
(Or)
Net profit before tax and extraordinary items xxx
Adjustments for non-cash and non-operating items
(List of individual items such as depreciation, foreign exchange loss, loss on sale of fixed xxx
assets, interest income, dividend income, interest
Operating expense
profit etc.)
before working capital changes xxx
Adjustments for changes in current assets and current liabilities
(List of individual items) xxx
Cash generated from (used in) operations before tax xxx
Income tax paid xxx
Cash flow before extraordinary items xxx
Extraordinary items (such as refund of tax) xxx
Net Cash from (used in) Operating activities xxx
Cash Flows from investing activities
Individual items of cash inflows and outflows from financing activities xxx
(such as purchase/sale of fixed assets, purchase or sale of investments, interest xxx
received, dividend
Net cash from (usedreceived etc. activities
in) investing xxx
Cash Flows from Financing Activities
Individual items of cash inflows and outflows from financing activities xxx
(such as) proceeds from issue of shares, long-term borrowings, repayments of longterm xxx xxx
borrowings, interest paid, dividend
Net paid etc.)(decrease) in cash and cash equivalents
increase xxx
Cash and cash equivalents at the beginning of the period xxx
Cash and cash equivalents at the end of the period xxx

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B. The Indirect Method: Under the indirect method, the net cash flow from operating activities is
determined by adjusting net profit or loss for the effect of:
(a) Non-cash items such as depreciation, provisions, deferred taxes, and unrealised foreign exchange
gains and losses;
(b) Changes during the period in inventories and operating receivables and payables.
(c) All other items for which the cash effects are investing or financing cash flows.
The indirect method is also called reconciliation method as it involves reconciliation of net profit or loss
as given in the Profit and Loss Account and the net cash flow from operating activities as shown in the
Cash Flow Statement. In other words, net profit or losses adjusted for non-cash and non-operating items
which may have been debited or credited to Profit and Loss Account as follows.

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Calculation of Cash Flow from Operating Activities

Particulars (`) (`)
Net profit before tax and extraordinary items xxx
Add : Non-cash and non-operating items which have already been debited to P.L.
Account
(a) Depreciation xxx
(b) Transfer to reserves and provisions xxx
(c) Good will written off xxx
(d) Preliminary expenses written off xxx
(e) Other intangible assets written off such as discount or loss on issue of shares / xxx
(f) debentures, underwriting
Loss on sale or disposal ofcommission
fixed assets etc. xxx
(g) Loss on sale of investments xxx
(h) Foreign exchange loss xxx xxx
Less : Non-cash and non-operating items which have already been credited to P.L. xxx
Account
(a) Gain on sale of fixed assets xxx
(b) Profit on sale of investments xxx
(c) Income from interest or dividends on investments xxx
(d) Appreciation xxx
(e) Reserves written back xxx
(f) Foreign exchange gain xxx xxx
Operating Profit Before Working Capital Changes
Adjustments for changes in current operating assets and liabilities:
Add : Decrease in Accounts of Current Operating Assets (except cash and cash
equivalents)
Decrease in such
tradeas :
debts xxx
Decrease in bills receivables xxx
Decrease in inventories / stock-in-trade xxx
Decrease in prepaid expenses etc. xxx
Add : Increase in accounts of current operating liabilities (except Bank overdraft) such
as :
Increase in creditors xxx
Increase in bills payable xxx
Increase in outstanding expenses xxx Xxx
Xxxx
Less : Increase in accounts of current operating assets (as stated above) Xxx
xxx
Less : Decrease in accounts of current operating liabilities (as stated above) xxx

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Cash generated from (used in) operations before tax xxx

Less : Income tax paid xxx
Cash flows before extraordinary items xxx
Add / Less : Extraordinary items if any xxx
Net cash flow from (used in) operating activities xxx

ILLUSTRATIONS – CASH FLOW STATEMENT

Illustration
From the information contained in Income Statement and Balance Sheet of ‘A’ Ltd, prepare Cash Flow
Statement.
Income Statement for the year ended March 31, 2016
(`)
Net Sales (A) 2,52,00,000
Less:
Cash cost of sales 1,98,00,000
Depreciation 6,00,000
Salaries and Wages 24,00,000
Operating Expenses 8,00,000
Provision for Taxation 8,80,000
(B) 2,44,80,000
Net Operating Profit (A – B) 7,20,000
Non-recurring Income – Profits on sale of equipment 1,20,000
8,40,000
Retained earnings and Profits brought forward 15,18,000
23,58,000
Dividends declared and paid during the year 7,20,000
Profit and Loss A/c balance as on March 31, 2016 16,38,000

