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2022 Distance Assignments - AFE3871 - Financial Accounting 3A-1
2022 Distance Assignments - AFE3871 - Financial Accounting 3A-1
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FACULTY OF COMMERCE, MANAGEMENT AND LAW
1. ASSIGNMENT ADMINISTRATION
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SEMESTER 2 COMMENCES
25 Lectures commence for 2nd Semester
For modules that will have online tests, all information shall be communicated well in advance. Kindly take note that some modules might
have 3 to 4 assessments. E.g.
2 assignments and 1 to 2 online tests. All necessary information will be shared timely.
Good luck!!
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FACULTY OF COMMERCE, MANAGEMENT AND LAW
Welcome to the University of Namibia. We are confident that your studies and hard work will be rewarded with
success. We kindly advise that you obtain all the relevant information and booklets available for distance
students from your Moodle platform (including the 2022 Student Information Letter, Online Assignment
Submission Guide and other documents). These documents will provide guidance on how to approach
your studies and will guide you through your study materials as well as providing useful administrative
information in submitting assignments.
1. Study materials
Your study guide is essentially your “teacher/lecturer”. However, in addition, you are required to visit the library
to consult prescribed books and recommended readings that are indicated in the study guide as well as
browse the Internet in general. You are also responsible to purchase any prescribed textbooks required for
your respective courses/modules. Furthermore, you are strongly advised to follow the guidelines in the Online
Assignment Submission Guide available on Moodle.
2. Collaborative Learning
Unam avails all your modules through Moodle, enabling you to interact with your fellow students online through
forum discussions and chats. You can use the same platform to engage with your lecturers and tutors
regarding academic support. Please take advantage of Moodle to avoid isolation and strengthen your
interaction with colleagues, ask for help, and share/receive resources to aid your learning process. See below
how to access forum discussions on Moodle:
3. Submission of assignments
It is very important to complete and submit a clean, clear and well-argued assignment for marking. Make sure
that you have understood the questions in order to answer them correctly. It is your responsibility to make
sure that every page of the completed assignment is correctly numbered before submitting your assignment.
As from 2017, ALL assignments are submitted through the Moodle Learning Management System. This
is an online platform where you will access all your modules and related information such as course outlines,
course notes and other learning materials that your lecturer/tutor may choose to share with you. Moodle is
accessible here: http://elearning.unam.edu.na. You should complete and submit all assignments on or before
the given due date in the assignment letter if you wish to obtain your CA marks and qualify for examinations.
Unam always updates its assignment covers on an annual and semester basis. Please ensure that you have
used the latest assignment cover. The latest assignment cover is availed on each course on Moodle.
A user guide is available on how to submit your assignment in each module on the Distance Education
Common Space and you can access it on the Online Support system. Pay close attention to the following key
points listed at the beginning of the guide on:
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3.1 How you would know when you have successfully submitted your assignment:
that is when the submission status shows “Submitted for grading”
MAKE SURE THE SYSTEM GIVES YOU A CONFIRMATION OF SUBMISSION by the submission
status shown as "Submitted for grading" when done. If that status is NOT displayed when done, IT
DOES NOT COUNT AS A SUBMISSION.
3.2 Errors to avoid when submitting your assignment (committing these errors may result in
you failing to submit your assignments and therefore potentially failing your course)
3.3 How to check the assessment feedback when your assignment has been graded.
4. Due Dates
All assignment due dates for 2022 are published on second page of this assignment letter. With the shift from
manual to online assignment submission since 2017, due dates are automated and non-negotiable. This
means that you would be required to submit your assignments ON or BEFORE the due date set on your
assignment (before 11h55 PM). After the date has passed (i.e. 12h00AM of the next day) the assignment
submission will be disabled, and you would no longer be able to submit your assignment. Please note
that assignment submissions will be open long before the due dates.
Please note that your assignment due dates are on page 2 of this Tutorial Letter. Use this assignment due
dates to set up your calendar tool on your mobile phone or computer to set reminders for yourself and manage
your time. Another way to keep pace with due dates, is by regularly visiting your Timeline of each of your
courses on Moodle on the Course Overview. Also download the Moodle mobile app to access Moodle on your
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FACULTY OF COMMERCE, MANAGEMENT AND LAW
mobile phone or tablet and have access to notifications about due dates at your fingertips from Google Play
Store for Android or Apple App Store for IOS.
