vehicles at 20% per year on the diminishing balance method. The necessary write-oIS for the current year still need to be done. Question 3 (50 marks) 3. The value of the investments is valued st NS 42000 as at 30 June 20x8 4. Inventories consist as at 01 June 20x8 smounsed to NS 22 000. Inventories are measured The following information is available for Heritage Limited: at lower of cost (FIFO) and net realisable value 1. The reporting period of Heritage Lid ends on 30 June of every year. 5. Authorised share capital for Heritape Ltd is 400 000 ordinary shares at NS 1.10 each and 200000 8% preference shares at NS 1,75 each The company had aliready issued 250 0n0 ordinary shares at NS 275 000 and 160 000 company had issued 25 000 shanes st NS 2,00 during the yewr. Preference share capital form part of equity The loan was entered intoon 01 July 2016 at an interest rate of 10% permum. Thelon secured by a mortgage bond on land and buildings and is repayable ?nan instalments of NS 20 000 from 31 December 20x8 The following balances are available as at 30 Jane 20x8 prefrence shares at NS 280 000. The Land and building at cost Accumulated depreciation on buildings at 01/07/20Ux7 Furniture at cost 400 000 12 000 80 000 10 000 300 000 6 Accumulated depreciation as an 0107/207 7. Payables consist of the following Trade payables Namibian compny tax Dividend payable Vehicles at cost 6 000 Aceumulated depreciation as at 01:07/20x investments as a 01/07/20s7 Bank Trade and other receivables Ordinary share capital Preference share capital Retained eamings as at 01407/20x7 Replacemeni reserves 10% Bank loan Payables 24 300 96 7O0 20 000 275 000 280 000 7 000 58 250 100000 8. Profit for the year amounted to NS 60 000 9. On 30 Marcdh 70a? a new vethicle with a cost price of Ns ss000 was purchased for use in 10. At 50 June 20xs, inventory wortlh NS 4 000 were stolen the delivery of goods to customers. Required: 1.1 Prepare the statement of financial position as at 30 June 20x8 to comply with the requirements of IFRS and Companies Act Prepare the follawing notes to accompany the financial statements and to comply with IFRS and Companies Act 1.2 Baxis of presentatiow Stovemew of significow accooming poticies Property piant and equipment Additional information I. The buildings are occupied for the parposes of the activities of the entity and ane .Fimancial assets .Inventories accoumed for in terms of the cost model. At the date of acquisition, 01 July 20x6, the land was valued at N$ 100000 and buikdings at NS 300 000. Depreciation is written ofl on buildings al 4% per annum on ihe straight line method Share capital and Non-current Jiabilities as ar 30 june 20es, and 2 Fursiture and vehicles were purchased on 01 July 20xb at NS 80 000 and NS 300 000 respectively. Depreciation is written off on fumiture at 12.5% per year on cost and on vehicles at 20% per year on the diminishing balance method. The necessary write-oIS for the current year still need to be done. Question 3 (50 marks) 3. The value of the investments is valued st NS 42000 as at 30 June 20x8 4. Inventories consist as at 01 June 20x8 smounsed to NS 22 000. Inventories are measured The following information is available for Heritage Limited: at lower of cost (FIFO) and net realisable value 1. The reporting period of Heritage Lid ends on 30 June of every year. 5. Authorised share capital for Heritape Ltd is 400 000 ordinary shares at NS 1.10 each and 200000 8% preference shares at NS 1,75 each The company had aliready issued 250 0n0 ordinary shares at NS 275 000 and 160 000 company had issued 25 000 shanes st NS 2,00 during the yewr. Preference share capital form part of equity The loan was entered intoon 01 July 2016 at an interest rate of 10% permum. Thelon secured by a mortgage bond on land and buildings and is repayable ?nan instalments of NS 20 000 from 31 December 20x8 The following balances are available as at 30 Jane 20x8 prefrence shares at NS 280 000. The Land and building at cost Accumulated depreciation on buildings at 01/07/20Ux7 Furniture at cost 400 000 12 000 80 000 10 000 300 000 6 Accumulated depreciation as an 0107/207 7. Payables consist of the following Trade payables Namibian compny tax Dividend payable Vehicles at cost 6 000 Aceumulated depreciation as at 01:07/20x investments as a 01/07/20s7 Bank Trade and other receivables Ordinary share capital Preference share capital Retained eamings as at 01407/20x7 Replacemeni reserves 10% Bank loan Payables 24 300 96 7O0 20 000 275 000 280 000 7 000 58 250 100000 8. Profit for the year amounted to NS 60 000 9. On 30 Marcdh 70a? a new vethicle with a cost price of Ns ss000 was purchased for use in 10. At 50 June 20xs, inventory wortlh NS 4 000 were stolen the delivery of goods to customers. Required: 1.1 Prepare the statement of financial position as at 30 June 20x8 to comply with the requirements of IFRS and Companies Act Prepare the follawing notes to accompany the financial statements and to comply with IFRS and Companies Act 1.2 Baxis of presentatiow Stovemew of significow accooming poticies Property piant and equipment Additional information I. The buildings are occupied for the parposes of the activities of the entity and ane .Fimancial assets .Inventories accoumed for in terms of the cost model. At the date of acquisition, 01 July 20x6, the land was valued at N$ 100000 and buikdings at NS 300 000. Depreciation is written ofl on buildings al 4% per annum on ihe straight line method Share capital and Non-current Jiabilities as ar 30 june 20es, and 2 Fursiture and vehicles were purchased on 01 July 20xb at NS 80 000 and NS 300 000 respectively. Depreciation is written off on fumiture at 12.5% per year on cost and on