{"id":148,"date":"2023-04-01T12:17:50","date_gmt":"2023-04-01T12:17:50","guid":{"rendered":"http:\/\/localhost\/solvefor2\/?p=148"},"modified":"2023-04-01T12:30:43","modified_gmt":"2023-04-01T12:30:43","slug":"entrepreneurship-education-paper-2-bulo-parents-secondary-school","status":"publish","type":"post","link":"https:\/\/edu.co.tz\/notes\/entrepreneurship-education-paper-2-bulo-parents-secondary-school\/","title":{"rendered":"ENTREPRENEURSHIP EDUCATION PAPER 2 Bulo Parents Secondary School"},"content":{"rendered":"<p>\n\u00a0<\/p>\n<p style=\"text-align: center\">\n\u00a0<\/p>\n<p style=\"text-align: center\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>Bulo Parents Secondary School<br \/>\n<\/strong><\/span><\/p>\n<p style=\"text-align: center\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>Uganda Advanced Certificate of Education<br \/>ENTREPRENEURSHIP EDUCATION <br \/>PAPER 2<br \/><\/strong><br \/>\n\t\t<\/span><\/p>\n<p style=\"text-align: center\">\n\u00a0<\/p>\n<p><span style=\"font-family:Book Antiqua; font-size:12pt; text-decoration:underline\"><strong>INSTRUCTIONS<br \/>\n<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"font-family:Book Antiqua; font-size:12pt\"><em>Answer any <\/em><strong>four<\/strong><em> questions only.<br \/>\n<\/em><\/span><\/li>\n<li><span style=\"font-family:Book Antiqua; font-size:12pt\"><em>All questions carry equal marks.<br \/>\n<\/em><\/span><\/li>\n<li><span style=\"font-family:Book Antiqua; font-size:12pt\"><em>Credit will be given for use of relevant diagrams and illustration.<br \/>\n<\/em><\/span><\/li>\n<li><span style=\"font-family:Book Antiqua; font-size:12pt\"><em>Any additional question(s) answered will <strong>not <\/strong>be marked.<br \/>\n<\/em><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify\">\n\u00a0<\/p>\n<p style=\"text-align: justify\">\n\u00a0<\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Your youth association has acquired a Rice Huller Machine that threshes and pick rice.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0<br \/>\n<\/span><\/p>\n<ol style=\"margin-left: 45pt\">\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0Prepare regulations for the maintenance of this machine.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(07 marks)<br \/>\n<\/span><\/div>\n<\/li>\n<\/ol>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">b)\u00a0\u00a0\u00a0\u00a0Design a label to be placed on packaging bags for rice.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(06 marks)<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0c)\u00a0\u00a0\u00a0\u00a0Draft policy guidelines to be followed when buying rice from farmers.\u00a0\u00a0\u00a0\u00a0(07 marks)<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0d)\u00a0\u00a0\u00a0\u00a0What are the benefits of your business to the community?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(05 marks)<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 27pt\">\n\u00a0<\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0The following information relates to TRIPPLE Z LTD for the months of May, June, July<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0and August 2016:<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua\"><span style=\"font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><span style=\"font-size:5pt\"><br \/>\n\t\t\t<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0i)\u00a0\u00a0\u00a0\u00a0Opening balance as at 1<sup>st<\/sup> May 2016 was shs 320,000.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0ii)\u00a0\u00a0\u00a0\u00a0Output of 800, 900, 700 and 100 units were sold at shs 500 each during the months<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0of May, June, July and August respectively less 10% discount.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0iii)\u00a0\u00a0\u00a0\u00a0Capitalization loan of shs 500,000 and shs 300,000 were obtained from Equity Bank in<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0June and August respectively.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0iv)\u00a0\u00a0\u00a0\u00a0Receipts from debtors of shs 100,000, shs 80,000 and shs 30,000 were registered for the<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0months of June, July and August respectively.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0v)\u00a0\u00a0\u00a0\u00a0Purchases of 700, 800, 900 and 1000 units for raw materials were made in the months<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0of May, June, July and August respectively at a cost of shs 200 per unit.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0vi)\u00a0\u00a0\u00a0\u00a0Labour costs for the months of May, June, July and August were shs 150,000,<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0shs 120,000, shs 100,000 and shs 140,000 respectively.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\">\n\u00a0<\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0vii)\u00a0\u00a0\u00a0\u00a0A generator was bought and paid for in July for shs 1,000,000. This was expected to<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0depreciate at a rate of 10% per annum.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0viii)\u00a0\u00a0\u00a0\u00a0Monthly supervision and market expenses of shs 20,000. This was to reduce by 20%<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0in August.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0ix)\u00a0\u00a0\u00a0\u00a0Monthly rent income was shs 50,000. This was to increase by 10% monthly.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x)\u00a0\u00a0\u00a0\u00a0The owner withdrew goods worth shs 100,000 in the month of June 2016.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0xi)\u00a0\u00a0\u00a0\u00a0The thieves broke into the cash office and stole shs 70,000.