5. Submission of Assignments
Due to challenges with Internet connectivity and speed, large files may take too long to upload, which is a big
risk if you wait until the last minute to submit your assignments. You are therefore strongly advised NOT to
wait until the final hours of the due dates to submit your assignments to avoid disappointments. You are also
advised to ensure that you are in an area with good Internet connectivity when submitting your assignments.
Timely submission of all assignments on or before the given due date is crucial for the timely grading and
processing of your CA marks and determining admission to exams.
Take note that assignments should never be submitted directly by email or hard copy to individual
tutors or any other staff members of the University of Namibia.
6. Academic Support
One every Moodle course there is an embedded Academic Support section with materials to assist you with
your writing process (see Figure 3 below). Go through the videos in order to enhance your writing process
and submit better quality assignments.
7. Grace Period
A grace period refers to three (3) additional days added after your assignment due date.
The purpose of this grace period is to provide each student with time to verify and or to
make amendments to assignments already submitted. These changes may include
correcting errors like submitting a file to a wrong module or on a wrong assignment;
submitting a wrong file; losing internet connectivity, etc. An example would be that a student
attempting to submit an assignment and they lose internet connection would still be able to
try again the day after at a different place or when the connection has been restored.
8. Plagiarism Control
It has been observed that some students copy information from the Internet and paste into their assignments
without acknowledging the sources of the information. This is called plagiarism. A copy of the Policy on
Academic Integrity has been provided to you on every course on Moodle. Please note that plagiarism which
includes copying and pasting information from the Internet would not be tolerated, shall result in your
assignments declared null and void and graded as a “0”. All assignments submitted through Moodle would be
checked for plagiarism using plagiarism detection software. You are therefore strongly urged to acknowledge
EVERY source that you use for your assignment by using the appropriate citations and references following
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the referencing style prescribed by your lecturers (APA Referencing guides are available freely online). Find
one here: http://www.uofa.edu/docs/apa-documentation.pdf
Any assignment found with high similarity scores or with evidence of clear attempts to cheat such as submitting
an assignment that is not your own would result in a zero (0) grade.
9. Vacation schools
Attending vacation school is COMPULSORY and the vacation school timetable will be made available through
the UNAM Moodle
Also visit the Distance Education Common Space on Moodle where you can find all necessary information
and user manuals related to your distance mode studies and also engage with other students studying on
distance mode. See additional information under Section 11 below.
You can also make use of the Online Support (Ticketing System) for queries to be responded to by the
responsible person within 48 hours. We recommend you use this system for Help Topics or issues listed on
the system rather than email or telephone calls.
12. Online information, Tutorials and Distance Education Common Space
Information and Tutorials are provided in each course on the Moodle Learning Management System which
you should first familiarise yourself once you first access your courses.
Indicated in Figure 4
above, the
Distance Student
Orientation
provides video
tutorials on various
activities you would
perform Figure 5: Info-Tutorials on Moodle such as
submitting
your
assignments, converting your documents into pdf format, changing your email address, how to check your
results when assignments have been graded and so on.
Updates and information with regard to your studies and related events would be shared in the Distance
Education Common Space which you can access from any course as shown in screenshot below. All
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students studying on distance mode are linked this the space where you can collaborate or discuss general
issues.
You will also find the Student Information Letter, your Vacation School Timetable and User Guides in the
Distance Education Common Space.
13. Staff Contact Information
If you study conscientiously, your efforts will be rewarded. Should you need any assistance or clarification on
the module contents, you can reach the relevant staff members at the contact details as given below:
Tutor:
For Module/Subject content related cmhaka@unam.na
Charity Mhaka
matters For Assignments marks, CA marks shikombahendrick@gmail.c
and exam marks queries Hendrick Shikomba om
Student Support Coordinator
eLearning Administrator:
Ms Limbo Selma 061-2063359 slimbo@unam.na
Moodle related queries (technical
problems), linking of Modules, etc.
NOTE: For additional information consult the Prospectus and UNAM General Information and Regulations
Prospectus.
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Serious offence not tolerated at all
Note well: Plagiarism
Plagiarism is “the wrongful appropriation or purloining, and publication as one’s own, of the ideas, or the expression of
the ideas of another” (OED). All published and unpublished material, whether in manuscript, printed or electronic form,
is covered under this description.
