EXAMINATION : FINAL LEVEL

SUBJECT : CORPORATE REPORTING

CODE : C1
EXAMINATION DATE : WEDNESDAY, 3RD MAY, 2023

TIME ALLOWED : THREE HOURS (9:00 A.M. – 12:00 NOON)

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GENERAL INSTRUCTIONS

1. There are TWO Sections in this paper. Sections A and B which comprise a total of SIX
questions.

2. Answer question ONE in Section A.

3. Answer ANY FOUR questions in Section B.

4. In total, answer FIVE questions.

5. Show clearly all your workings in the respective answers where applicable.

6. Calculate your answers to the nearest one decimal point where necessary.

7. This question paper comprises 14 printed pages.

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SECTION A
Compulsory question
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QUESTION 1

The following draft statements of financial position relate to Rubondo, Hai and Zanka, all public
limited companies as at 31st May 2022.

Rubondo Hai Zanka

TZS million TZS million TZS million
ASSETS
Non-Current Assets
Property, plant and equipment 112 60 26
Investments in subsidiaries:
Hai 55 - -
Zanka 19 - -
Financial assets 9 6 14
Joint operation 6 - -
201 66 40
Current Assets 5 7 12
Total Assets 206 73 52
EQUITY AND LIABILITIES
Ordinary shares capital 25 20 10
Other components of equity 11 - -
Retained earnings 70 27 19
Total Equity 106 47 29
Non-current Liabilities 53 20 21
Current liabilities 47 6 2
Total Equity and Liabilities 206 73 52

The following information is relevant to the preparation of the group financial statements of Rubondo:

(a) On 1st June 2020, Rubondo acquired 80% of the equity interests of Hai. The purchase
consideration comprised cash of TZS.50 million. Rubondo has treated the investment in Hai at
fair value through Other Comprehensive Income (OCI).

A dividend received from Hai on 1st January 2022 of TZS. 2 million has similarly been credited
to OCI.

It is Rubondo’s policy to measure the non-controlling interest at a fair value and this was
TZS.15 million on 1st June 2020.

On 1st June 2020, the fair value of the identifiable net assets of Hai was TZS.60 million and the
retained earnings of Hai were TZS.16 million. The excess of the fair value of the net assets is
due to an increase in the value of non-depreciable land.

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(b) On 1st June 2019, Rubondo acquired 5% of the ordinary shares of Zanka. Rubondo had treated
this investment at fair value through profit or loss in the financial statements to 31 st May 2021.

On 1st December 2021, Rubondo acquired a further 55% of the ordinary shares of Zanka and
gained control of the company.

The consideration for the acquisitions was as follows:

Shareholding Consideration
TZS. million
1st June 2019 5% 2
1st December 2021 55% 16
60% 18

At 1st December 2021, the fair value of the equity interest in Zanka held by Rubondo before the
business combination was TZS.5 million.

It is Rubondo’s policy to measure the non-controlling interest at fair value and this was TZS.9
million on 1st December 2021.

The fair value of the identifiable net assets at 1st December 2021 of Zanka was TZS.26 million,
and the retained earnings were TZS.15 million. The excess of the fair value of the net assets is
due to an increase in the value of Property, Plant and Equipment (PPE), which was provisional
pending receipt of the final valuations. These valuations were received on 1st March 2022 and
resulted in an additional increase of TZS.3 million in the fair value of PPE at the date of
acquisition. This increase does not affect the fair value of the non-controlling interest at
acquisition. PPE is to be depreciated on the straight-line basis over a remaining period of five
years.

(c) Rubondo has a 40% share of a joint operation, a natural gas station. Assets, liabilities, revenue
and costs are apportioned on the basis of shareholding. The following information relates to the
joint arrangement activities.

(i) The natural gas station cost TZS.15 million to construct and was completed on 1 st June
2021 and is to be dismantled at the end of its life of ten years. The present value of this
dismantling cost to the joint arrangement at 1st June 2021, using a discount rate of 5%,
was TZS.2 million.

(ii) In the year to 31st May 2022, gas with a direct cost of TZS.16 million was sold for
TZS.20 million. Additionally, the joint arrangement incurred operating costs of TZS.0.5
million during the year.

Rubondo has only contributed and accounted for its share of the construction cost, paying
TZS.6 million. The revenue and costs are receivable and payable by the other joint operator
who settles outstanding amounts with Rubondo after the year end.

