Question 3 (30 Marks) Mashare Limited is a small company which, because of its agressive sales promotion campaigns, hax gained a significant market share. The company is engaged in the manutacturing of mini-gas tanks for household use. Draft financial statements were prepared by the previous accountant who left suddenly. On 31 Aagust 2022 the company's year end, the following were extracted from its books: The authorized capital of the company comprises of 500000 ordinary shares with no par value. As on ot September 2021, the company had 200000 ordinary shares issaed. Other relevant information pertaining to the yar are as follows: 1. At the beginning of the vear it was dscovered that an amount of $25602 being profit for the previous period had erroneousty bevn posted to accounts receivable. Profit after tax for the period was nil. 2. The listed investments in Abbey Limited (500 shares) and unlsted investments in Harbour Uimited 300 shares| were aceuired for speculative purpeses. Dividends for the vear amounted to N\$400 and N\$250 respectively- These imvestments were acquired on 01 October 2019. 3. The loan of N$125000 obtained on 01 January 2019 is to be repaid in five (5) vears' time. 4. Depreciation charged for non-current axsets for the vear amounted to NS1 B7S. 5. NAMRAs assesment of Mashare Limibed shows that the business has a tax liability of NS35 796 for the period. 6. After a careful inspection of the accounts by the acting accountant it war noted that the following transaction were erroneously omitted: i. During the vear some equipment was bought from a local supplier worth N$40000, and because the business had been emperiencing finarcial distress the management decided to offer ordinary shares in settlement. To this end 15000 ordinary shares aere offered. E. An interim dividend of N\$5 000 was declared and paid on 01 Febnary 2022 and final dividend of N\$S 000 was declared on 31 July 2022. This dividend will be paid on 18 September 2022 , but no entries to recoed it had been made before the trial balance was entracted. ii. The property consists of land and building- Land was acquired in 2019 at a cost of N\$s3 000 . An independent valuation report done on 01 August 2022 valued the land at N\$93 000. During the yoar a nw bulding was bought for NSB4 B75, the land is not depreclated. REQUIRED: 1) Prepare the statement of financial position of Mashare Limited as at 31 August 2022 to comply with the requirement Act no. 28 of 2004 and international Financial fopporting Standards (FR5). Comparative ioformation is required were infermation is available (15 Marks) 2) Frepare the statement of changes in equity for Mashare Limited for the vear ended 31 August 2022 to comply with minimum requirements of companies Act no. 28 of 2004 and international Financial Reporting standards. (6 Marks) 3) Prepare the accounting policy and notes to the financial statement for the wear ending 31 August 2022 to comply with minimum requirements of companies Act no.28 of 2004 and International Financial Reporting standards with respect to: (9 Marks) 3.1 Statement of complarnce 3.2 Statement of significant accounting policies 3.3 Financial amets 3.4 Share capital