The Proctors’ Disciplinary Regulations concerning conduct in examinations (see Part 19.4. and 19.5, p. 52) state that
‘No candidate shall present for an examination as his or her own work any part of the substance of another person’s
work. In any written work (whether thesis, dissertation, essay, coursework, or written examination, or assignment)
passages quoted or closely paraphrased from another person’s work must be identified as quotations or paraphrases, and
the source of the quoted or paraphrased material must be clearly acknowledged.’ In all written work students must be
vigilant in citing the work they have referred to or quoted from (please see further Appendix D). Examples of plagiarism
and detailed advice as to how to avoid it are given on http://www.admin.ox.ac.uk/edc/goodpractice/: you are strongly
advised to consult this website.
It has been observed that some students merely download information from the Internet, copy verbatim from other printed
sources (including the Study Guide, employ other people to do their assignments for them, or plagiarise each other’s
assignments (either directly, that is, word-to-word, or through a re-arrangement of words or paragraphs in order to
deceive the tutor or marker).
These practices constitute very serious academic offences of academic dishonesty, alternatively, intellectual fraud, which
attract very serious and heavy penalties. Students must desist from such practices. Such students may score very high
marks but invariably perform very poorly in examinations. It is in the interest of such students to endeavour to exercise
their own intellectual faculties, do their own research, and personally do the set assignments.
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Assignment Questions
Marks 100
ASSIGNMENT 1
Examiner C. MHAKA
Moderator H. SHIKOMBA
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1. ACTION VERBS
Before attempting the assignment please familiarise yourself with the following. That which you as
student should learn (and that which will be assessed by the lecturer later) are always formulated
with a specific verb – which is known as the action verb in the formulation of the outcome,
assignment or exam question.
In the Accounting context the following verbs are regularly used in the formulation of exam questions
(please note the meaning of each):
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2. REQUIRED BY DEFAULT
If a question does not explicitly state that the following are not required, they are required
by default:
Presentation brackets. If uncertainty can arise over the type of account, the type of account should
be shown in brackets after the account name, e.g. in journals (i.e. specify ‘P/L’, ‘OCI’, ‘SFP’ or ‘SCE’
in brackets after the account name). It is also not sufficient to simply specify ‘SPLOCI’ – be more
specific in specifying either ‘P/L’ or ‘OCI’.
Copying of text from other learners or from other sources (for instance prescribed material or
directly from the internet) is not allowed – only brief quotations are allowed and then only if indicated
as such.
You should reformulate existing text and use your own words to explain what you have read. It is
not acceptable to retype existing text and just acknowledge the source in a footnote – you should
be able to relate the idea or concept, without repeating the original author to the letter.
The aim of the assignments is not the reproduction of existing material, but to ascertain whether you
have the ability to integrate existing texts, add your own interpretation and/or critique of the texts
and offer a creative solution to existing problems.
Be warned: students who submit copied text will obtain a mark of zero for the assignment
and disciplinary steps may be taken by the Faculty and/or University. It is also unacceptable
to do somebody else’s work, to lend your work to them or to make your work available to
them to copy – be careful and do not make your work available to anyone.
Disclaimer: All events as well as the names of all persons associated with this company as
mentioned in the assessment are purely fictitious in nature and any resemblance to a real person,
living or dead or an actual business entity is purely coincidental.
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QUESTION 1 [40 MARKS]
You were recently appointed as the group financial accountant of the Strawberry Ltd group of
companies. The accountants of the various companies in the group finalised the trial balances of
the individual companies and handed them to you for preparation of the consolidated financial
statements for publication.
The financial year-end of the group is 31 March 2021. The summarised trial balances are as follows:
DEBITS
Land and buildings - at carrying amount 1 932 1 475 1 025 602
Machinery and equipment – at carrying
1 645 800 1 050 980
amount
Investment in Peach Ltd – cost 1 200 - - -
Investment in Grape Ltd – cost 400 - - -
Investment in Mango Ltd – cost - - 950 -
Cost of sales 570 1 400 1 117 580
Operating expenses 410 160 400 20
Finance costs 57 80 8 -
Income tax expense 128 300 165 238
Ordinary dividends declared 125 200 - 20
Inventories 200 775 475 400
Debtors 245 68 60 85
Bank 160 17 88 55
7 072 5 275 5 258 2 980
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ADDITIONAL INFORMATION
1. Grape Ltd
1.1 Strawberry Ltd acquired a 40 % interest in Grape Limited on 1 April 2012 for N$400 000.
The retained earnings of Grape Ltd amounted to N$300 000 at that date. All assets and
liabilities, were regarded as being fairly valued.
