KENYA METHODIST UNIVERSITY

FACULTY OF BUSINESS & MANAGEMENT STUDIES DEPARTMENT OF BUSINESS ADMINISTRATION ODLM ASSIGNMENT

COURSE CODE:

ACCF: 433

COURSE TITLE:

ADVANCED FINANCIAL ACCOUNTING

ASSIGNMENT:

2007/2008 3RD TRIMESTER

INSTRUCTOR:

STUDENTS NAME:

ALICE W N!OROGE

REG NO :

BUSS "#"0$%#2/2007

&'()*+,- " Wiper Ltd operates two branc es one in t e ead o!!ice in Nairobi and t e ot er in "#sia$ %#rc ases o! stoc& are 'ade e(c)#si*e)+ b+ t e ead o!!ice branc w ic does so'e 'odi!ication to t e stoc&s be!ore t e+ are so)d$ ,oods are sent to t e "#sia branc at 'odi!ied cost p)#s -./ and a)) sa)es b+ bot "#sia and ead o!!ice are 'ade at a 0ross pro!it o! 12/ on t e 'odi!ied cost$ T e tria) ba)ance as at 3. 4#ne 1..5 be!ore ta&in0 acco#nt o! t e #nder6'entioned ad7#st'ents were N.+/,0+ 0/.-12 8apita) %#rc ases 8ost o! 'odi!ication Drawin0s b+ t e owner Sa)es ,oods sent> recei*ed b+ branc Se))in0 and 0enera) e(penses Debtors> creditors "ranc and ead o!!ice c#rrent acco#nts -93.5$2 "an& ba)ances 5=. -29255 A44+*+,-.5 +-6,/7.*+,-: -$ ,oods wort S $ 11.9... sent to t e branc in 4#ne 1..5 were not recei*ed b+ t e branc #nti) 4#)+ 1..5w i)e a re'ittance o! s $ <1-92.. !ro' t e "#sia branc to t e ead o!!ice in 4#ne 1..5 was not recei*ed or recorded at ead o!!ice #nti) A#0#st 1..5$ An+ ad7#st'ents in respect o! t ese ite's are to be 'ade in t e ead o!!ice acco#nts$ 1$ T ere was a s orta0e in stoc&s o! a se))in0 *a)#e o! s $ -..9... at t e "#sia branc $ T ere were no s orta0es or s#rp)#s at t e ead o!!ice$ 1 -29255 3;5$2 29<=-$2 29<=-$2 :<2 -92<; -9:<: 39..5 :9;<5$2 121$2 152 =9<.. <9=1. <9<.. -.= 2=; 2< <9-.. -922. B')+. 0/.-12

S2 3000 3S2 000 S2 3000 S2 000

3$ Un'odi!ied 0oods costin0 s $ 2..9... were at t e Nairobi branc as at 3. 4#ne 1..5$ <$ T ere was no )oss or wasta0e in t e process o! 'odi!ication o! stoc&s b+ t e ead o!!ice$ T e branc Required: %repare in co)#'nar !or' !or t e Nairobi branc 9 "#sia branc and t e co'bined b#siness? a@ T e tradin0 and pro!it and )oss acco#nts !or t e +ear ended 3. 4#ne 1..5 8"2 7./9): b@ T e ba)ance s eet as at 3. 4#ne 1..5$ 88 7./9): ;TOTAL: 20 MAR<S= &'()*+,- 2 Mo0a&a ro))ed wit is car and died instantaneo#s)+ a!ter )earnin0 t at e ad won Ks s -. 'i))ion in t e recent)+ conc)#ded kuachua ushinde pro'otion$ On No*e'ber - 1..5 a!ter is e(ec#tors ad paid a)) debts9 Ae(cept !or t e 'ort0a0e on is !ree o)d o#se and debt to H88K@ testa'entar+ and !#nera) e(pense9 is estate was ascertained as !o))ows? S s$ B...C 8as in ban& acco#nts Dree o)d o#se To+ota coro))a Nissan s#nn+ Te)e*ision and '#sic s+ste' Debt d#e !ro' Moraa D#rnit#re and persona) e!!ects -.9... ordinar+ s ares in K#&# Ltd$ <92.. ordinar+ s ares in S#n0#ra M7an7a Ltd$ S $ ;..9... -./ U0anda Stoc& Inco'e recei*ed to date Interest Di*idend !ro' S#n0#ra M7an7a Less? Mort0a0e interest paid - 4#)+ 1..5 35 1=5 -1. -<5 -.9<.: 3 13. <932. 3912. 3=. 11. -.2 <. 3.1 -91.. 35. -=2 and)es on)+ 0oods recei*ed !ro' t e ead o!!ice$

