i. Prepare the statement of profit or loss and other comprehensive income for Boko Haram for the year ended 31 March 2021. (10)
ii. Statement of changes in equity for Boko Haram Ltd for the year ended 31 March 2021. (5)
iii. A statement of financial position as at 31 March 2021. (25)
i. Prepare the statement of profit or loss and other comprehensive income for Boko Haram for the year ended 31 March 2021. (10)
ii. Statement of changes in equity for Boko Haram Ltd for the year ended 31 March 2021. (5)
iii. A statement of financial position as at 31 March 2021. (25)
QUESTION 125 MARKS Boko Haram dan hondartalo 15 200 orary of 10 each and 20 000 10% pre shores of N$10 aach. The company was 3031 was as follows TRIAL BALANCE AS AT 310321 DR CR NS N sued shore capital 57 000 Ordinary stores of N$10 each, typed 578000 1720 105 Proterende roes of each tay paid Genre 250 000 Wiemand session 10360 Once expenses 1110 Plant and Machines 1600 20 Inventory on 1040 201600 Retained pro 101/04201 07915 Provision for depression/04/19-P & Machin 60 Provi for 01040 17 Fred & Finge Rates and insurance (admin) 0120 Carriage on purchase 50 Purchases gens retum 8600 Sessum 1165072 Seffement Discounted and med 1152 Intermitend poordinary 30 Directors and for service as directions Director Remow 16 000 490 15 120 16120 14 A Pay Accorre Allowances for creates Freehold Cason and Barover Shanem 1152000 6765 241040 117 200 2017112 2007.17 dredio Additional information as on 31 March 2021 1. invertory on 31/032 was w N5109100 2 france was prepaid by 450 on 021 1 Windeneyet pas 300 am to 17500 4. Directors remuneration for yow which 1021 was For more 550.000 For N120000 The power should be nod320000 & Provide anul precio en non-cuments for Portanto com Farsaning 10% og hele method 7. Adjust the show for credit to 15% of accounts receivable & Provide for final vided for a 12 when thee of the preference duided Provide for company of 32% prote Where around of the theme REQUIRED QUESTION 1 (25 MARKS) Boko Haram Ltd has an authorized share capital of 115 200 ordinary shares of N$10 each and 20 000 10% preference shares of N$10 each. The company's trial balance as at 31/03/21 was as follows: TRIAL BALANCE AS AT 31/03/21 DR CR N$ N$ Issued share capital 57 600 Ordinary shares of N$10 each, fully paid 17.280 10% Preference shares of N$10 each, fully paid 576 000 172 800 General reserve 250 000 97 915 46 080 17 280 Wages and salaries (administration) 103 680 Office expenses 111 580 Plant and Machine at cost 460 800 Fixtures and Fittings (Administration) 97 920 Inventory on 1/04/20 201 600 Retained profit (01/04/20) Provision for depreciation 01/04/19. Plant & Machin Provision for depreciation 01/04/20 - Fixtures & Fittings Rates and insurance (administration) 69120 Carriage on purchases 3456 Purchases (less retums) 268 000 Sales (less returns) Settlement Discount allowed and received 1152 Interim dividend paid-ordinary 28 800 -Preference 8640 Credit Losses 3456 Directors Remuneration for service as directors 15 000 Directors Remuneration for other services 4 940 1 145 072 4032 15 120 161 280 14 560 Accounts Payables Accounts receivables Allowances for credit losses Freehold premises Cash on hand Bank overdraft Share premium 1 152 000 5755 241 040 117 280 2697179 2697179 Additional information as on 31 March 2021 1. Inventory on 31/03/21 was valued at N$163 800 2. Insurance was prepaid by N$8450 on 31/03/21 3. Wages and salaries not yet paid on 31/03/21 amounted to N$17 500 4. Directors remuneration for the year which was outstanding on 31/03/21 was as follows: For services as directors N$50 000 For other services N$20 000 5. The general reserve should be increased to N$320 000 6. Provide annual depreciation on non-current assets as follows: Plant and machinery 15% on cost Fixtures and fittings 10% on reducing balance method 7. Adjust the allowances for credit losses to 15% of accounts receivable 8. Provide for final dividend for a 12% on ordinary share capital and the balance of the preference dividend 9. Provide for company tax at the rate of 32% profit *NB: Where necessary round off the amount to the nearest dollar REQUIRED 1. Prepare the statement of profit or loss and other comprehensive income for Boko Haram for the year ended 31 March 2021