1.2 Strawberry Ltd sold inventories from 1 April 2019 on a regular basis to Grape Ltd at a profit
of 25% on cost. Total sales from Strawberry Ltd to Grape Ltd amounted to N$500 000 for
the current financial year. Inventories to the value of N$100 000 which was sold by
Strawberry Ltd to Grape Ltd was still on hand at 31 March 2020 and N$200 000 at
31 March 2021.
1.3 On 1 April 2019 machinery with a carrying value of N$125 000 was sold to Strawberry Ltd
for N$150 000. The machine was still included in the property, plant and equipment of
Strawberry Ltd at 31 March 2021. Depreciation is provided at 20% per annum on the cost
price of machinery
2. Peach Ltd
2.1 Strawberry Ltd acquired 960 000 ordinary shares in Peach Ltd for N$1 200 000 a number of
years ago when Peach Ltd’s retained earnings amounted to N$120 000. On this date
Strawberry Ltd valued vacant land of Peach Ltd N$50 000 higher than the book value at that
stage. Peach did not recognise the revaluation in their records. All other assets and
liabilities were regarded as being fairly valued.
2.2 Peach Ltd sells inventories to Strawberry Ltd at cost price plus 25%. Included in inventories
of Strawberry Ltd are the following inventories purchased from Peach Ltd:
Total sales of inventories by Peach Ltd to Strawberry Ltd amounted to N$500 000 during the 2021
financial year.
3. Mango Ltd
3.1 Peach Ltd acquired 600 000 ordinary shares in Mango Ltd for N$950 000 on
1 October 2020. All assets and liabilities were regarded as being fairly valued.
3.2 The monthly sales and associated cost of sales of Mango Ltd increased with 25% from
1 August 2020. The operating expenses of Mango Ltd accrued evenly throughout the year.
4. General
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4.1.3 Investments in associated companies are accounted for in accordance with the
equity method.
4.2 Taxation
4.2.1 Assume that the statutory tax rate has remained unchanged at 28% for a number of
years.
4.3 Dividends
The dividends of all companies in the group were approved and authorised at directors’
meetings held on 15 March 2021. The dividends will be paid on 30 April 2021. The dividends
were correctly accounted for by all companies in the group. Dividends payable and
receivable are included in creditors and debtors respectively in the trial balances of the
individual companies.
REQUIRED: Marks
(a) Prepare all the pro-forma consolidation journal entries in the books of the
group for the reporting period ended 31 March 2021. Journal narrations are
not required. 35
(b) Indicate at what amounts the following line items will be included in the
consolidated financial statements of the Strawberry Ltd Group as at
31 March 2021:
i. Investment in associate
ii. Share of profit of associate
5
TOTAL MARKS 40
31 December 31 December
2021 2020
N$ N$
Land (Note 1) 4 500 000 4 000 000
Office buildings (Note 2) 1 800 000 1 472 000
Industrial buildings (Note 3) 3 520 000 3 840 000
Machinery (Note 4) 1 950 000 2 900 000
Additional information:
1. Land is vacant and is classified as investment property and accounted for on the fair value model
in accordance with IAS 40 Investment Property. The land was acquired on 1 June 2020 at
N$3 500 000. The fair value adjustments were recorded at the respective year-ends.
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2. Office buildings are carried on the revaluation model. It was revalued for the first time on
31 December 2021 to its fair value of N$1 800 000. The office buildings were acquired on
1 July 2020 at N$1 500 000 and are depreciated on the straight-line basis over 25 years to the
residual value of N$100 000. In 2020 management expected to use the asset up to the end of
its economic life.
In 2021 the estimated useful life changed to 5 years (applied prospectively as from
2 January 2021) and the residual value to N$400 000 (change in estimate also applied
prospectively as from 2 January 2021). The company uses the re-allocation method to account
for changes in estimates.
However, in December 2021 management changed their intention and decided to sell the
building.
Ignore IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations.
3. Industrial buildings are measured using the cost model and are depreciated on the straight-line
basis over 15 years. An allowance of 5% applies to the industrial buildings in terms of the Income
Tax Act. These buildings were bought on 1 January 2018 for an amount of N$4 800 000. The
residual value was and is estimated to be N$nil. No further buildings have been acquired since
then.