E(tracts !ro' Mo0a&aEs wi)) )e!t beF#ests as !o))ows? i$ To eac o! '+ sons9 %api 4#nior9 Kar#bandi&a and Oc ien0 Dan0er S $ - 'i))ion$ ii$ To '+ wi!e9 Aban7#&a9 I )ea*e '+ !#rnit#re9 o#se o)d and persona) e!!ects and t e resid#e o! '+ estate$ iii$ To '+ da#0 ter In*est'ent9 '+ !ree o)d o#se !ree o! a)) d#ties$ T e o#se was s#b7ect to a 'ort0a0e o! s $ - 'i))ion earnin0 interest at 1</ per ann#' pa+ab)e 3Marc and 3- 4#)+$ D#t+ on t e o#se a'o#nts to s $ -3.9...$ i*$ To '+ !riend O0opa9 one o! t e 'otor cars owned b+ 'e at t e ti'e o! '+ deat 'a+ c oose$ *$ To '+ !riend9 O)o)o S $ -..9...$ *i$ To so'e o! '+ sisters6in6)aw S $ 3..9... *ii$ To '+ co#sin9 Na)ia&a9 '+ paintin0 o! Mona Lisa$ *iii$ To '+ dri*er Ka'ata S $ -2.9...$ i($ To '+ !riend Si'ba9 '+ o)din0 o! s $ ;..9... --./ U0anda stoc&$ Mo0a&a owed Si'ba s $ -..9...$ ($ To '+ sister App)e Wonder s $ 3..9... (i$ To '+ persona) assistant9 Disaster 4nr$9 a)! o! '+ o)din0s o! s#c s ares in K#&# Ltd$ (ii$ To '+ niece S#p##9 <9... ordinar+ s ares !ro' '+ o)din0 o! s#c s ares in K#&# Ltd$ (iii$ To '+ nep ew Ka'an0# s $ 1..9... pa+ab)e o#t o! '+ s ares in K#&# Ltd$ (i*$ To '+ !riend S #pa*# s $ 2.9...$ (*$ To '+ nei0 bo#r Ma&e)e)e9 s $ 2.9... (*i$ To '+ sister Vista9 s $ -..9... to estab)is a co'p#ter b#siness$ Mo0a&aEs e(ec#tors ascertained t at t e !o))owin0 bene!iciaries were dead? Son K#r#bandi&a died in 1..< )ea*in0 a wi!e and two c i)dren$ Son Oc ien0 Dan0er died 1..2 )ea*in0 a wi!e Sister App)e Wonder died in 1..3 )ea*in0 two da#0 ters Dri*er Ka'ata a0ed 25 died in t e sa'e accident as Mo0a&a$ It was i'possib)e to deter'ine t e order in w ic Mo0a&a and Ka'ata died T e e(ec#tors a)so ad*ice +o# t at? < e

