100% Wraith Limited 10% Ori Limited Asgard Limited 30% Genii Limited REQUIRED: 30% Athosian Limited 100%...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
100% Wraith Limited 10% Ori Limited Asgard Limited 30% Genii Limited REQUIRED: 30% Athosian Limited 100% Nox Limited 45% Mr Deadalus is the Chief Financial Officer of Asgard Limited. Mrs Deadalus, the wife of Mr Deadalus is a partner in Orion Ltd. Orion Inc is the accounting firm responsible for the compiling of the financial records of the Asgard group. The accounting fees for the reporting period ended 31 December 2021 was N$500 000. 1. Nox Limited is responsible for the transport of the inventory of Asgard Limited. Nox Limited charged Asgard Limited N$2 500 000 for the safe transport of all the gold and gemstones that were mined. Wraith Limited is an engineering company. They are responsible for all the maintenance on the mining equipment. Wraith Limited invoiced Asgard Limited for all the maintenance amounting to N$10 000 000 for the reporting period ended 31 December 2021. Asgard Limited invoiced Athosian Limited for the maintenance provided by Wraith Limited to the amount of N$2 500 000. Genii Limited prepared a contract for a lease agreement for Athosian Limited at no cost. Disclose all relevant information required by IAS 24 Related party disclosure, in the notes to Asgard Limited's own financial statements for the year ended 31 December 2021 MARKS 6 100% Wraith Limited 10% Ori Limited Asgard Limited 30% Genii Limited REQUIRED: 30% Athosian Limited 100% Nox Limited 45% Mr Deadalus is the Chief Financial Officer of Asgard Limited. Mrs Deadalus, the wife of Mr Deadalus is a partner in Orion Ltd. Orion Inc is the accounting firm responsible for the compiling of the financial records of the Asgard group. The accounting fees for the reporting period ended 31 December 2021 was N$500 000. 1. Nox Limited is responsible for the transport of the inventory of Asgard Limited. Nox Limited charged Asgard Limited N$2 500 000 for the safe transport of all the gold and gemstones that were mined. Wraith Limited is an engineering company. They are responsible for all the maintenance on the mining equipment. Wraith Limited invoiced Asgard Limited for all the maintenance amounting to N$10 000 000 for the reporting period ended 31 December 2021. Asgard Limited invoiced Athosian Limited for the maintenance provided by Wraith Limited to the amount of N$2 500 000. Genii Limited prepared a contract for a lease agreement for Athosian Limited at no cost. Disclose all relevant information required by IAS 24 Related party disclosure, in the notes to Asgard Limited's own financial statements for the year ended 31 December 2021 MARKS 6
Expert Answer:
Answer rating: 100% (QA)
As per IAS 24 following information should be disclosed in the notes to Asgard limiteds own Fi... View the full answer
Related Book For
Accounting and Finance An Introduction
ISBN: 978-1292088297
8th edition
Authors: Peter Atrill, Eddie McLaney
Posted Date:
Students also viewed these accounting questions
-
The chief financial officer of a profitable firm asks you to explain the advantages, if any, to his firm of overfunding the firms defined benefit pension plan. Do these advantages accrue to a firm...
-
The Chief Financial Officer of Eaton Medical Devices has determined that the firm's capital investment budget will be $5,000,000 for the upcoming year. Unfortunately, this amount is not sufficient to...
-
The chief financial officer of Sparkrite Ltd, a trading business, has just received summary sets of financial statements for last year and this year: The chief financial officer has expressed concern...
-
For a certain company, the cost function for producing x items is C(x)=30x+100 and the revenue function for selling x items is R(x)=0.5(x70)^2+2,450 . The maximum capacity of the company is 100...
-
The following transactions were selected from among those completed by Cadence Retailers in 2013: Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/10,...
-
The balance sheet of Gold Fields Limited, a South African gold mining company, for the war ended June 30. 2007, showed current assets of R6,085.1, noncurrent assets of R49,329.8, noncurrent...
-
A spare parts seller finds that 3 in every 100 parts sold is defective. Find the probability that (a) the first defective part is the eighth part sold, (b) the first defective part is the first,...
-
The following assets are owned by the Dinnell Company: In the year of acquisition and retirement of an asset, the company records depreciation for one-half year. During 2008, asset A was sold for...
-
10. Re-write the following if statement as a switch statement. int value (0); cin >> value; if (value) -2 || value 1) f cout < < "value 1 or 2"; } else if (value = 4 || value -- 5) { cout < < "value...
-
DeBauge Realtors, Inc., is a realty firm owned by Jeff and Kristi DeBauge. The DeBauge family owns 100% of the corporations stock. The following summarized data (in thousands) are taken from the...
-
What organizational enablers and impediments shape the effectiveness and resilience of multifunctional teams, spanning factors such as leadership dynamics, resource allocation, performance...
-
A point charge q with charge q = 4 . 0 nC is at the point ~r 0 = ( 4 . 0 cm , 4 . 0 cm , 0 ) . Calculate the electric field at the point ~rP = ( 8 . 0 cm , 1 2 . 0 cm , 0 ) . A point charge q with...
-
Let S(0) 100, R = 0.05, U = 0.2, D = -0.2, and N = 3, and consider the payoff of following European butterfly spread: -30- -20- -10- 50 = 60 70 80 90 100 110 120 130 140 (a) You can construct this...
-
Evaluate the following 2 A [ (x 1) e + + x dr
-
Analyze the role of emotional intelligence (EI) in leadership effectiveness and organizational performance, integrating perspectives from Mayer and Salovey's model of EI and Goleman's emotional...
-
Consider the LTI system shown below where H (s) X (s) + = 1 s3 + 10s2 + 31s + 30 K Determine the values of K for which the system is stable. H (s) Y(s)
-
What is a make-or-buy decision?
-
A business manufactures refrigerators for domestic use. There are three models: Lo, Mid and Hi. The models, their quality and their price are aimed at different markets. Product costs are computed...
-
You have overheard the following statements: (a) The role of independent auditors is to prepare the financial statements of the company. (b) International Accounting Standards (IASs) apply to all UK...
-
The directors of Helena Beauty Products Ltd have been presented with the following abridged financial statements: Required: Using six ratios, comment on the profitability (three ratios) and...
-
A stock price is governed by \[\frac{\mathrm{d} S}{S}=\mu \mathrm{d} t+\sigma \mathrm{d} z\] where \(z\) is a standardized Wiener process. Interest is constant at rate \(r\). An investor wishes to...
-
The current price of gold is \(\$ 412\) per ounce. The storage cost is \(\$ 2\) per ounce per year, payable quarterly in advance. Assuming a constant interest rate of \(9 \%\) compounded quarterly,...
-
At the beginning of April one year, the silver forward prices (in cents per troy ounce) were as follows: The carrying cost of silver is about 20 cents per ounce per year, paid at the beginning of...
Study smarter with the SolutionInn App