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FACULTY OF COMMERCE, MANAGEMENT AND LAW 2. An additional N$60 000 member contribution was made during the course of the year (refer to the above-mentioned ratio). 3. 4. Land and buildings were valued by Jack Valuations. The value according to them was N$80 000. A payment amounting to N$15 000 was paid to Sassy that will be considered as loan to member. A provision for taxation should be made at 30% of the profit for the year. 5. 6. An instruction from the accounting officer was made to the CC to make provision for salaries and wages for one of the member's son for N$9 256. You are required to: 2.1 Joumalize the above transactions and narrations are required (20 marks) 2.2 Name any eight (8) circumstances under which a member can lose their limited liability in a dose corporation (8 marks) 2.3 Mention four advantages of a close corporation (4 marks) 2.4 Which Authority in Namibia is responsible for the registration of entity and briefy explain the procedures involved when registering a Close Corporation (CC). (4 marks) [TOTAL MARKS 100] FACULTY OF COMMERCE, MANAGEMENT AND LAW 2. An additional N$60 000 member contribution was made during the course of the year (refer to the above-mentioned ratio). 3. 4. Land and buildings were valued by Jack Valuations. The value according to them was N$80 000. A payment amounting to N$15 000 was paid to Sassy that will be considered as loan to member. A provision for taxation should be made at 30% of the profit for the year. 5. 6. An instruction from the accounting officer was made to the CC to make provision for salaries and wages for one of the member's son for N$9 256. You are required to: 2.1 Joumalize the above transactions and narrations are required (20 marks) 2.2 Name any eight (8) circumstances under which a member can lose their limited liability in a dose corporation (8 marks) 2.3 Mention four advantages of a close corporation (4 marks) 2.4 Which Authority in Namibia is responsible for the registration of entity and briefy explain the procedures involved when registering a Close Corporation (CC). (4 marks) [TOTAL MARKS 100]