The following information relates to Kamelwa limited a retail grocer engaged in
buying and selling of foodstuffs.
(1) Budgeted sales (2021) : January K500,000
February K450,000
March K625,000
April K700,000
May K665,500
June K781,000
July K718,750
August K593,750
September K812,500
October K780,000
November K850,000
December K1,020,000
January (2022) K620,000(2) Kamelwa limited sells its purchases at cost plus 25% mark- up.
(3) Kamelwa has a policy to hold inventory at the end of each month which is
sufficient to meet sales demand in the next half month. Sales are budgeted to
occur evenly during each month.
(4) Purchases are paid for in the following manner: 50% in the month of purchase
and the remainder in the month after purchase.
(5) Sales are 85% on credit basis and 15% cash basis.
Credit sales are collected as follows: 60% in the month following the sale;
20% the second month after the sale and 20 % the third month after the sale.
(6) Labour is remunerated at 10% of cost of sales and is paid for in the month
that it is incurred.
(7) Overheads incurred in the production department are 70% of labour cost.
These overheads are paid 30% in the month they are incurred and the
balance the following month.
(8) An auction sale conducted on 29 December 2020 resulted into disposal of
property worth K600,000 which amount (cash) will be collected on 29 January
2021.
(9) The company will pay the last company tax balance for the period 2020 on 30
June 2021 amounting to K85,000.
REQUIRED
(a) Prepare Kamelwa’s limited cash budget for the year 2021.
(b) Discuss the circumstances under which each of the following budgets might
be used .
- Rolling budget
- Zero based budget ( 6 marks)

IAS 10: Events after the Reporting Period addresses two issues: adjusting events, namely, those events that provide evidence of conditions that existed at the end of the reporting period and non-adjusting events: which are those events that are indicative of conditions that arose after the reporting period that need to be reflected in the financial statements. Amounts recognized in the financial statements are adjusted to reflect adjusting events, but only disclosures are required for material non-adjusting events. Management’s judgment is required in determining whether events that took place after the end of the reporting period are adjusting or non-adjusting events. This will be highly dependent on the reporting date and the specific facts and circumstances of each company’s operations. Coronavirus has overwhelmed the world in various ways and at various times. China was the first to announce spread of the virus in November, 2019. UK announced its first case of coronavirus in February, 2020 and Ghana announced its first case in March, 2020. While company A resides in China, company B resides in the UK and C resides in Ghana. Company A’s financial reporting period ends on 31st October each year; company B’s financial reporting period ends on 31st December, each year and company C’s financial reporting period ends on the 31st of March each year. Management of these companies may need to continually review and update the assessments up to the date the financial statements are issued given the fluid nature of the crisis and the uncertainties involved.
You are required to discuss in respect of each of the companies, the potential management conclusions of the impact of the coronavirus on end of year reporting, mindful of IAS 10.

Regarding Golgi specialized functions:

a) Discuss the Golgi’s roll in ‘trafficking” cell components (include discussing of the ‘two faces’)

b)What role does dolichol phosphate play in glycosylation?

c)Does glycosylation occur before or after a protein is folded?

Brainstorm an example of:

1) a financial accounting issue that would be researched before a transaction is finalized

2) an accounting issue that would be researched after a transaction has been executed

3) an accounting issue that would be researched following financial statement issuance

21. The following survivorships were observed in a population of butterflies on the coast of Chile. Blue (B) is dominant to red (b). Give the relative fitness of the heterozygote genotype.

blue                 red

# individuals before selection                        87                    72

# individuals after selection                           66                    20

What is the definition of an oxidation/reduction reaction? Write down three chemical equations for this type of reaction that occurs in a natural process. Indicate their chemical valences before and after a reaction and point out which chemical species is an oxidant or a reductant in the chemical reaction.

A coin is dropped from a hot-air balloon that is 287.3m above the ground and rising at 10.0m/s upward. For the coin, find: a) the maximum height reached,b) its position 4.34s after being released,c) and the time before it hits the ground.