(d) Rubondo purchased Property Plant and Equipment (PPE) for TZS.10 million on 1 st June 2019.
It has an expected useful life of twenty years and is depreciated on the straight-line method. On
31st May 2021, the PPE was revalued to TZS.11 million. At 31st May 2022, impairment
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 indicators triggered an impairment review of the PPE. The recoverable amount of the PPE was
TZS.7.8 million. The only accounting entry posted for the year to 31 st May 2022 was to
account for the depreciation based on the revalued amount as at 31st May 2021. Rubondo’s
accounting policy is to make a transfer of the excess deprecation arising on the revaluation of
PPE.

(e) Rubondo held a portfolio of trade receivables with a carrying amount of TZS.4 million at 31st
May 2022. At that date, the entity entered into a factoring agreement with a bank, whereby it
transfers the receivables in exchange for TZS.3.6 million in cash. Rubondo has agreed to
reimburse the factor for any shortfall between the amount collected and TZS.3.6 million. Once
the receivables have been collected, any amounts above TZS.3.6 million, less interest on this
amount, will be repaid to Rubondo. Rubondo has derecognized the receivables and charged
TZS.0.4 million as a loss to profit or loss.

(f) Immediately prior to the year end, Rubondo sold land to a third party at a price of TZS.16
million with an option to purchase the land back on 1st July 2022 for TZS.16 million plus a
premium of 3%. The market value of the land is TZS.25 million on 31st May 2022 and the
carrying amount was TZS.12 million. Rubondo accounted for the sale, consequently
eliminating the bank overdraft at 31st May 2022.

REQUIRED:

Prepare a consolidated Statement of Financial Position of the Rubondo Group as at 31st May
2022 in accordance with International Financial Reporting Standards.
(Total: 20 marks)

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SECTION B
There are FIVE questions. Answer any FOUR questions
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QUESTION 2

(a) The carrying amounts of the assets in a Cash-Generating Unit (CGU) of Boboo Limited at
30th September 2021 are as follows:

Details TZS. TZS.

Goodwill 10,000,000
Building 500,000,000
Accumulated depreciation - Building
(Depreciation at TZS.35,000,000 p.a.) (200,000,000) 300,000,000
Equipment 300,000,000
Accumulated depreciation – Equipment
(Depreciation at TZS.28,000,000 p.a.) (100,000,000) 200,000,000
510,000,000

At 30th September 2021, the value in use of the CGU was TZS.460,000,000 while the fair value
less costs to sell of the building was TZS.270,000,000.

During the year 2022, after taking into account of impairment loss, depreciation charges on
building and equipment were TZS.30,000,000 and TZS.22,000,000 respectively. Assume that
the recoverable amount of the CGU at 30th September 2022 to be TZS.25,000,000 greater than
the carrying amount of the unit. As a result, Boboo Limited recognized a reversal of the
impairment loss.

REQUIRED:

(i) Provide the journal entry to recognize the impairment loss at 30th September 2021 for
each asset of the CGU. (5 marks)

(ii) Provide the journal entry to recognize the reversal of impairment loss of CGU at 30th
September 2022. Show all relevant computations. (4 marks)

(iii) If the recoverable amount of the equipment at 30th September 2022 was
TZS.168,000,000, how would this change the answer to (ii) above?
(2 marks)

(b) IFRS 15: Revenue from Contracts with Customers specifies how and when an IFRS reporter will
recognize revenue as well as requiring such entities to provide users of financial statements with
more informative and relevant disclosures. Generally, revenue is recognized when the entity has
transferred promised goods or services to the customer. The standard provides a single,
principles based five-step model to be applied to all contracts with customers.

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 On 1st January 2019, Wajenzi Limited entered into two construction contracts. The company
specializes in the construction of office buildings for various customers and has a policy of
measuring progress using output methods based on the work certified to date as a percentage of
contract price. The following details relates to two buildings as at 30th September 2022.