i$ O0opa c ose t e To+ota coro))a$ ii$ Mo0a&a so)d is paintin0s o! t e Mona Lisa9 #sin0 t e proceeds to p#rc ase is o)din0s in S#n0#ra M7an7a Ltd$ iii$ T ere is no s#c in*est'ent as --./ U0anda stoc&$ T e re!erence in t e wi)) to --./ is t o#0 t to be t+pin0 error not pre*io#s)+ noticed$ i*$ Ma&e)e)e rep)ied in writin0 t at e did not want an+t in0 !ro' Mo0a&a beca#se Mo0a&a was a bad nei0 bo#r$ *$ Mo0a&a paid t e s $ -..9... d#rin0 b#siness$ Required: a@ A state'ent s owin0 t e distrib#tion o! Mo0a&aEs estate on - No*e'ber 1..5 A-2 Mar&s@ b@ A )ist o! )e0acies to w ic t e e(ec#tors s o#)d not assent9 brie!)+ 0i*e reasons !or t e decision$ A2 Mar&s@ ;TOTAL: 20 MAR<S= &'()*+,- 3 Distin0#is between t e !o))owin0 ter's? i$ Li!e tenant and tr#stee A 2 Mar&s@ A 5+6( *(-.-* is a tenant w ose )e0a) ri0 t to retain possession o! b#i)din0s or )ands )asts as )on0 as t e+ Aor so'e ot er person@ )i*e$ A person w o9 as a res#)t o! a 0rant o! a )i!e estate to is or er bene!it9 as e(c)#si*e possession9 #se and en7o+'ent o! t e tr#st propert+ As#c as a residence@ 6 or s#b7ect to s#c ot er ter's as t e tr#st constit#tion 'a+ set o#t 6 #nti) t at bene!iciar+ dies$ A)so &nown as a Ctenant !or )i!eC$ A tenant !or )i!e is entit)ed to t e rents and pro!its o! t e )and d#rin0 is )i!e b#t is not entit)ed to co''it *o)#ntar+ waste #n)ess 'ade #ni'peac ab)e !or waste A person entit)ed to t e #se o! or t e inco'e !ro' an asset d#rin0 is or er )i!eti'e$ As an e(a'p)e9 a person 'a+ stip#)ate in a wi)) t at a)) o! is or er assets are to 0o to a c arit+ b#t t at t e s#r*i*in0 spo#se9 desi0nated as )i!e tenant9 is to a*e t e #se o! t e inco'e !ro' t e deceasedGs estate !or is or er )i!eti'e9 !o))owin0 w ic t e re'ainder o! t e assets in t e estate are to pass to t e c arit+$ 2 is )i!e to is sister Vista to estab)is er

T/')*(( is a )e0a) ter' t at re!ers to a o)der o! propert+ on be a)! o! a bene!iciar+$ A tr#st can be set #p eit er to bene!it partic#)ar persons9 or !or an+ c aritab)e p#rposes Ab#t not 0enera))+ !or non6c aritab)e p#rposes@? t+pica) e(a'p)es are a wi)) tr#st !or t e testatorGs c i)dren and !a'i)+9 a pension tr#st Ato con!er bene!its on e'p)o+ees and t eir !a'i)ies@9 and a c aritab)e tr#st$ In a)) cases9 t e tr#stee 'a+ be a person or co'pan+9 w et er or not t e+ are a prospecti*e bene!iciar+$ An indi*id#a) or or0aniHation w ic o)ds or 'ana0es and in*ests assets !or

t e bene!it o! anot er$ T e tr#stee is )e0a))+ ob)i0ed to 'a&e a)) tr#st6re)ated decisions wit t e tr#steeGs interests in 'ind9 and 'a+ be )iab)e !or da'a0es in t e e*ent o! not doin0 so$ Tr#stees 'a+ be entit)ed to a pa+'ent !or t eir ser*ices9 i! speci!ied in t e tr#st deed$ In t e speci!ic case o! t e bond 'ar&et9 a tr#stee ad'inisters a bond iss#e !or a borrower9 and ens#res t at t e iss#er 'eets a)) t e ter's and conditions associated wit t e borrowin0$ T e person w o 'ana0es assets owned b+ a tr#st #nder t e ter's o! t e tr#st doc#'ent$ A tr#steeGs p#rpose is to sa!e0#ard t e tr#st and distrib#te tr#st inco'e or principa) as directed in t e tr#st doc#'ent$ Wit a si'p)e probate6 a*oidance )i*in0 tr#st9 t e person w o creates t e tr#st is a)so t e tr#stee$

ii$ "an&r#ptc+ and )iF#idation

A 2 Mar&s@

8 apter5 ban&r#pc+9 w ic is tota) dis'issa) o! a)) +o#r debts Aas opposed to 8 apter-3 w ic is de*isin0 a red#ced a'o#nt pa+'ent p)an@ as 0otten 'ore di!!ic#)t to !i)e9 b#t it is not 0one B.-9/'>*1? is a )e0a))+ dec)ared inabi)it+ or i'pair'ent o! abi)it+ o! an indi*id#a) or or0aniHation to pa+ t eir creditors$

Bankruptcy liquidation also known as Chapter 7 Bankruptcy is a legal process where most if not all of your debt can be eliminated. It may take up to six months.

In law, liquidation refers to the process by which a company (or part of a company is brought to an end, and the assets and property of the company redistributed. !iquidation can also be referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. !iquidation may either be compulsory (sometimes referred to as a creditors' liquidation or "oluntary (sometimes referred to as a shareholders' liquidation, although some "oluntary liquidations are controlled by the creditors, see below . In finance, liquidation is also sometimes used as con"enient shorthand for con"erting an asset to cash.

