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Please assist with correct answers Question 4(40) Bonnie Ltd sells car batteries, with branches Rundu and Okahandja. The branch in Okahandja has incurred losses for
Please assist with correct answers
Question 4(40) Bonnie Ltd sells car batteries, with branches Rundu and Okahandja. The branch in Okahandja has incurred losses for the past two years. The board of Bonnie Ltd approved a formal plan for the discontinuance of the Rundu branch on the 31 July 2020. The board had approved a formal document for the piecemeal sale of the assets of the branch and redemption of liabilities on the same day. The branch closure has been published in the Namian news papers on the 01 September 2021 and all assets placed for sale on marked prices. The board does expect the discontinuance of the Rundu branch to be completed by the 31 March 2021. The following information relates to the financial period ended 31 December 2020 before the discontinued operations : Ignore income tax No comparatives required a) Discuss whether the closure of the Rundu branch qualifies to be classified as non-current assets held for sale, as per requirements of IFRS 15 (10) b) Prepare the statement of profit and loss and other comprehensive income for Bonnie Ltd for the period ended 31 December 2020 (10) c) Prepare the notes to the financial statements for Bonnie Ltd for the period ended 31 December 2021. Notes should include the below: -Accounting policies (5) - Discontinued operations (10) -Non-current assets held for saleStep by Step Solution
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