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\">\n\u00a0<\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>Required to:<br \/>\n<\/strong><\/span><\/p>\n<ol style=\"margin-left: 54pt\">\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Prepare monthly a cash budget for TRIPPLE Z LTD for the months of May to August<br \/>\n<\/span><\/div>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">2016.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(21marks)<br \/>\n<\/span><\/p>\n<\/li>\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Comment on the net cash position of the business for each month.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(04marks)<br \/>\n<\/span><\/div>\n<\/li>\n<\/ol>\n<p style=\"text-align: justify\">\n\u00a0<\/p>\n<p style=\"text-align: justify; margin-left: 18pt\">\n\u00a0<\/p>\n<p style=\"text-align: justify; margin-left: 18pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0You have obtained a loan of shs 8,000,000 from Equity Bank to expand your carpentry workshop. You have been granted the credit period of 4 years at an annual interest of 12% per annum. You are required to pay the principal in 8 installments.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 18pt\">\n\u00a0<\/p>\n<ol>\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Prepare a loan repayment schedule on reducing balance scheme\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(07 marks)<br \/>\n<\/span><\/div>\n<\/li>\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Draft guidelines for ensuring proper loan management in your<br \/>\n<\/span><\/div>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">carpentry workshop. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(07 marks)<br \/>\n<\/span><\/p>\n<\/li>\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Prepare a local purchase order for any two furniture products.             \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(06 marks)<br \/>\n<\/span><\/div>\n<\/li>\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Design a sign post for your workshop.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(05 marks)<br \/>\n<\/span><\/div>\n<\/li>\n<\/ol>\n<p style=\"text-align: justify\">\n\u00a0<\/p>\n<p style=\"text-align: justify; margin-left: 22pt\">\n\u00a0<\/p>\n<p style=\"text-align: justify; margin-left: 22pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">4.\u00a0\u00a0\u00a0\u00a0   You own a fast growing poultry farm in your village.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 22pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 22pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 a)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Prepare a marketing expenses budget for your business.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(07 marks)<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 22pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0b)\u00a0\u00a0\u00a0\u00a0Formulate policy guidelines for enhancing good business ethics to customers.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 22pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(08 marks)<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 22pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0c)\u00a0\u00a0\u00a0\u00a0Design a business card for the sales manager.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(04 marks)<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 22pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0d)\u00a0\u00a0\u00a0\u00a0Develop instructions for ensuring safety and security of your employees<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify; margin-left: 22pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0at the work place. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(06 marks)<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\">\n\u00a0<\/p>\n<p style=\"text-align: justify\">\n\u00a0<\/p>\n<p style=\"text-align: justify\">\n\u00a0<\/p>\n<p style=\"text-align: justify; margin-left: 27pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0The following income statement relates to the business of Bulo Traders for the period ended 31<sup>st<\/sup> December 2018.<br \/>\n<\/span><\/p>\n<p style=\"text-align: center\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>BULO TRADERS&#8217;<br \/>\n<\/strong><\/span><\/p>\n<p style=\"text-align: center\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>INCOME STATEMENT<br \/>\n<\/strong><\/span><\/p>\n<p style=\"text-align: center\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>FOR THE YEAR ENDED 31<sup>ST<\/sup> DECEMBER 2018<br \/>\n<\/strong><\/span><\/p>\n<div style=\"margin-left: 9pt\">\n<table style=\"border-collapse:collapse\" border=\"0\">\n<colgroup>\n<col style=\"width:271px\"\/>\n<col style=\"width:116px\"\/>\n<col style=\"width:112px\"\/>\n<col style=\"width:112px\"\/><\/colgroup>\n<tbody valign=\"top\">\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  solid black 0.5pt; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>Details <\/strong><\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  solid black 0.5pt; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: center\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>Amount<br \/>\n<\/strong><\/span><\/p>\n<p style=\"text-align: center\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>(Shs)<\/strong><\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  solid black 0.5pt; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: center\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>Amount<br \/>\n<\/strong><\/span><\/p>\n<p style=\"text-align: center\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>(Shs)<\/strong><\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  solid black 0.5pt; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: center\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>Amount<br \/>\n<\/strong><\/span><\/p>\n<p style=\"text-align: