QUESTION 1 40 Marks Ice Cream Ltd Group (hereafter Ice Cream) is a Namibian company listed on the Namibia Stock Exchange. Despite the detrimental effects of the COVID 19 pandemic Ice Cream has continued on a profitable slate. You were recently employed as the new Group Financial Accountant for the Ice Cream group of companies. The financial accountants of the individual companies within the group have just finalized their respective Trial balances and submitted them to you for preparation of the Consolidated Financial Statements for publication The Group's financial year end is 31 March. The abridged Trial balances are as follows: Trial Balances as at 31 March 2021. Ice Yoghurt Milkshake Smoothie Cream Ltd Ltd Ltd Ltd NS 000 N$"000" NS"000" NS"000) DEBITS Land and buildings -at carrying amount 1,932 1.475 1,025 602 Machinery and equipment-carrying 1,645 800 1,050 980 amount Investment in Milkshake-at cost 1.200 Investment in Yoghurt- at cost 400 Investment in Smoothie- at cost 950 Cost of Sales 570 1.400 1.117 580 Operating expenses 410 160 400 20 Finance costs 57 80 8 Income tax expense 128 300 165 238 Ordinary dividend declared 125 200 20 Debtors 245 68 60 85 Inventories 200 775 475 400 Bank 160 17 88 55 7,072 5,275 5,258 2,980 CREDITS Ordinary share capital-N51 shares 2,850 500 1.200 1.000 Retained earnings-1 April 2020 710 840 150 250 Sales 1,510 2,640 2.250 1.450 Investment income 760 Creditors 678 1.200 1,583 250 Deferred taxation 564 95 75 30 7,072 5,275 5,258 2,980 - - ADDITIONAL INFORMATION 1. Yoghurt Ltd 1.1 Ice Cream Ltd acquired a 40 % Interest in Yoghurt Limited on 1 April 2012 for N5400 000. The retained earnings of Yoghurt Ltd amounted to N$300 000 at that date. All assets and liabilities were regarded as being fairly valued QUESTION 1 40 Marks Ice Cream Ltd Group (hereafter Ice Cream) is a Namibian company listed on the Namibia Stock Exchange. Despite the detrimental effects of the COVID 19 pandemic Ice Cream has continued on a profitable slate. You were recently employed as the new Group Financial Accountant for the Ice Cream group of companies. The financial accountants of the individual companies within the group have just finalized their respective Trial balances and submitted them to you for preparation of the Consolidated Financial Statements for publication The Group's financial year end is 31 March. The abridged Trial balances are as follows: Trial Balances as at 31 March 2021. Ice Yoghurt Milkshake Smoothie Cream Ltd Ltd Ltd Ltd NS 000 N$"000" NS"000" NS"000) DEBITS Land and buildings -at carrying amount 1,932 1.475 1,025 602 Machinery and equipment-carrying 1,645 800 1,050 980 amount Investment in Milkshake-at cost 1.200 Investment in Yoghurt- at cost 400 Investment in Smoothie- at cost 950 Cost of Sales 570 1.400 1.117 580 Operating expenses 410 160 400 20 Finance costs 57 80 8 Income tax expense 128 300 165 238 Ordinary dividend declared 125 200 20 Debtors 245 68 60 85 Inventories 200 775 475 400 Bank 160 17 88 55 7,072 5,275 5,258 2,980 CREDITS Ordinary share capital-N51 shares 2,850 500 1.200 1.000 Retained earnings-1 April 2020 710 840 150 250 Sales 1,510 2,640 2.250 1.450 Investment income 760 Creditors 678 1.200 1,583 250 Deferred taxation 564 95 75 30 7,072 5,275 5,258 2,980 - - ADDITIONAL INFORMATION 1. Yoghurt Ltd 1.1 Ice Cream Ltd acquired a 40 % Interest in Yoghurt Limited on 1 April 2012 for N5400 000. The retained earnings of Yoghurt Ltd amounted to N$300 000 at that date. All assets and liabilities were regarded as being fairly valued