4. The machinery is carried at the cost model. The Wear and tear allowance of 33 1/3% applies to
plant and machinery in terms of the Income Tax Act. Plant and machinery are depreciated on
the straight-line basis at 20% per year to N$nil residual value.
The tax base of the remaining machinery amounted to N$950 000 at 31 December 2021. The
tax base was N$1 900 000 on 31 December 2020. No additional machinery was acquired in
2021.
5. Other Statement of financial position items:
31 December 2021 31 December 2020
Prepaid insurance N$32 000 N$23 000
6. The accounting profit before tax, which included dividends received of N$45 000, amounted to
N$3 175 000 for the year ended 31 December 2021. All above mentioned depreciation,
amortisation and movements in statement of financial position items were taken in account in
arriving at the accounting profit.
7. The deferred taxation asset balance as at 31 December 2020 was N$328 950 due to an
assessed loss of N$2 million that existed at the time. Vambo expected to make sufficient taxable
profits in 2021 and onwards to fully utilise assessed losses and other deductible temporary
differences.
8. Assume a normal tax rate of 28% for the 2021 year (2020 year: 27%) and that 0% (2021) and
(2020 year: 0%) of capital gains are taxable.
REQUIRED: Marks
Prepare the INCOME TAX EXPENSE note in the financial statements of Vambo Ltd for
the year ended 31 December 2021 in compliance with International Financial Reporting
Standards. Presentation and disclosure of comparative amounts are not required. 30
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Transaction 2
Westlife Ltd mainly operates in Windhoek. As part of its expansion strategy both locally and
internationally, the following investments have been made:
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Investment in Waverly Ltd (Waverly)
The management of Westlife has approached Jamie Ltd (Jamie) to form a partnership to
manufacture sporting goods from 1 January 2021. A separate entity Waverly, has been formed.
Each entity will have a 50% shareholding in Waverly and Waverly is a separate legal entity.
The companies have signed an agreement that outlines the activities of the arrangement and
establishes a joint operating committee. A representative from each company sits on the joint
operating committee and decisions require unanimous consent. Westlife and Jamie will each be
responsible for their own area of expertise.
The companies carry out different parts of the manufacturing process, each using its own resources
and expertise in order to manufacture and distribute the goods jointly. The two companies share the
revenues from sales and jointly incur expenses. The revenues and common costs are shared as
contractually agreed in the agreement.
A separate bank account is established through which revenue will be received and shared costs
will be paid. The bank account is in the name of both companies. Each company incurs their own
separate costs such as labor costs, manufacturing costs, supplies, inventory of unused parts and
work in progress and recognizes their separately incurred costs fully.
Westlife and Jamie have committed to purchase Waverly’s entire product line. The products must
therefore to the quality control of both Westlife and Jamie. Any cash shortages that the partnership
may incur will be financed by both parties in accordance with their shareholding.
Required: Marks
In respect of transaction 1
15
15
Provide a memorandum to the management of 14 15
Westlife, dealing with the following questions:
i. Is the agreement with Jamie a joint
arrangement?
ii. If yes, what is the classification thereon and
if not, what is it?
1
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Communication skills: logical flow
conclusion and format
30
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Marks 100
ASSIGNMENT 2
Examiner H. SHIKOMBA
Moderator C.MHAKA
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4. ACTION VERBS
Before attempting the assignment please familiarise yourself with the following. That which you as student
should learn (and that which will be assessed by the lecturer later) are always formulated with a specific verb
– which is known as the action verb in the formulation of the outcome, assignment or exam question.
In the Accounting context the following verbs are regularly used in the formulation of exam questions (please
note the meaning of each):
5. REQUIRED BY DEFAULT
If a question does not explicitly state that the following are not required, they are required by
default:
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Disclosure of comparative figures. The disclosure of comparative figures is a requirement of IAS 1 and
must always be provided. If the question however does not require comparative figures to be disclosed, the
question will specifically state that comparative figures are not required.
Journal narrations. It is general practice to always provide journal narrations (descriptions), in order to keep
a record of the reasons for general journals in practice.
