Question: Kindly answer for me this question and please show all your workings Kick ltd is a listed company on the Namibian stock exchange which has
Kindly answer for me this question and please show all your workings
Kick ltd is a listed company on the Namibian stock exchange which has been enjoying good financial fortunes despite the COVID 19 Pademics effects. invested in Goal ltd another Namibian stock exchange compony on 19 November 2019. The retain earnings of Goal ltd on 1 July 2019 amounted to N$ 100 000 and the following income and expenses were incurred and earned for year 30 June 2020
Sales Note 1 600 000 Interest received Note 2 40 000 Audit remuneration note 3 22 000 Interest paid 16 000 Depreciation 18 000 Repair maintanance Note 5 23 760 Income tax expense 17 427
NOTE1: A quarter of the sales were earned in the first 4 months of the reporting year with the remaining 3/4 being earned in the remaining months of the year. the gross profit percentage of the year remained steadfast at 25% inthe first 4 months and the remaining months NOTE 2: the interest recieved were on 30 September 2019 NOTE3: The auditors remunation of N$ 8 000 wass incurred in the last 8 months of the year 2020 reporting year during the company requested stock take the remaining was incurred during the 2019 year end audit in the first 4 months of the reporting year.
NOTE 4: Interest was only paid 30 september 2020 NOTE5: All other expenses were incurred evenly through the year with exception of the repair and maintenance and the expenses indicated above. Repair and maintenance was incurred evenly from the bengining of the year to 31 December 2019, thereafter repair and maintenance figure is increases by 20% in the remaining part of the year. Required: Calculate the retain earning figure for goal Ltd as at the date of acquisition.
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