center\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>(Shs)<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Sales <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt\">65,310,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>LESS:<span style=\"text-decoration:underline\"> COST OF SALES:<\/span><\/strong><\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">        Opening stock <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt\">3,120,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">        Purchases     <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt\">48,900,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Add: Carriage inwards  <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt; text-decoration:underline\">3,993,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Net purchase <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt; text-decoration:underline\">52,893,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Cost of goods available for sale <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt\">56,013,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Less: Closing stock<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt; text-decoration:underline\">3,276,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Cost of sales <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt; text-decoration:underline\">52,737,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Gross profit<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt\">12,573,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>ADD:  <span style=\"text-decoration:underline\">OTHER INCOMES:<\/span><\/strong><\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Commission <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt\">1,260,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Rent income<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt\">1,800,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Discount received <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt; text-decoration:underline\">630,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt; text-decoration:underline\">3,690,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Gross income<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt\">16,263,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>LESS: <span style=\"text-decoration:underline\">OPERATING EXPENSES:<\/span><\/strong><\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Salaries <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt\">2,652,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Electricity and Telephone<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt\">534,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Rates <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt\">1,080,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Discount allowed <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt; text-decoration:underline\">366,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Total operating expenses <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt; text-decoration:underline\">4,632,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Net profit <\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\u00a0<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: right\"><span style=\"font-family:Book Antiqua; font-size:12pt; text-decoration:underline\"><strong>11,631,000<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>Additional information:<br \/>\n<\/strong><\/span><\/p>\n<p style=\"text-align: justify\">\n\u00a0<\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">i)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Debtors as at 31\/12\/2017 shs 3,265,500<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">ii)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Creditors as at 31\/12\/2017 shs 3,912,000<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">iii)\u00a0\u00a0\u00a0\u00a0Take a financial year to be 365 days.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\">\n\u00a0<\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>Required:<br \/>\n<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Using the information provided above, compute and interpret each of the following ratios:<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\">\n\u00a0<\/p>\n<ol>\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Gross profit margin.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(03 marks)<br \/>\n<\/span><\/div>\n<\/li>\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Gross profit mark-up.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(04 marks)<br \/>\n<\/span><\/div>\n<\/li>\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Inventory turnover.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(03 marks)<br \/>\n<\/span><\/div>\n<\/li>\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Rate of inventory turnover period.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(03 marks)<br \/>\n<\/span><\/div>\n<\/li>\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Net profit to sales ration.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(04 marks)<br \/>\n<\/span><\/div>\n<\/li>\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">   Debtors to sales ratio.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(04 marks)<br \/>\n<\/span><\/div>\n<\/li>\n<li>\n<div style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Creditors to purchases ratio.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(04 marks)<br \/>\n<\/span><\/div>\n<\/li>\n<\/ol>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">6.\u00a0\u00a0\u00a0\u00a0Akuna Belvah earned the following incomes from various sources during a given year.