Building 1 Building 2
TZS.(million) TZS.(million)
Contract value 200 160
Cost to date 80 150
Estimated costs to completion 60 50
Billings 31.2 134
Date started 1st October 2019 1st January 2020
% of completion 45% 80%

REQUIRED:

(i) Discuss the criteria which must be met for a contract with a customer to fall within the
scope of IFRS 15. Revenue from Contracts with Customers.
(5 marks)

(ii) Show how each contract would be reflected in the statement of financial position and
statement of profit or loss of Wajenzi Limited for the year ended 30th September 2022.
(4 marks)
(Total: 20 marks)

QUESTION 3

(a) Bongo Limited deals in supermarkets and software products. The company has thus two
divisions; supermarket division and software division. It was formed six (6) years ago by two
Tanzanians who are the directors of the company. They have been responsible for the day to
day running of the business. One of the directors made the following comments:

“We have not seen the need to disclose the performance of each division. We have only been
interested in the overall performance of the company; disclosing the performance of each
division is a waste of time and does not add any value to our financial statements. Further, as
far as I am concerned, there are no known criteria for identifying operating segments.”
REQUIRED:

By making reference to the appropriate accounting standards, discuss the comments made by
the director of Bongo Limited. (5 marks)

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(b) Rahisi Company provided the following Statement of Financial Position as at 31st March 2023
and Income Statement for the year ended 31st March, 2023:

Statement of Financial Position as at 31st March 2023

Details TZS.“000”
Current assets 130,000
Property, plant and equipment 500,000
Goodwill 100,000
Investment in associates 70,000
Total assets 800,000
Current liabilities 90,000
Non-current liabilities 60,000
Share capital 400,000
Retained earnings 250,000
Total liabilities and equity 800,000

Income Statement for the year ended 31st March 2023

Details TZS.“000”
Revenue 1,800,000
Cost of goods sold (1,200,000)
Gross profit 600,000
Other income 60,000
Distribution costs (200,000)
Administrative expenses (100,000)
Other expenses (50,000)
Finance costs (60,000)
Share in profit of associate 10,000
Income before tax 260,000
Income tax expense (90,000)
Net income 170,000
• For management purposes, the entity is organized into three major operating segments;
furniture, stationery and ICT products. There is also other smaller operating segments.

External sales Intersegment sales

TZS.“000” TZS.“000”
Furniture 800,000 200,000
Stationery 500,000 150,000
ICT products 400,000 50,000
Other segment 100,000 -

• The cost of goods sold, distribution cost, administrative expenses and finance cost can be
allocated as 50% to furniture, 25% to stationery, 20% to ICT products, and 5% to other
segments.
• The cost of sales related to intersegment sales amounted to TZS.240,000,000 to be allocated
as 50% to furniture, 40% to stationery, and 10% to ICT products.
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 • The segment assets and liabilities are as follows:
Furniture Stationery ICT Others
products
TZS.“000” TZS.“000” TZS.“000” TZS.“000”
Current assets 80,000 40,000 5,000 2,000
Property, plant and equipment 300,000 100,000 85,000 3,000
Goodwill 60,000 30,000 10,000 -
Total assets 440,000 170,000 100,000 5,000
Current liabilities 45,000 30,000 8,000 1,000
Non-current liabilities 30,000 20,000 7,000 2,000
Total liabilities 75,000 50,000 15,000 3,000

The remaining assets and liabilities are general corporate assets and liabilities identified with
the entity as a whole.
• The other income and other expenses are not allocated to the operating segments as a
measure of profit or loss.
• The chief operating decision maker does not allocate income tax expense to reportable
segments as a measure of profit or loss.

REQUIRED:
(i) Determine the profit or loss for all the operating segments for the year ended 31 st March,
2023. (5 marks)
(ii) Prepare the disclosure required for operating segments in accordance with IFRS 8:
Operating Segments. (4 marks)
(iii) Prepare the necessary reconciliations between the segment information and amounts
shown in the entity’s financial statements. (6 marks)
(Total: 20 marks)

QUESTION 4

(a) On 1st January 2023, Bahari Co issued a deep discount bond with TZS.50,000,000 nominal
value. The discount was 16% of nominal value, and the costs of issue were TZS.2,000,000.
Interest of 5% of nominal value is payable annually in arrears. The bond must be redeemed on
1st January 2028 (after 5 years) at a premium of TZS.4,611,548.9. The effective rate of interest
is 12% per annum.