Presentation brackets. If uncertainty can arise over the type of account, the type of account should be shown
in brackets after the account name, e.g. in journals (i.e. specify ‘P/L’, ‘OCI’, ‘SFP’ or ‘SCE’ in brackets after
the account name). It is also not sufficient to simply specify ‘SPLOCI’ – be more specific in specifying either
‘P/L’ or ‘OCI’.
Copying of text from other learners or from other sources (for instance prescribed material or directly from
the internet) is not allowed – only brief quotations are allowed and then only if indicated as such.
You should reformulate existing text and use your own words to explain what you have read. It is not
acceptable to retype existing text and just acknowledge the source in a footnote – you should be able to relate
the idea or concept, without repeating the original author to the letter.
The aim of the assignments is not the reproduction of existing material, but to ascertain whether you have the
ability to integrate existing texts, add your own interpretation and/or critique of the texts and offer a creative
solution to existing problems.
Be warned: students who submit copied text will obtain a mark of zero for the assignment and
disciplinary steps may be taken by the Faculty and/or University. It is also unacceptable to do
somebody else’s work, to lend your work to them or to make your work available to them to copy – be
careful and do not make your work available to anyone.
Disclaimer: All events as well as the names of all persons associated with this company as mentioned in the
assessment are purely fictitious in nature and any resemblance to a real person, living or dead or an actual
business entity is purely coincidental.
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Case study
Luxury Breeze Limited group
You are a Senior Financial Accountant at Luxury Breeze Limited, a company that
specializes in providing of best holiday destination to all local and international traveller to
Namibia.
About us:
With a 31 December year end. Luxury Breeze Ltd group initially opened its door in 1995 by
the founder Cobus Marais, a man who was born and raised in Mariental a town located in
the south of his mother land Namibia.
With the need of lodges in the country during that time Cobus decided to open a Lodge in
his town. He started from a back-yard structure of his parents’ house where he could only
accommodate 2 families when they travel in Mariental and to the nearest areas. When
Cobus parents travel to the farm for holiday, he can use the whole house as a guest house.
When the business boomed in year the 2000 he managed to secure a space in the Namib
desert and build a luxurious 5-star hotel in order to accommodate the traveller to the
Namibian well known desert.
Cobus believes in providing good service to his customer and his moto is “A satisfied
customer will always return”.
Due to the location of the hotels and lodges in the Namib Desert, it has been cumbersome
for Cobus to get the customers to come and experience the desert if the customer does not
have their own transportation they would likely not make it to the lodge or if their cars are
not 4X4 or SUV’s.
Cobus acquired a bus for his customers and arranged for the customer travels from the
airport, north, south, east of the country to make it to the desert. Although it brings boom
into his business the bus could only go twice a week and customers would spend excess
costs because customers would not have a means of return transport when they only book
for a shorter period of time, hence it became chaotic again.
In the process to make customers happy and to experience the Namib desert at their
convenience, Luxury Ltd identified Rent A Car (Pty) Ltd as a potential solution to their
problem.
Rent A Car
Rent A Car (Pty) Ltd is a company that is owned by two friends who won a good price on
the Olympic championship and they decided to put their money into good use identifying a
business in the vehicle rental Industry in the country.
This was an ideal opportunity to peruse and Cobus did not look back but rather entered into
an agreement and acquired 40% of the shares in Rent A Car since Rent A Car was looking
to raise funds.
To Luxury Breeze 40% was classified as an associate for the group and has been
accounted as an associate since the acquisition date 01 January 2009 to date.
Rent a car was acquired on the 01 January 2009 when the for an amount of N$ 2 000 000,
when the retained earnings were N$ 500 000.
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Below are the trial balances of entities in Luxury group:
TRIAL BALANCE FOR YEAR END 31 DECEMBER 2020 LUXURY BREEZE LTD RENT A CAR
Total assets
Land and Buildings 20 000 000.00 2 550 000.00
Motor Vehicle 8 500 000.00 9 000 000.00
Accumulated depreciation Motor vehicle - 625 000.00 - 2 000 000.00
Office equipment 128 000 000.00 7 000 000.00
Accumulated depreciation Office Equipment - 2 500 000.00 - 2 500 000.00
Deferred tax - -
Current liabilities - -
Trade and other payable - 280 000.00 - 450 000.00
Current tax payable 75 000.00 - 150 000.00
Additional information:
- NCI is measured as proportionate share
- All assets and liabilities are fairly values
- It is the policy of Luxury Breeze and its Subsidiary to account for investment at cost
Required
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