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Linus Moses
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Linus Mosesadmin
Asked: May 10, 2023In:

The following information relates to Midway limited for the year ended 31 December 2022. Profit for the year is N$ 500,000 (2021, N$ 337 500). This profit includes a profit from discontinued operations on the sale of plant before tax of N$ 75,000 (2021, N$ 0) On 1 January 2021, there were 250,000 ordinary shares in issue, issued at a price of N$ 5.00. On 30th September 2021 there was a right issue on a basis of one ordinary share issued for every 5 already held at a price of N$ 6.00. The market price of the ordinary shares immediately before the right issue was N$7.50 per share. On 31st of May 2022, there was an issue of 50,000 ordinary shares at a market price of N$5.00 per share. The market price of the shares however rose to N$ 8.00 as of 31 December 2022. There are 250,000 options in existence, each of which allows the holder to acquire 4 shares at a price of $10 per share. The options have already been vested but will only expire in many years to come. The average market price per ordinary share for 2021 and 2022 was N$12.00. These options were in existence throughout the year 2021 and 2022. As at 01 January 2021, the company had preference shares that are convertible at the option of the preference shareholders into 500 ordinary shares on 31 December 2024. If not converted the preference shares will be redeemed on 31 December 2024. Dividends of N$ 1,000.00 are incurred annually on these preference shares. The dividends have been correctly accounted for as finance charges in both years. The Preference shares were in existence throughout 2021 and 2022. There are no components of other comprehensive income. The current tax is levied at 30%.

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The following information relates to Midway limited for the year ended 31 December 2022. Profit for the year is N$ 500,000 (2021, N$ 337 500). This profit includes a profit from discontinued operations on the sale of plant before tax of ...

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Linus Moses
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Linus Mosesadmin
Asked: May 10, 2023In:

Argus limited has a defined benefit plan that pays retirement benefits to all participating employees. Argus limited contribute to the fund. Employee benefit paid are determined using a formula that incorporates the number of years employed and the salary levels of the members upon retirement. Details of the funds are as follows: N$ Fair value of plan asset at 1st January 2021 6.0 million Fair value of plant asset at 31st December 2021 6.5 million Present value of plan obligation at 1st January 2020 6.9 million Present value of plan obligation at 31st December 2020 7.7 million Actual return on plan asset (after management charges and tax) 700,000 Current year service cost 1.0 million Payment made to the fund by the company during the year 900,000 Benefits paid by the fund during the year 1.1 million Past service cost which arose as at December 2021 150,000 Rate on long-term high-quality corporate bonds – at 01 January 2021 10% Rate on long-term high-quality corporate bonds – at 31 December 2021 15% Rate on long-term high-quality corporate bonds – average for year 2021 12%

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                                                                               (20 ...

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Linus Moses
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Linus Mosesadmin
Asked: April 29, 2023In:
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Human Drilling Contractors is considering drilling for oil in the Kavango region. The probability of finding oil is dependent on whether or not an initial exploration study is undertaken. If no study is undertaken, and the company decides to drill, ...

Anonymous
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Anonymous
Asked: May 21, 2022In:
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On 1 January, the issued share capital of Small Limited was 12 million preference shares of N$1 each and 10 million ordinary shares of N$1 each. Assume where appropriate that corporation tax rate is 30%. The earnings for the year ended ...

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Anonymous
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Anonymous
Asked: May 11, 2022In:
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The issued share capital of NamPost Pic, a publicly listed company, at 31 March 2012 was N$1 0 million. Its shares are denominated at 25 cents each. Nkwazi Ltd ‘ earnings attributable to its ordinary shareholders for the year ended

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Anonymous
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Anonymous
Asked: May 10, 2022In:
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Earnings per share (EPS) are generally regarded as a key accounting ratio for use by investors and others. Like all accounting ratios, however, it has its limitations. You have been asked to make a brief presentation to CA students on ...

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Anonymous
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Anonymous
Asked: May 3, 2022In:
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(a)The issued share capital of NamPost Plc, a publicly listed company, at 31 March 2012 was N$10 million. Its shares are denominated at 25 cents each. Nkwazi Ltd‘ earnings attributable to its ordinary shareholders for the year ended 31 March ...

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