SUMMATIVE ASSESSMENT ACTIVITIES60% pass markInstructions: The following assignments must be completed by you in full. Read the instructions carefullyand ensure that you cover all the requirements of the assignments thoroughly. Check to ensure that youhave referenced each Assignment correctly and included all the required attachmentsImportant note: Should any additional information / documents be required or attached, kindly ensurethat you have referenced them accurately as identified in each section.Remember: This is a NOF Level 6 qualification requiring comprehensive, in depth evidence that clearlyshows your ability to analyse and evaluate, if there are any sections where you do not have workplaceevidence, simulate the activities through role playCase StudyHash-Singh CC trading under Kop lee Foods is a food manufacturing company based in Julius industrialPark situated in Rustenbure. The company was founded in 1942 by the offspring of the Gani familywho was sent as indentured labourers to South Africa. The business was built with the vision ofestablishing the spirit of entrepreneurship for the family to be firmly entrenched in the mainstrearneconomy of South AfricaVision: To be the country's most admired business in the providing of affordable food products withinSouth Africa,Mission: To be the leading food manufacturer that provides alfordable products that contributes tothe alleviation of poverty and food security within South Africa.The business has grown and diversified under the leadership of 4 generations and is now in a positionto expand beyond being recognised as a family business. The CEO (Hash Ali) and the MD (Sikh Singh)formulated a proposal to convert the business from a close corporation into a private company. Afterextensive turbulent deliberations amongst the family members the management team under thefeadership of the grand patriarch made the decision to register the new company under the name ofLekkerbek Foods (Pty) Limited. The motivation for the proposal was that one of the senior members ofthe close corporation has recently married a person from an indigenous South African royal familyfrom Rustenburg. The strategy for the proposal was to provide 20 percent of the share capital toAfrican blacks who have been working within the family business for the last 50 years. The son of HashAli & Sikh Singh, who is the accountant with a bookkeeping qualification, has recommended that 50000 shares of par value of R1 each be issued to the existing members of the close corporation atpremium of 50 cents per share. He also proposed that 10 000 ordinary shares be issued at premium ofPage 46 of 61SHERQ Version 1Learner Portfolio of Evidence - Business banking and Custemer Management ki to a trust registered for the African Black employees. The external Professional Accountants, Azma& Zuane Inc., informed the board that the Companies Act 71 of 2008 no longer permits companies tohave shares of par value and thus recommended that the shares must be converted to share of no parvalue. Mr. Rajah Singh, the Head of the Accounting Department, informed the shareholders that theymust implement the recommendation of the Professional Accountants as it means that they will gettheir money back. The share capital must be reduced to zero based on the principle of no par valueshares.1.1. Question:(a) Discuss whether the interpretation and advice given by Mr. Rajah Singh about the change to nopar value shares is accurate and correct in terms of the provisions of the Companies Act. [5 marks)(b) Record the journal entriesimplement the recommendation of the Professional Accountants tochange the shares capital from par value to no par value shares.Debit|CreditBankShare Capital - no par value(Issue to members of the CC)BankShare Capital - no par value(Issue to members of Trust for Employees)[4 marks)The business is one of the major employers in the area and its employees account for approximately40 percent of the work force in the Rustenburg area. The other inhabitants are employed inoccupation serving the mining economy of the region and the informal sector such as road vendor and'spaza shops'. Hash Ali who regards himself as a social entrepreneur expanded the business byconcluding supply chain management agreements and outsourcing support services to start-up andSME businesses in the area as part of his transformation and growth strategy. Through this strategy hehas developed a business community social networking system. As a result, all of the employees knoweach other socially; they know each other's families and their children go to school together.Page 47 of 61SHERO Version 1Learner Portfolio of Evidence - Business banking and Customer Management

Hash-Singh CC trading under Koo lee Foods is a food manufacturing company based in Julius industrial Park situated in Rustenburg, The company was founded in 1942 by the offspring of the Ganifamily who was sent as indentured lebourers to South Africa. The business was built with the vision of establishing the spirit of entrepreneurship for the family to be firmly entrenched in the mainstream economy of South Africa. Vision: To be the country's most admired business in the providing of affordable food products within South Africa. Mission: To be the leading food manufacturer that provides affordable products that contributes to the alleviation of poverty and food security within South Africa. The business has grown and diversified under the leadership of 4 generations and is now in a position o expand beyond being recopgnised as a family business. The CEO (Hash Ali and the MD (Sikh Singh) ormulated a proposal to convert the business from a close corporation into a private com

Hash-Singh CC trading under Koo lee Foods is a food manufacturing company based in Julius industrial Park situated in Rustenburg, The company was founded in 1942 by the offspring of the Ganifamily who was sent as indentured lebourers to South Africa. The business was built with the vision of establishing the spirit of entrepreneurship for the family to be firmly entrenched in the mainstream economy of South Africa. Vision: To be the country's most admired business in the providing of affordable food products within South Africa. Mission: To be the leading food manufacturer that provides affordable products that contributes to the alleviation of poverty and food security within South Africa. The business has grown and diversified under the leadership of 4 generations and is now in a position o expand beyond being recopgnised as a family business. The CEO (Hash Ali and the MD (Sikh Singh) ormulated a proposal to convert the business from a close corporation into a private com

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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