Liquidation
1. When a business or firm is terminated or bankrupt, its assets are sold and the proceeds pay creditors. Any leftovers are distributed to shareholders. 2. Any transaction that offsets or closes out a long or short position. Creditors liquidate assets to try and get as much of the money owed to them as possible. hey have first priority to whatever is sold off. After creditors are paid, the shareholders get whatever is left with preferred shareholders having preference over common shareholders.

iii$ De'onstrati*e )e0ac+ and ,enera) )e0ac+

A 2 Mar&s@

A specific legacy is Cso'et in0 w ic a testator9 identi!+in0 it b+ a s#!!icient description and 'ani!estin0 an intention t at it s o#)d be en7o+ed in t e state and condition indicated b+ t at description9 separates in !a*o#r o! a partic#)ar )e0atee !ro' t e 0enera) 'ass o! is persona) estate9C e.g. a 0i!t o! C'+ portrait b+ I9C na'in0 t e artist$ A general legacy is a 0i!t not so distin0#is ab)e !ro' t e 0enera) 'ass o! t e persona) estate9 e.g. a 0i!t o! Jioo or o! a 0o)d rin0$ A demonstrative legacy parta&es o! t e nat#re o! bot t e precedin0 &inds o! )e0acies9 e.g. a 0i!t 6 o!K-.. pa+ab)e o#t o! a na'ed !#nd is a speci!ic )e0ac+ so !ar as t e !#nd na'ed is a*ai)ab)e to pa+ t e )e0ac+K a!ter t e !#nd is e( a#sted t e ba)ance o! t e )e0ac+ is a 0enera) )e0ac+ and reco#rse '#st be ad to t e 0enera) estate to satis!+ s#c ba)ance A de'onstrati*e )e0ac+ di!!ers !ro' aspeci!ic )e0ac+9 a 0i!t o! partic#)ar persona) propert+ b+ wi))$ A de'onstrati*e )e0ac+ is pa+ab)e !ro' t e 0enera) assets o! t e estate 5

t at a*e not been speci!ica))+ de*ised or beF#eat ed i! its desi0nated so#rce as been adee'ed or no )on0er e(ists or i! it is inadeF#ate to satis!+ t e 0i!t$
1. A legacy is general, when it is so given as not to amount to a bequest of a specific part of a testator!s personal estate" as of a sum of money generally, or out of the testator!s personal estate, or the like. 1 #op. $eg. 2%&" $own. $eg. 1'. A general legacy is relative to the testator!s death" it is a bequest of such a sum or such a thing at that time, or a direction to the e(ecutors, if such a thing be not in the testator!s possession at that time, to procure it for the legatee. Cas. alb. 22)" Amb. %)" * +es. ,r. &)%" ) +es. ,r. emp. -...

*./2. A specific legacy is a bequest of a particular thing, or money specified and distinguished from all other things of the same kind" as of a particular horse, a particular piece of plate, a particular term of years, and the like, which would vest immediately, with the assent of the e(ecutor. 1 #op. $eg. 1*." $ownd. $eg. 1', 11" 1 Atk. *1%. A specific legacy has relation to the time of making the will" it is a bequest of some particular thing in the testator!s possession at that time, if such a thing should be in the testator!s possession at the time of his death. 0f it should not be in the testator!s possession, the legatee has no claim. payment. ouchs. *--" Amb. -1'" * +es. here are legacies of quantity in the %&%" +es. 1 2ea. %. nature of specific legacies, as of so much money with reference to a particular fund for their %. his kind of legacy is so far general, and differs so much in effect from a specific one, that if the funds be called in or fail, the legatees will not be deprived of their legacies, but be permitted to receive them out of the general assets" yet the legacies are go far specific, that they will not be liable to abate with general legacies upon a deficiency of assets. 2 +es. ,r. &*'" % +es. ,r. 2'&" 1 3er. effectually disposed of by #. his will. $own. $eg, 1)4. 1'" 2ac. Abr. $egacies, 0. &./-. A residuary legacy is a bequest of all the testator!s personal estate, not otherwise ). As to the interest given, legacies may be considered, as absolute, for life, or in remainder. 1. A legacy is absolute, when it is given without condition, and is to vest immediately. 5ee 2 +ern. 141" Ambl. )%'" 1. +es. 4&" $ownd. 1%1" 2 +ern. *-'" 1 +ern. 2%*" % +es. *&1" Com. 6ig. Appendi(, Chancery 07. 4./2. A legacy for life is sometimes given, with an e(ecutory limitation after the death of the tenant for life to another person" in this case, the tenant for life is entitled to the possession of the legacy, but when it is of specific article!s, the first legatee must sign and deliver to the second, an inventory of the chattels e(pressing that they are in his custody for life only, and that afterwards they are to be delivered and remain to the use and benefit of the second legatee. - 8. Wms. --&" 1 Atk. *)1" 2 Atk. 42" 1 2ro. C. C. 2)." 2 +ern. 2*.. 5ee 1 #op. $eg. *'*, %, %4'. 0t seems that a bequest for life, if specific of things quo ipso usu consumuntur, is a gift of the property, and that there cannot be a limitation over, after a life interest in such articles. - 3eriv. 1.*. $9:AC;, 693<=5 #A 0+9. A demonstrative legacy is a bequest of a certain sum of money" intended for the legatee at all events, with a fund particularly referred to for its payment" so that if