REQUIRED:
How will this be reported in the financial statements of Bahari Co over the period to
redemption? (3 marks)

(b) On 1st January 2023, Bahari Co entered into two-year lease for machinery. The contract
contains option to extend the lease term for a further year. Bahari Co believes that it is
reasonably certain to exercise this option. Machineries have a useful life of ten years. Lease
payments are TZS.10,000,000 per annum for the initial term and TZS.15,000,000 per annum

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 for the option period. All payments are due at the end of the year. To obtain the lease, Bahari
Co incurs initial direct costs of TZS.3,000,000. The lessor immediately reimburses
TZS.1,000,000 of these costs. The interest rate within the lease is not readily determinable.
Bahari’s incremental rate of borrowing is 5%.
REQUIRED:
(i) Calculate the initial carrying amount of the lease liability and the right to use asset and
provide the double entries needed to record these amounts in Bahari’s financial records.
(4 marks)

(ii) What figures will be shown in the Bahari’s financial statements for the year ended 31st
December 2023? (2 marks)

(c) You are the financial controller of Omega, a listed company which prepares consolidated
financial statements in accordance with the International Financial Reporting Standards (IFRS).
Your managing director, who is not an accountant, has recently attended a seminar and has the
following questions for you concerning issues raised at the seminar:

“One of the delegates at the seminar was a director of an entity which operates a number of
different farms. She informed me that there was a financial reporting standard which applied to
farming entities. I think she said it was IAS 41. I would like to know why a special standard is
needed for farming entities. Given that we have IAS 41, does this mean that other IFRSs do not
apply to farming entities? Please explain the main recognition and measurement requirements
of IAS 41 – I’m not interested in details about disclosures. I am interested, though, in any areas
where the provisions of IAS 41 differ from general IFRSs. I believe I heard that farming
entities treat grants from the government in a different way than other entities do. I’m
particularly interested to hear about this – assuming I’m correct.”

REQUIRED:

Provide answers to the questions raised by the managing director. (6 marks)

(d) (i) Explain the terms “adjusting events” and “non-adjusting events” and give two (2)
examples of each. (2 marks)

(ii) Lamadi Limited operates a chain of supermarket stores in the Lake Zone. It has
distributed its operations into four divisions; food, furniture, clothing and household
appliances. The following information have been extracted from the records of Lamadi
Limited:

1. The company allows the dissatisfied customers to return goods within 30 days. It is
estimated that 5% of the sales made in June 2022 will be refunded in July 2022.
2. On 2nd June 2022, three employees were seriously injured as a result of a fire at the
company’s warehouse. They have lodged claims seeking damages of TZS.200 million
from the company. The company’s lawyers have advised that it is probable that the court
may award compensation of TZS.40,000,000.
3. Under a new legislation, the company is required to fit some detectors at all the stores by
31st December 2023. The company has not yet installed the smoke detectors.
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 4. On 20th June 2022, the board of director decided to close down the Household Appliances
Division. However, the decision was made public after 30th June 2022.
5. The company has a large warehouse in Lahore which was acquired under a three-year rent
agreement signed on 1st April 2022. The agreement is non-cancellable and the company
cannot sub-let the warehouse. However, due to operational difficulties, the company
shifted the warehouse to a new location.
6. A 15% cash dividend was declared on 5th July 2022.

REQUIRED:

Describe how each of the above issue should be dealt with in the financial statements for the
year ended 30th June 2022. Support your point of view in the light of relevant International
Accounting Standards (IAS). (3 marks)
(Total: 20 marks)

QUESTION 5

(a) The main argument for separate accounting standards for Small and Medium-sized Entities
(SME’s) is the undue cost burden of reporting, which is proportionately heavier for smaller
firms.

REQUIRED:
Discuss the main differences and modifications to IFRS which the International Accounting
Standard Board (IASB) made when it published the IFRS for Small and Medium-Sized Entities
(IFRS for SMEs). Give specific examples where possible and discuss how the IASB has dealt
with the problem of defining an SME. (2 marks)
(b) Mayamaya Co has met the definition of a SME in its jurisdiction and wishes to comply with the
IFRS for SMEs. The entity wishes to seek advice on how it will deal with the following
accounting issues in its financial statements for the year ended 30th November 2022. The entity
already prepares its financial statements under full IFRSs.

