Question 4 25 Marks (45 minutes) The following information relates to Shipanga Limited for the year ended 31 December 2015: Shipanga Limited Extract from statement of comprehensive income For the year ended 31 December 2015 2015 2014 N$ NS Profit before tax 82 500 63 750 Income tax expense (7 500) (3 750) Profit for the year 75 000 60 000 Other comprehensive income for the year Total comprehensive income for the year 75 000 60 000 Shipanga Limited Extract from Statement of comprehensive income For the year ended 31 December 2015 Opening balance Total comprehensive income for the year Preference dividends declared Ordinary dividends declared Closing balance Retained earnings 2015 2014 NS N$ 375 000 90 000 75 000 60 000 (3 750) (3 750) (7 500) (4 500) 438 750 141 750 Additional information The balances in the share capital accounts at 1 January 2014 were as follows: - Ordinary shares: N$ 300 000 (all the ordinary shares were issued at N$ 0.30 per share). Non-cumulative, non-redeemable 10% preference shares: N$ 75 000 (all the preference shares were issued at N$ 1.50 per share). An issue of 750 000 ordinary shares took place on 31 March 2015 at an issue price of N$ 0.30 per share. There was no other movement in the equity accounts other than the movements evident from the information provided above. Required Prepare the following for inclusion in the notes to the financial statements of Shipanga Limited for the year ended 31 December 2015, in accordance with International Financial Reporting Standards: An extract from the statement of comprehensive income (4) An extract from the statement of changes in equity (10) Earnings per share note and dividends per share note (11) THE END