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AUE1601 EXAM PACK 2024/2025 QUESTIONS AND ANSWERS
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AUE1601 EXAMPACK 2024
QUESTIONS WITH COMPLETE ANSWERS
[DATE]
[COMPANY NAME]
[Company address]
,AUE1601 EXAM PACK 2024
QUESTION 1 (Topics 1, 3, 4 & 6) 88 marks
You are a Chartered Accountant (SA) and an expert on the Companies Act.
Document Exchange Ltd (“Docex”) specialises in the distribution of local and
international mail and parcels. Docex has branches country wide in an
attempt to spread its service delivery footprint and its customers range from
individuals to large companies.
Docex holds a 70% interest in Carrier and Freight Company Ltd (“CFC”).
The following extract is from the annual financial statements of Docex at 30
June 2017:
2017
R
ASSETS
Total Non-Current Assets 7 400 000
Total Current Assets 1 500 000
8
900 000
LIABILITIES
Total Non-Current Liabilities 6 600 000
Total Current Liabilities 9 200 000
15
800 000
The company is in a net liability position of R6 900 000 as at 30 June 2017.
An extract of the minutes of the meeting of the Board of Directors (“Board”)
of Docex:
,Present:
Mr Fana Freight, chairman, independent non-executive director
Mr Clement Courier, non-executive director
Mr Tim Transport, sales and marketing director
Mr Lesley Logistics, managing director
Ms Patricia Post, financial director
Mr Mannie Mail, company secretary
Apologies:
Mr Redewaan Road, executive director
Matters for discussion:
1. Loan to Jerel Speed
Lesley Logistics presented the application for a loan of R1 million from Docex by
Jerel Speed, managing director of CFC. Lesley Logistics noted that Jerel Speed
approached Docex to obtain a loan from Docex. In the application, Jerel Speed
indicated that CFC is experiencing financial difficulties and that he therefore
cannot obtain the loan from CFC. The application also guarantees the loan will
be repaid in full over two years and interest of the prime overdraft rate will be
applicable.
Lesley Logistics explained to the Board that Jerel expressed the urgency of the
loan due to unforeseen personal reasons. The Board evaluated that all the
conditions and restrictions in respect of the granting of financial assistance, as
set out in the memorandum of
incorporation (MOI) of Docex, will be satisfied if the loan is granted to Jerel
Speed. Lesley Logistics noted that this is the first time this type of loan will
be approved and granted since the incorporation of Docex.
The voting commenced and the proposed application to provide Jerel Speed
with a loan was approved by the Board. Notice of these resolutions will be
provided to all shareholders in writing within 15 business days.
2. Shareholders’ meetings
, Clement Courier is unsure and requested information be provided on when
and how shareholder meetings should occur, as it seems to her the meeting
today does not comply with the requirements of the Companies Act.
3. Acquisition of shares
Patricia Post presented to the Board that the company is experiencing
financial difficulties. She proposed that the company should consider
restructuring, starting with the ownership of the company. Patricia Post
proposed the acquisition of 300 000 of the company’s shares as follows:
120 000 shares will be acquired by CFC and the remaining 180 000 shares
will be acquired by Docex so that there would no longer be any shares of
Docex in issue.
The Board of Docex approved the acquisition of all shares at the current
market value of the shares.
4. Dismissal of a director
Fana Freight presented to the Board that allegations recently arose against
Redewaan Road, regarding his involvement in a fraudulent scheme where
R3 million was stolen from Docex. Fana Freight explained that Redewaan
Road has not been found guilty yet; however, it is in the best interest of the
company to dismiss Redewaan Road immediately.
The Board agreed and approved the decision to remove Redewaan Road as
director of Docex.
5. Appointment of director
The Board resolved that Redewaan Road will be replaced as director.
Clement Courier presented a list of recommended candidates to be
considered for the position to replace Redewaan Road as director. The
following candidates were presented on the list:
• Mr Air Mail, Patricia Post’s 17-year-old son who obtains high marks for
accounting.
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