the estate be not the testator!s property at his death, the legacy will not fail> but be payable out of general assets. 1 #op. $eg. 1%-" $ownd. $eg 4%" 5winb. *4%" Ward on $eg. -)'.

i*$ %ro*ab)e and non6pro*ab)e debts

meetings in the

A 2 Mar&s@
bankruptcy.

A provable debt is a claim which entitles a creditor to share in any dividends and to vote at

:enerally a creditor with a provable debt is prevented from continuing any recovery proceeding against a debtor upon their bankruptcy. here are very limited e(ceptions.

Which
Secured

debts

are

and

arent

provable

debts?
Debt

A secured debt is where a creditor has a hold over an asset until the debt is paid for. 5hould the debtor default on payments, the creditor has the right to sell the asset to reduce the debt. :enerally, nothing in the 2ankruptcy Act prevents a secured creditor to realise or otherwise deal with their security. :enerally, any deficiency from the sale of the asset is considered to be a provable debt.

Unsecured

Debts

3ost

unsecured

debts

are

provable

in

bankruptcy.

Common ? ? Credit card rade

e(amples debts and creditors

of personal

provable loans incurred before incurred

debts before

are>/ bankruptcy" bankruptcy"

here are some debts which are not provable and therefore are not @coveredA by bankruptcy eg. Court imposed fines, some portions of student loans.

here are also debts which are provable but where the bankrupt is not released from the liability upon discharge from bankruptcy eg. debts incurred by fraud, maintenance, child support .

here are debts which are provable Band the creditor can vote at meetings and share in any dividendsC where the creditor can also continue or commence recovery action against the

debtorAs non/divisible property andDor income after the date of bankruptcy eg. maintenance, child support.

here are debts which are provable but which if not paid will cause a service to be terminated for non/payment eg. supply of electricity, gas, telephone etc or the cancellation of a drivers licence andDor motor vehicle registration eg. parking and driving infringement notices.

5ome debts have not sufficiently @crystalisedA for them to be covered by bankruptcy. 9g. A claim for unliquidated damages against a debtor will not be covered unless the dispute as to whether they are liable and how much they are liable for has been settled prior to bankruptcy Bie a settlement has been agreed between the parties or ,udgement has been enteredC. A common e(ample of an unliquidated claim for damages is an action for personal in,ury or property damage for negligence.

herefore the question of what debts a bankrupt will be released from upon the making of a sequestration order or the acceptance of a debtorAs petition, will depend upon the nature of the debt.

<nly @provableA debts entitle a creditor to share in any dividend from the administration and to vote at any meeting. A debt is not covered by bankruptcy unless it is provable.

;TOTAL: 20 MAR<S=

ANSWERS &UESTION " Wor&in0s @(.4 ,66+1( A/,)) >/,6+* Head o!!ice sa)es to e(terna) c#sto'ers o! Ks s =9<..9... at 0ross pro!it o! 12/ on 'odi!ied cost? 8ost o! sa)es L -..>-12M=9<..9...L 29-1.9... ,ross pro!it is t ere!ore Ks s "B280B000 A=9<..9...629-1.9...@

-.