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Balance Sheet as on
(`) (`)
Assets March 31, 2015 March 31, 2016

Fixed Assets:
Land 4,80,000 9,60,000
Buildings and Equipment 36,00,000 57,60,000
Current Assets:
Cash 6,00,000 7,20,000
Debtors 16,80,000 18,60,000
Stock 26,40,000 9,60,000
Advances 78,000 90,000
90,78,000 1,03,50,000

Balance Sheet as on
(`) (`)
Liabilities and Equity March 31, 2015 March 31, 2016
Share Capital 36,00,000 44,40,000
Surplus in Profit and Loss A/c 15,18,000 16,38,000
Sundry Creditors 24,00,000 23,40,000
Outstanding Expenses 2,40,000 4,80,000
Income – Tax payable 1,20,000 1,32,000
Accumulated Depreciation on Buildings and Equipment 12,00,000 13,20,000
90,78,000 1,03,50,000
The original cost of equipment sold during the year 2015-16 was ` 7,20,000.

Solution:

Cash Flow Statement of A Ltd. for the year ended 31st March 2016
(A) Cash flow from Operating Activity: (`) (`)
Cash receipt from customers 2,50,20,000
Less: Cash paid to supplier & employees 2,11,52,000
Cash generated from operation 38,68,000
Less: Income tax paid (8,68,000)
Net cash from operating activity 30,00,000

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(B) Cash flow from Investing Activity:

Purchase of land (4,80,000)
Purchase of building & equipment (28,80,000)
Sale of equipment 3,60,000
Net cash used in Investing activity (30,00,000)
(C) Cash flow from Financing Activity:
Issue of share capital 8,40,000
Dividends paid (7,20,000)
Net cash from financing activity 1,20,000
Net increase in cash & cash equivalent 1,20,000
Cash & Cash equivalent at beginning 6,00,000
Cash & Cash equivalent at the end 7,20,000

Working Notes:
1. Cash receipt from customers
Opening + credit sales – Receipts = Closing Balance
16.8 + 252 – Receipts = 18.6
16.8+252-18.6=Receipts
250.2 = Receipts

2. Income tax paid

(`)
Tax payable at beginning 1,20,000
Add: Provision for taxation 8,80,000
10,00,000
Less: Tax payable at the end 1,32,000
Tax paid during the year 8,68,000

3. Cash paid to supplier & employee

(`) (`)
Cost of goods sold 1,98,00,000
Add: Operating expenses 8,00,000
Salary and wages 24,00,000
2,30,00,000
Add: Creditor at the beginning 24,00,000
Stock at the end 9,60,000

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Advance at the end 90,000

Outstanding exp. at the beginning 2,40,000 36,90,000
2,66,90,000
Less: Creditors at the end 23,40,000
Stock at the beginning 26,40,000
Advance at the beginning 78,000
Outstanding expenses at the end 4,80,000 55,38,000
Total Cash Paid 2,11,52,000

Opening stock + Purchase – Closing Stock = Cost of good sold

26.4 + Purchase – 9.6 = 198
Purchase = 198 + 9.6 – 26.4 = 181.2

Opening creditors + Credit Purchase – Payments = Closing Creditors

24 + 181.2 – Payments = 23.4
24 + 181.2 – 23.4 = Payments
Payments = 181.8

Salary expenses + Closing prepaid – Opening prepaid = Salary Paid

24 + 0.90 – 0.78 = 24.12

Expenses - Closing outstanding + Opening outstanding = Expenses paid

8 - 4.8 +2.4 = 5.6

Total cash expenses = Creditors payment + Salary + Expenses

= 181.8 + 24.12 + 5.6 = 211.52

4. Accumulated depreciation on equipment sold

(`)
Accumulated depreciation at beginning 12,00,000
Add: Depreciation for the year 6,00,000
18,00,000
Less: Accumulated depreciation at the end 13,20,000
Accumulated depreciation on equipment sold 4,80,000
5. Sale price of equipment