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0     Shs<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0Profit made on sale of the business machinery\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,000,000<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0Salaries earned \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06,000,000<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0Property interest received \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04,000,000<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0Transport allowance \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,400,000<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0Rent income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0          12,000,000<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0Gross sales\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09,000,000<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua\"><span style=\"font-size:12pt\">\u00a0\u00a0\u00a0\u00a0<\/span><span style=\"font-size:8pt\"><br \/>\n\t\t\t<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">In addition, she incurred total expenses and losses of shs 1,680,000. Tax exempt income for the year amounted to shs 7,080,000.<br \/>\n<\/span><\/p>\n<p style=\"text-align: justify\">\n\u00a0<\/p>\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Shs uses the following annual chargeable income tax rates to make computations.<br \/>\n<\/span><\/p>\n<div>\n<table style=\"border-collapse:collapse\" border=\"0\">\n<colgroup>\n<col style=\"width:312px\"\/>\n<col style=\"width:312px\"\/><\/colgroup>\n<tbody valign=\"top\">\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  solid black 0.5pt; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Annual chargeable income<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  solid black 0.5pt; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Tax rate<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Exceeding shs 4,020,000 but not exceeding shs 4,920,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Shs 120,000 + 20% of the amount chargeable income exceeds shs 4,020,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  solid black 0.5pt; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Exceeding shs 4,920,000<\/span><\/p>\n<\/td>\n<td style=\"padding-left: 7px; padding-right: 7px; border-top:  none; border-left:  none; border-bottom:  solid black 0.5pt; border-right:  solid black 0.5pt\">\n<p style=\"text-align: justify\"><span style=\"font-family:Book Antiqua; font-size:12pt\">Shs 300,000 + 30% of the amount by which chargeable income exceeds shs 4,920,000<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"text-align: justify\">\n\u00a0<\/p>\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">a)\u00a0\u00a0\u00a0\u00a0Calculate Akuna&#8217;s:<br \/>\n<\/span><\/p>\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0i)\u00a0\u00a0\u00a0\u00a0Gross annual income<br \/>\n<\/span><\/p>\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0ii)\u00a0\u00a0\u00a0\u00a0Chargeable income for the year.<br \/>\n<\/span><\/p>\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0iii)\u00a0\u00a0\u00a0\u00a0Monthly income tax paid<br \/>\n<\/span><\/p>\n<p>\n\u00a0<\/p>\n<p style=\"margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">b)\u00a0\u00a0\u00a0\u00a0Akuna Belvah  also owns two rental rooms. She earned monthly rental income of shs 350,000 from each room in 2016. Both rooms had tenants for the entire year. Provision for expenses and losses is 20% of gross rental income. The annual tax threshold is shs 2,820,000.<br \/>\n<\/span><\/p>\n<p>\n\u00a0<\/p>\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">c)\u00a0\u00a0\u00a0\u00a0Compute rental income tax paid in 2016.<br \/>\n<\/span><\/p>\n<p>\n\u00a0<\/p>\n<p style=\"margin-left: 36pt\"><span style=\"font-family:Book Antiqua; font-size:12pt\">d)\u00a0\u00a0\u00a0\u00a0The following  transactions were carried out by Akuna Belvah and other VAT registered business at various stages of distribution for the month of June 2016.<br \/>\n<\/span><\/p>\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0<br \/>\n<\/span><\/p>\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0i)\u00a0\u00a0\u00a0\u00a0Akuna bought goods worth shs 30,000,000.<br \/>\n<\/span><\/p>\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0ii)\u00a0\u00a0\u00a0\u00a0Akuna sold all the goods for cash to Akello for shs 54,000,000.<br \/>\n<\/span><\/p>\n<ol style=\"margin-left: 72pt\">\n<li><span style=\"font-family:Book Antiqua; font-size:12pt\">Akello sold all the goods for cash to Onyait for shs 75,000,000.<br \/>\n<\/span><\/li>\n<li><span style=\"font-family:Book Antiqua; font-size:12pt\">Onyait sold all the goods for cash to a final consumer at shs 114,000,000.<br \/>\n<\/span><\/li>\n<\/ol>\n<p>\n\u00a0<\/p>\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">Required:<br \/>\n<\/span><\/p>\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0Using the VAT rate of 18%<br \/>\n<\/span><\/p>\n<p>\n\u00a0<\/p>\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0i)\u00a0\u00a0\u00a0\u00a0Compute the VAT chargeable at each stage.<br \/>\n<\/span><\/p>\n<p><span style=\"font-family:Book Antiqua; font-size:12pt\">\u00a0\u00a0\u00a0\u00a0ii)\u00a0\u00a0\u00a0\u00a0compute total VAT payable<br \/>\n<\/span><\/p>\n<p>\n\u00a0<\/p>\n<p style=\"text-align: center\"><span style=\"font-family:Book Antiqua; font-size:12pt\"><strong>END.<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 \u00a0 Bulo Parents Secondary School Uganda Advanced Certificate of EducationENTREPRENEURSHIP EDUCATION PAPER 2 \u00a0 INSTRUCTIONS Answer any four questions<\/p>\n","protected":false},"author":1,"featured_media":317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,1],"tags":[],"class_list":["post-148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entrepreneurship","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - 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