(i) Mayamaya Co purchased 90% of Galaxy, an SME, on 1st December 2021. The purchase
consideration was TZS.5.7 million and the value of Galaxy’s identifiable assets was TZS.6
million. The value of the non-controlling interest at 1st December 2021 was measured at
TZS.0.7 million. Mayamaya Co has used the full goodwill method to account for business
combinations and the life of goodwill cannot be estimated with any accuracy. Mayamaya
Co wishes to know how to account for goodwill under the IFRS for SMEs. (5 marks)
(ii) Mayamaya Co has incurred TZS.1 million of research expenditure to develop a new
product in the year to 30th November 2022. Additionally, it incurred TZS.500,000 of
development expenditure to bring another product to a stage where it is ready to be
marketed and sold. (3 marks)
(iii) Mayamaya Co purchased some properties for TZS.1.7 million on 1st December 2021 and
designated them as investment properties under the cost model. No depreciation was
charged as a real estate agent valued the properties at TZS.1.9 million at the year end.
(2 marks)
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 (iv) Mayamaya Co has an intangible asset valued at TZS.1 million on 1st December 2021. The
asset has an indefinite useful life, and in previous years had been reviewed for impairment.
As at 30th November 2022, there are no indications that the asset is impaired. (2 marks)

REQUIRED:
With reference to the IFRS for SMEs, discuss how the above transactions should be dealt
with in the financial statements of Mayamaya Co.

(c) You are the newly appointed financial controller in Rubymax Ltd, a large private
engineering company. This is your first appointment in industry having undertaken your
training at large accountancy firm where most of your experience was gained in the large
audit firm clients. Rubymax Ltd makes components which are used in the manufacture of
various household products and it has a wide customer base from large household names
through to small local private businesses.
One of your first tasks is to undertake a review of aged debtors. Whilst undertaking your
review you find that a small number of customers have credit balances on their sales ledger
accounts. Whilst most of these are for small amounts, two of these are for sums of
TZS.21,234,000 and TZS.34,456,000 respectively. The amounts relate to invoices which
are now over 9 months old and which appear to have been paid twice. You find this odd
and decide to raise the issue with your boss, Denzel, the Financial Director, at your next
meeting.
The following morning, Denzel call you into his office and asks you how you are settling
into your position. You responded that, although you are still finding your feet, you have
been making a major effort to get up to speed with the company’s business and systems and
controls. Denzel appreciates your enthusiasm and is pleased that he has managed to recruit
someone so enthusiastic.
“So much for the ill-informed stories of Generation Y.” – he advises.
Denzel then asks whether anything has come to your attention so far. You advise him of
what you have found in relation to the customers who appear to have paid twice. Denzel
laughs and advises:
“It did not take you long to show your auditing skills – but remember that an auditor is a
watchdog not a bloodhound. This sort of situation is a common place in industry and as
with refereeing decision in football, some you win, and some you lose, but finally it all
balances itself out, or so the experts say.”
Furthermore, he produces copies of letters from a file which are addressed to the Financial
Directors at the respective customers informing them of their company’s overpayment.
“There, everything is above board and you have no need to worry. If these idiots cannot act
on such letters, then who are we to do anything further. If they ask for the money then they
can have it back.”
Denzel then thanks you for popping in and you return to your desk – rather bewildered by
his comments. Customers have overpaid and he knows this to be the case, yet he has no
intention of returning their money unless prompted by the customer. You also think of the
finance staff within the respective customers and how they managed to process a payment

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 for the same invoice twice and even worse, why the Financial Directors of these respective
customers have not sought payment having been advised by Denzel.
You decide to put this all down to the rather steep learning curve of adjusting to life in
industry: it is most unlikely that this scenario will repeat itself. You also decide to review
the company’s sales system. What you discover is that the company does not actually send
statements to customers but rather a list of any outstanding invoices on a monthly basis.
A couple of months pass when, whilst undertaking another review, you noticed that a
customer, Nocontrols Ltd, has once again paid the amount due by them twice. You decide
to discuss this with Denzel with a view to issuing an immediate repayment or, at the very
least, a credit note, as the company is a regular customer. Denzel advises you that he will
deal with this by personally writing to the Financial Director at Nocontrols Ltd – he advises
you that at this state there is no need to issue a credit note or make a repayment. He adds
that:
“Rubymax did not ask to be paid twice – it is the customer’s own stupid fault for doing so
and they would be wise to employ better people in their finance department but are
probably not willing to spend sufficient cash to attract the right quality of person –
however, I will deal with it – don’t you be wasting time working for our customers –
remember they do not pay you salary.”