6. Purchase of building and equipments

(`)
Opening balance 36,00,000

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Less: Cost of equipment sold 7,20,000

28,80,000
Balance at end 57,60,000
Purchase during the year 28,80,000

Illustration
The Balance Sheet of JK Limited as on 31st March, 2015 and 31st March, 2016 are given below:
Balance Sheet as on
(` ‘000’)
Liabilities 31.03.15 31.03.16 Assets 31.03.15 31.03.16
Share Capital 1,440 1,920 Fixed Assets 3,840 4,560
Capital Reserve -- 48 Less: Depreciation 1,104 1,392
General Reserve 816 960 Net Fixed Asset 2,736 3,168
Profit and Loss A/c 288 360 Investment 480 384
9% Debenture 960 672 Cash 210 312
Current Liabilities 576 624 Other Current Assets
Proposed Dividend 144 174 (including Stock) 1,134 1,272
Provision for Tax 432 408 Preliminary Expenses 96 48
Unpaid Dividend -- 18
4,656 5,184 4,656 5,184

Additional Information:

1. During the year 2015-2016, Fixed Assets with a book value of `2,40,000 (accumulated depreciation
` 84,000) was sold for ` 1,20,000.

2. Provided ` 4,20,000 as depreciation.

3. Some investments are sold at a profit of `48,000 and profit was credited to Capital Reserve.

4. It decided that stocks be valued at cost, whereas previously the practice was to value stock at
cost less 10 per cent. The stock was ` 2,59,200 as on 31.03.15. The stock as on 31.03.16 was correctly
valued at ` 3,60,000.

5. It decided to write off Fixed Assets costing `60,000 on which depreciation amounting to ` 48,000
has been provided.

6. Debentures are redeemed at ` 105.

Required:
Prepare a Cash Flow Statement.

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Solution:
Cash Flow Statement (as on 31st March, 2016)
(`) (`) (`)
1. Cash flows from Operating Activities
Profit and Loss A/c [3,60,000 -(2,88,000 + 28,800)] 43,200
Adjustments:
Increase in General Reserve 1,44,000
Depreciation 4,20,000
Provision for Tax 4,08,000
Loss on Sale of Machine 36,000
Premium on Redemption of debenture 14,400
Proposed Dividend 1,74,000
Preliminary Exp written off 48,000
Fixed Assets written off 12,000 12,56,400
Funds from operation 12,99,600
Increase in Sundry Creditors 48,000
Increase in Current Assets [12,72,000 -(11,34,000 + 28,800)] (1,09,200)
Cash before Tax 12,38,400
Tax paid 4,32,000
Net Cash from operating activities 8,06,400
2. Cash from Investing Activities
Purchase of fixed assets (10,20,000)
Sale of Investment 1,44,000
Sale of Fixed Assets 1,20,000 (7,56,000)
3. Cash from Financing Activities
Issue of Share Capital 4,80,000
Redemption of Debenture (3,02,400)
Dividend paid (1,26,000) 51,600
Net increase in Cash and Cash equivalents 1,02,000
Opening Cash and Cash equivalents 2,10,000
Closing Cash 3,12,000

Working Notes:
Fixed Assets Account
Dr. Cr.

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Particulars Amount (`) Particulars Amount (`)

To Balance b/d 27,36,000 By Cash 1,20,000
To Purchases (balancing figure) 10,20,000 By Loss on sales 36,000
By Depreciation 4,20,000
By Assets written off 12,000
By Balance c/d 31,68,000
37,56,000 37,56,000

Depreciation Account
Dr. Cr.
Particulars Amount (`) Particulars Amount (`)
To Fixed Assets (on sales) 84,000 By Balance b/d 11,04,000
To Fixed Assets w/o 48,000 By Profit and Loss A/c 4,20,000
To Balance c/d 13,92,000
15,24,000 15,24,000

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Differences between Funds Flow Statement and Cash Flow Statement

