Those questions carry a lot of marks so please make a sure correction

and Detailed explanation, please

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Question 1

Kembuga ltd a company operating in the agribusiness sector acquired equipment for shs 96million paying a cheque on 1 October, 2019 and received a government grant of shs 19.2million towards the cost of the equipment. The company's policy is to treat grants as deferred income. The useful life of the equipment is estimated at 10 years. The company time apportions depreciation where applicable. Required:

I. show the accounting entries to record the equipment and receipt of the government granton 1 october,2019. (05 marks)

II. Accounting entries to the depreciation of the equipment and recognition of the grant income as at 31 december, 2019. (05 marks)

III. Extracts of the financial statements to indicate the disclosure for the asset and the grant upon acquiring the asset as at 31 December 2019 . (05 marks)

Question 2

A company purchases a fixed asset for UShs 25 million on 1 January 20 18 The asset has a three year life and an expected residual value for UShs 1 million. The companys policy is to charge depreciationon straight line basis. The company received a government grant of UShs 9 million on the same date. It makes up its accounts on calendar year basis. The annual profit before charging depreciation is UShs 12 million.

Required; The statement of comprehensive profit or loss account and statement of financial position entries to reflect the information above in the companys accounts for each the years 2018 to 2020 (10 marks)

Question 3

Accompany revalued its land and buildings at the start of the year to shs. 10 million (shs. 4million for land). The property cost shs. 5million (shs.1million for the land) ten years prior to the revaluation. The buildings estimated useful life is 50 years. The companys policy is to make an annual transfer of realized amounts to retained earnings.

Required. a. Show the effect of the above transactions on the financial statements at the end of year 10. (10 marks)

Question 1 Kembuga Itd a company operating in the agribusiness sector acquired equipment for shs 96million paying a cheque on 1 october, 2019 and received a government grant of shs 19.2million towards the cost of the equipment. The companys policy is to treat grants as deferred income. The useful life of the equipment is estimated at 10 years. The company time apportions depreciation where applicable. Required: L show the accounting entries to record the equipment and receipt of the government granton 1 october, 2019. (05 marks) IL Accounting entries to the depreciation of the equipment and recognition of the grant income as at 31 december, 2019. (05 marks) IL Extracts of the financial statements to indicate the disclosure for the asset and the grantupon acquiring the asset as at 31 december, 2019. (05 marks) Question 2 A company purchases a fixed asset for UShs 25 million on 1 January 2018 The asset has a three year life and an expected residual value for Ushs 1 million. The company's policy is to charge depreciationon straight line basis. The company received a government grant of Ushs 9 million on the same date. It makes up its accounts on calendar year basis. The annual profit before charging depreciation is UShs 12 million Required, The statement of comprehensive profit or loss account and statement of financial position entries to reflect the information above in the company's accounts for each the years 2018 to 2020 (10 marks) Question 3 Accompany revalued its land and buildings at the start of the year to shs. 10 million (shs. 4million for land). The property cost shs.5million (shs. 1 million for the land) ten years prior to the revaluation. The building's estimated useful life is 50 years. The company's policy is to make an annual transfer of realized amounts to retained earnings. Required a Show the effect of the above transactions on the financial statements at the end of year 10. (10 marks) Question 1 Kembuga Itd a company operating in the agribusiness sector acquired equipment for shs 96million paying a cheque on 1 october, 2019 and received a government grant of shs 19.2million towards the cost of the equipment. The companys policy is to treat grants as deferred income. The useful life of the equipment is estimated at 10 years. The company time apportions depreciation where applicable. Required: L show the accounting entries to record the equipment and receipt of the government granton 1 october, 2019. (05 marks) IL Accounting entries to the depreciation of the equipment and recognition of the grant income as at 31 december, 2019. (05 marks) IL Extracts of the financial statements to indicate the disclosure for the asset and the grantupon acquiring the asset as at 31 december, 2019. (05 marks) Question 2 A company purchases a fixed asset for UShs 25 million on 1 January 2018 The asset has a three year life and an expected residual value for Ushs 1 million. The company's policy is to charge depreciationon straight line basis. The company received a government grant of Ushs 9 million on the same date. It makes up its accounts on calendar year basis. The annual profit before charging depreciation is UShs 12 million Required, The statement of comprehensive profit or loss account and statement of financial position entries to reflect the information above in the company's accounts for each the years 2018 to 2020 (10 marks) Question 3 Accompany revalued its land and buildings at the start of the year to shs. 10 million (shs. 4million for land). The property cost shs.5million (shs. 1 million for the land) ten years prior to the revaluation. The building's estimated useful life is 50 years. The company's policy is to make an annual transfer of realized amounts to retained earnings. Required a Show the effect of the above transactions on the financial statements at the end of year 10. (10 marks)