Head o!!ice sa)es to "#sia "ranc o! Ks s <9=1.9... at 0ross pro!it o! -./ on 'odi!ied cost? 8ost o! sa)es L -..>--. M<9=1.9...L <91..9... ,ross pro!it is t ere!ore Ks s 420B000 A<9=1.9...6<91..9...@ Tota) 0ross pro!it !or t e ead o!!ice is t ere!ore Ks s "B700B000 A<1.9...N-91;.9...@ B')+. 0/.-12 A/,)) >/,6+* A)) sa)es to e(terna) c#sto'ers o! Ks s <9-..9... at 0ross pro!it o! 12/ on 'odi!ied cost$ T e 'odi!ied cost o! 0oods so)d at branc is t ere!ore? -..>-12M<9-..9...L 391;.9... %)#s -./ on 'odi!ied cost c ar0ed b+ ead o!!ice ? 391;.9...M-./L 31;9... Tota) cost o! sa)es !or t e branc ? 391;.9...N31;9... L 39=.;9... ,ross pro!it !or t e branc is t ere!ore 4%2B000 A<9-..9...639=.;9...@

S*,19 )2,/*.A( ,6 <)2) "00B000 8)(55+-A C.5'(: .* B')+. 0/.-12 Modi!ied cost *a)#e o! stoc& s orta0e ? -..>-12M-..9...L ;.9... %)#s t e -./ c ar0ed b+ ead o!!ice? -./ M;.9...L ;9... Tota) cost o! stoc& )ost at "#sia ? ;.9...N;...L ;;9... U-/(.5+D(4 >/,6+* >/,C+)+,-) G,,4) +- */.-)+* *a)#ed at cost p)#s -./ L 11.9... Act#a) cost to ead o!!ice is t ere!ore? -..>--.M11.9...L1..9... Unrea)iHed pro!it ? 11.9...61..9...L 20B000 S*,19 .* *2( 0/.-12 at 'odi!ied cost p)#s -./ ead o!!ice c ar0e is Ks s 5.<9... Aba)ancin0 !i0#re@$ Act#a) cost to ead o!!ice ? -..>--.M5.<9...L =<.9... Unrea)iHed pro!it is Ks s E4B000A5.<9...6=<.9...@ C5,)+-A )*,19 At t e ead o!!ice Ks s 1;.9... Aba)ancin0 !i0#re@ At "#sia 5.<9...6#nrea)iHed pro!itsL 5.<9...6=<9...L =<.9... --

Tota) c)osin0 stoc&? Ks s %20B000 A=<.9...N 1;.9...@ NB Nairobi branc and "#sia branc c)osin0 stoc& as at 3.$=$.5 are arri*ed at as t e ba)ancin0 !i0#res a!ter co'p#tin0 e*er+t in0 e)se in t e pro!it and )oss acco#nt 8o'bined 0ross pro!it is a ba)ancin0 !i0#re$

-1

A-)F(/ G'()*+,- "A WIPER LIMITED TRADING PROFIT AND LOSS ACCOUNT FOR T@E YEAR ENDED 30 !UNE 2007 N.+/,0+ P./*+1'5./) %#rc ases Less? #n'odi!ied 0oods 3.$=$.5 Modi!ication cost ,oods !ro' -95..9... --93..9... and ,ross :<29... -.=9... ;;9... -9.2-9... pro!it ;.9... -95..9... <:19... 19-..9... <9<..9... <:19... <9;:19... 19-..9... --95..9.. . Se))in0 0enera) e(penses Stoc& s orta0e Unrea)iHed pro!it on branc c)osin0 stoc& Unrea)iHed =<9... 12192.. :9=..9... :9=..9... 8)osin0 stoc& 1;.9... --93..9.. . 5.<9... :1.9... at A2..9...@ :93<592.. B/.-12 :9;<592.. B')+. B/.-12 C,70+-(4 P./*+1'5./) Sa)es ,oods sent to "#sia? Recei*ed In transit Stoc& s orta0e ;;9... ;.9... <9<..9... 11.9... 1..9... N.+/,0+ B/.-12 =9<..9... B')+. B/.-12 C,70+-(4 <9-..9.. -.92..9... .

NR" branc ,ross pro!it

<9;:19.. --95..9... .

