i) The issued share capital of Mbeya Trust, a publicly listed company on the Dar es Salaam Stock Exchange, on 31st March 2013 was TZS 10 million. Its shares are denominated at TZS 25 each. Mbeya Trust’s earnings attributable to its ordinary shareholders for the year ended 31st March 2013 were also TZS10 million, given an earnings per share of TZS 25.
A partnership is a form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generates. That income is paid to partners, who then claim it on their personal tax returns – the business is not taxed separately, as corporations are, on its profits or losses.
A ledger is a set of accounts. It contains all the accounts of a specific business enterprise. It may be kept in any of the following two forms:
(i) bound ledger and
(ii) loose leaf ledger
A bound ledger is kept in the form of book which contains all the accounts. These days it is common to keep the ledger in the form of loose-leaf cards. This helps in posting transactions particularly when mechanized system of accounting is used.