Assume an employee with the following terms and conditions Basic Pay K15, 000 Housing Allowance 20% of the basic Pay Overtime allowance K1, 800 Transport Allowance 10% of basic pay Required: i. Prepare a pay slip for this employee taking into account the necessary statutory deductions. (Note: for PAYE use the 2018 rates) (4 MARKS) ii. Show how the above will be recorded in the books of accounts for the company. (2 MARKS) A. Write short notes on the following: (1 MARK EACH) i. Issued Share Capital ii. Subscribed Share capital iii. Authorized share capital iv. Paid up Share Capital Before Manny went into a Sole Proprietorship, he was in Partnership with Papa who decided to venture into fish farming, the following is their Liquidation information Cash k100, 000 Non- Cash Assts k1, 000,000 Non- Cash Assets Sales k600, 000 Liabilities k200, 000 Mannys Capital k400, 000 Papas Capital k500, 000 Income and Losses are shared equally Required: Prepare the statement of Partnership Liquidation (4 MARKS) QUESTION TWO. (10 MARKS) The costs incurred by Noriega Company to acquire land and construct a building were as follows: i. Land k150,000 ii. Construction insurance k3,500 iii. Delinquent tax paid on the land k 5,000 iv. Building construction contract k 220,000 v. Architect Fees k2,000, vi. Street and side Walk installation k4,000 vii. Excavation Costs k3,100 viii. Property Tax on land (pro to construction) k1,600 ix. Interest cost on loan to pay contract k2,600 Requirements: a. Determine the cost of land (3 MARKS) b. Determine the cost of the building ( 3 MARKS) c. Assuming the residue value of the building is K60,000 and that the economic life is 10 years, compute Noriega LTD Companys depreciation expense for Year 1, Year 2, Year 3 under the following methods i. Straight line Method (2 MARKS) ii. Double Declining Method (2 MARKS) d. At the beginning of Year 4, Noriega LTD Company incurred an additional Cost of K10, 000 in order to add a new wing to the building; as a result the salvage value of the building is increased by k5, 000 and also increased the remaining life of the building by 2 years. Re- Calculate the depreciation for the next two years using the straight line method. ( 3 MARKS) e. Show how the methods of depreciation used in C. will affect the profits (3 MARKS) f. Write a short note on accounting for natural resources and how it differs with normal accounting for Non- Current Assets (4 MARKS)

Need answers ASAP