(a)[4]
Distinguish the roles performed by the shareholders and the directors of a limited company.
(b)[1]
State one reason why a sole trader is not required to have their financial statements audited.
(c)[6]
Calculate the adjusted profit for the year ended 31 December 2017 from the information given.
(d)[6]
Explain how information items 1 and 2 should be accounted for.
(e)[4]
Prepare the statement of changes in equity for the year ended 31 December 2017 from the data provided.
(f)[4]
Advise the directors whether the audited financial statements do or do not provide all the information needed for the bank to make its decision. Justify your answer.