Briefly explain what is meant by off-balance sheet financing and its effects on the financial statements (5 marks) (b). The summarized cash account…

6,000 ordinary shares of Sh.100 per value were issued at a premium on 1 March 2001.

Revenue reserves of Pivot Ltd. as at 31 December 2000 were Sh.948,000

Revenue reserves of Pivot Ltd as at 31 December 2001 were Sh.1,680,000.


A statement of cash flow using the direct method, including a reconciliation of the profit for the year with cash from operations                                                                                       (15 marks)

(Total: 20 marks

The criteria that must be satisfied before an item of property plant and equipmentshould be recognized as an asset are:(1) It is possible that future economic benefits associated with the asset…

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