The following are the main differences between a Funds Flow Statement and a Cash Flow Statement:-
Funds Flow Statement Cash Flow Statement
1. Funds Flow Statement reveals the
Cash Flow Statement reveals the changes in cash
change in working capital between
position between two balance sheet dates.
two Balance Sheet dates
2. Funds Flow Statement is based on Cash Flow Statement is based on cash basis of
accounting accounting
3. In the case of Funds Flow Statement a
No such schedule of changes in working capital is
schedule of changes in working
prepared for a Cash Flow Statement.
capital is prepared.
4. Funds Flow Statement is useful in
Cash Flow Statement as a tool of financial analysis is
planning, Intermediate and long term
more useful for short-term analysis and cash planning.
financing.
5. Funds Flow Statement deals with all Cash Flow Statement deals only with cash and cash
components of working capital. equivalents.
Cash Flow Statement is prepared by taking into
6. Funds Flow Statement reveals the
consideration the inflows and outflows in terms of
sources and application of funds. The
operating, investing and financing activities. The net
difference represents net increase or
difference represents the net increase or decrease in
decrease in working capital.
cash and cash equivalents.

ILLUSTRATIONS – FUND FLOW STATEMENT

Illustration
From the following Balance Sheet of PKJ Ltd., Prepare Funds Flow Statement for 2016.
` ‘000
Liabilities 31-3-15 31-3-16 Assets 31-3-15 31-3-16
Equity Share Capital 150 200 Goodwill 50 40
9% Redeemable Preference Share 75 50 Land & Buildings 100 85
capital
Capital Reserve — 10 Plant & Machinery 40 100
General Reserve 20 25 Investments 10 15
Profit & Loss Account 15 24 Sundry Debtors 70 85
Proposed Dividend 21 25 Stock 39 55
Sundry Creditors 13 24 Bills Receivable 10 15
Bills Payable 10 8 Cash in hand 7 5
Liability for Expenses 15 18 Cash at bank 5 4
Provision for tax 20 25 Preliminary Exp. 8 5
339 409 339 409

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Additional information:
1. A part of land was sold out in 2016, and the profit was credited to Capital Reserve.
2. A machine has been sold for `5,000 (written down value of the machinery was `6,000).
Depreciation of `5,000 was charged on plant in 2016.
3. An interim dividend of `10,000 has been paid in 2016.
4. An Amount of `1,000 has been received as dividend on investment in 2016.

Solution:
Funds flow Statement
Sources (` ‘000) Application (` ‘000)
Funds from Operation 67 Investment Purchased 5
Sale proceed of Plant 5 Increase in Working Capital 16
Sale proceed of Land 25 Purchase of Plant & Machinery 71
Issue of Equity Share Capital 50 Redemption of Preference Share 25
Dividend on Investments received 1 Capital
Proposed Dividend for last year 21
Interim dividend paid 10
148 148
Working Note 1:
1. Calculation of changes in Working Capital:
Amount (`) in ‘000
Current Asset 31-3-15 31-3-16
Debtors 70 85
Stock 39 55
B/R 10 15
Cash in hand 7 5
Cash at bank 5 4
A: Total Current Assets 131 164
Amount (`) in ‘000
Current Liabilities 31-3-15 31-3-16
Creditors 13 24
B/P 10 8
Liabilities for exp. 15 18
Provision for Tax 20 25
B: Total Current Liabilities 58 75
Working capital (A-B) 73 89
Increase in working capital 89 – 73 = 16

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2. Calculation of Fixed assets purchase during the year

Dr. Plant and Machinery A/c Cr.
Particulars (` ‘000) Particulars (` ‘000)
To Balance b/d 40 By Bank – sale proceeds 5
To Bank – Purchases (Bal. fig.) 71 By P & L-Loss 1
By Depreciation 5
By Balance C/f 100
111 111
Dr. Land and Building A/c Cr.
Particulars (` ‘000) Particulars (` ‘000)
To Balance b/d 100 By Bank (Bal. fig.) 25
To Profit-Transfer to C/R 10 By balance c/f 85
110 110

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3. Calculation of Funds from Operation

Dr. P& L Adjustment A/c Cr.
Particulars (` ‘000) Particulars (` ‘000)
To Depreciation 5 By balance b/d 15
To Loss on sale of machinery 1 By Dividend Received 1
To Interim Dividend 10
To Transfer to G/R 5
To Proposed Dividend 25
To Goodwill written off 10
To Preliminary exp. written off 3
To Closing balance 24 Funds from Operation (Bal. fig.) 67
83 83

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