-3

pro!it on branc c)osin0 stoc& Net pro!it 1.9... =5-9... -95..9... A-)F(/ G'()*+,- "B WIPER LIMITED BALANCE S@EET AS AT 30 !UNE 2007 N.+/,0+ P./*+1'5./) 8apita) Add? net pro!it B/.-12 -922.9... :=:9... 192-:9... 1529... 191<<9... NR" c#rrent 39..59... !or on =<9... 8as transit in <1-92.. 6 <1-92.. -9=.292.. 2<9... B')+. B/.-12 C,70+-(4 P./*+1'5./) "#sia c#rrent A>8 8#rrent assets ? %rocessed Stoc& 191<<9... Unprocessed stoc& ,oods transit 39.=-9... Debtors "an& in 11.9... -92<;9... 5=.9... 6 2=;9... 3;592.. 1..9... 19--=9... -9-<592.. 1;.9... 2..9... 5.<9... 6 :1.9... 2..9... -9=.292.. N.+/,0+ B/.-12 B')+. B/.-12 C,70+-(4 1:;9... <:19... :=:9... 19-..9...

-95..9...

<:19...

19-..9...

Less? drawin0s

acco#nt 8reditors %ro*ision #nrea)iHed pro!it branc stoc& %ro*ision !or #nrea)iHed pro!it on ,IT

1.9... 293329...

-9=2:92..

293.29...

293329...

-9=2:92..

293.29...

-<

@(.4 ,66+1( 0,,9) "ranc c#rrent acco#nt "a)ance ">D Net pro!it Ks s -9:<:9... ,oods in transit 1:;9... 8as in transit "a)ance 8>D 191<59... Ks s 11.9... <1-92.. -9=.292.. 191<59...

B')+. 0/.-12 0,,9) Head o!!ice 8#rrent acco#nt "a)ance 8>D Ks s -9=.292.. "a)ance ">D Net o!!ice -9=.292.. pro!it 1:;9... -9=.292.. Ks s -93.592..

trans!er to ead

A-)F(/ G'()*+,- 2A I*(7 ii S>(1+6+1 5(A.1+() Aba7#&a Awi!e@ D#rnit#re O persona) e!!ects Te)e*ision O '#sic -2 3.19... V.5+4 R(.),- 6,/ 6.+5'/(

iii i* *ii i( (i (ii

In*est'ent Ada#0 ter@ O0opa Na)ia&a Si'ba Disaster 7nr S#p##

s+ste' Dree o)d propert+ To+ota %aintin0 U0anda stoc& P K#&# s are <... K#&# s ares

-.29... 3912.9... 3=.9... 6 Ade'ption -=29... Satis!action =..9... <;.9... 291=19...

V.5'( G(-(/.5 5(A.1+() Son papi 7#nior Son K#r#bandi&a Son Oc ien0 O)o)o A!riend@ Sister in )aw Dri*er Ka'ata App)e wonder Asister@ Ka'an0# Anep ew@ S #pa*# A!riend@ Ma&e)e)e Anei0 bo#r@ Vista Asister@

V.5+4

R(.),C.5+4+*?

6,/

6.+5'/(/

i i i * *i *iii ( (iii (i* (* (*i

-9...9... -9...9... -9...9... -..9... 3..9... -2.9... 3..9... 1..9... 2.9... 2.9... -..9...

-9...9... -9...9... E(ception to r#)e o! 6 -..9... 6 6 6 -1.9... 2.9... 6 6 1915.9... )apse Lapse #ncertainit+ Uncertainit+9 )apse Lapse De'onstrati*e Disc)ai'er A)read+ 0i!ted

Ks s Tota) *a)#e o! propert+ to be distrib#ted Less d#t+ !or t e !ree o)d o#se to be paid b+ t e estate Va)#e o! propert+ a*ai)ab)e to be distrib#ted Speci!ic )e0acies ,enera) )e0acies Resid#e d#e to wi!e Aban7#&a -.92.:9... A-3.9...@ -.935:9... 291=19... 1915.9... 592319... 19;<59... -.935:9... Ks s 19.5.9... See wor&in0s be)ow -=

R()+4'( *, F+6( 1,7>/+)(4 ,6: 8as in ban& a>cs

Nissan S#nn+ Debt !ro' Moraa <92.. ordinar+ s ares S#n0#ra '7a7a Inco'e recei*ed to date C.)2 .-4 0.-9 0.5.-1( "a)ance be!ore a))ocations Less %a+'ent o! !ree o)d o#se d#t+ %api 7#nior K#r#bandi&a O)o)o S #pa*# "a)ance a!ter a))ocation to resid#e

11.9... <.9... 35.9... -<59... 19;<59... <932.9... -3.9... -9...9... -9...9... -..9... 2.9... 19.5.9...

-5