REQUIRED:
Discuss any ethical issues arising in the above scenario. (6 marks)
(Total: 20 marks)

QUESTION 6

(a) Makambo Bilao Ltd is a public listed company that provides small scale financial services to
small businesses in different parts of Tanzania. The directors of the company have some
concerns regarding the application of the International Financial Reporting Standards (IFRSs).
The directors require explanations and advice on a number of transactions that the company
have undertaken during the 2022 accounting year. The company prepares its accounts to 30th
June each year. The details of the concerns and transactions undertaken by the directors are
stated below:

(i) A director of Makambo Bilao Ltd, has expressed concerns about the accounting treatment
of some of the company’s items of Property, Plant and Equipment which have increased
in value. Her main concern is that the Statement of Financial Position does not show the
true value of assets which have increased in value and that this ‘undervaluation’ is
compounded by having to charge depreciation on these assets, which also reduces
reported profit. She argues strongly that this does not make economic sense in her
opinion.

REQUIRED:

Address the directors’ concerns by summarizing the principal requirements of IAS 16:
Property, Plant and Equipment in relation to the revaluation for the year ended 30th June
2022 and its subsequent treatment. (5 marks)

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 (ii) On 1st July 2021, Makambo Bilao Ltd received a government grant of TZS.40 million
towards the purchase of new plant with a gross cost of TZS.320 million. The plant has an
estimated life of 10 years and is depreciated on a straight-line basis. One of the conditions
of the grant is that the sale of the plant before 30th June 2025 would trigger a repayment
on a sliding scale as follows:

Sale in the year ended: Amount of repayment

30th June 2022 100%
30th June 2023 75%
30th June 2024 50%
30th June 2025 25%

Accordingly, the directors propose to credit the statement of profit or loss with TZS.10
million, (TZS.40,000 million x 25%) being the amount of the grant they believe has been
earned in the year to 30th June 2022. Makambo Bilao Ltd account for government grants
as a separate item of deferred credit in its statement of financial position. The directors
are also contemplating whether to sell the plant before 30th June 2025 or not.

REQUIRED:
With reference to IAS 20: Government Grants and Disclosure of Government Assistance,
advise, and quantify where appropriate, how the government grant should be treated in
each of the decision the director made in the financial statements. (5 marks)

(iii) From 1st July 2021, the directors of Makambo Bilao Ltd have decided to reclassify
amortized research and development costs as administrative expenses rather than its
previous classification as cost of sales. The directors believe that the previous treatment
unfairly distorted the company’s gross profit margin.
REQUIRED:
With reference to IAS 8: Accounting Policies, Changes in Accounting Estimates and
Errors, advise how the above items should be treated in Makambo Bilao Ltd’s financial
statements for the year ended 30th June 2022. (3 marks)

(b) Dumila Ltd is a plastic recycling company which has been in operations since 2013. At a board
meeting on 1st August 2021, Dumila’s Ltd directors made the decision to close down one of its
factories on 30th April 2022. The factory and its related plant would then be sold. A formal plan
was formulated, and the factory’s 250 employees were given three months’ notice of
redundancy on 1st February 2022. Customers and suppliers were also informed of the closure at
this date. The directors of Dumila Ltd have provided the following information: Fifty of the
employees would be retained and deployed to other subsidiaries within the group at a cost of
TZS.4 million; the remainder will accept redundancy and be paid an average of TZS.1,200,000
each.
The factory plant has a carrying amount of TZS.12.8 million but is only expected to sell for
TZS.6 million incurring TZS.400,000 of selling costs; however, the factory itself is expected to
sell for a profit of TZS.16 million. Dumila Ltd also rents several machines under lease
arrangements which have an average of three years to run after 30th April 2022. The present
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 value of these future lease payments (rentals) at 30th April 2022 was TZS.7 million; however,
the lessor has said they will accept TZS.4.4 million which would be due for payment on 31st
May 2022 for their cancellation at 30th April 2022. Penalty payments due to non-completion of
supply contracts are estimated at TZS.1,000,000. However, note that the closure of the factory
does not meet the criteria of a discontinued operation.

REQUIRED:
Explain and quantify where appropriate how the closure of the factory should be treated in
Dumila’s financial statements for the year ended 30th April 2022.
(7 marks)
(Total: 20 marks)

_______________  _______________

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