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FACULTY OF COMMERCE DEPARTMENT OF ACCOUNTING NAME MALVERN PFUPA STUDENT NUMBER N015291522 PROGRAMME ACCOUNTING PART 3.2 COURSE INDUSTRIAL ATTACHMENT REPORT SECTION A- OVERVIEW OF THE ORGANISATION 1.0Background of the organisation Lake Harvest Group is in the fish processing and international fish marketing business .Lake Harvest Distribution is a Zimbabwean company based in Harare .It sells a type of bream fish known as tilapia bream which is found in many rivers of Africa. Fish farming came to be in Kariba in the year 1996 through a group of European investors known as The Common Wealth Development Corporation (CDC). These investors started Beltran investments on the premises which were initially owned by Cairns Holdings .The following year the name of the company was changed to Lake Harvest Aquaculture (LHA). The company exported most of its produce to Europe, at the same it started to supply in many African countries as far as DRC .The project yielded so well thus in an act of expedition LHA had a joint venture with Crocraise, a crocodile farming company which by 2003 they owned 50 shareholding. In 2007 freshnet was discarded after it failed to be a star but a dog. Freshnet was a chicken raising project that LHA had tried out in 2007 but it did not yield to expectation so in 2008 it was discontinued. The failure was mainly due to statutory constrains that commanded building of much infrastructure which made the project very expensive yet the market prove then to be not very supportive. During the same years, LHA thought of working together with the National Parks (NP) in another much promising crocodile farming project other than Crocraise. A new subsidiary called Chawara Wilderness Enterprises (CWE) was established .To this subsidiary, LHA agreed to provide wages and funds for work in progress. On the other hand ,NP agreed to lease the operating land and to provide game meat to be used as crocodile feed .Currently LHG owns 100 of shares in Crocraise and 50 shareholding in CWE .The other 50 shareholding in CWE is owned by NP. In 2017, LHA established a new subsidiary called Lake Harvest Distribution (LHD) which mainly focuses on the distribution of fish around Zimbabwe and also owns a retail shop in Harare which sells fish products to final consumers. Fig 1.0 shows the structure of Lake Harvest Group (LHG) and its subsidiaries. Fig1.0 SHAPE MERGEFORMAT 2.0Organisational Structure Bellow is the organizational structure of LHD. I rotated around the six sections in the LHD finance department by playing the role as that of an assistant to the chief Accountant but without the power to supervise the departmental clerks. Fig 1.2 LHD Organisational structure SHAPE SHAPE MERGEFORMAT The company has six managers who report to the General Manager (GM). I rotated reporting to the lowest level of this structure, that is, the Treasury Clerk, Creditors clerk, and Debtors clerk level. The MD also had some time coaching the student. The group board of directors is made up of 6 people who are Garikai Munatsirei, Gerry Mc Collum, Patrick Blow, Cornillius Sanyanga, Damien Lagros and Patrick Makanza. C Sanyanga is the board chairman whilst G Munatsirei is the company secretary .All these directors are from LHD with the exception of Patrick Makanza who is from Takura Ventures .Takura Ventures is a shareholder in LHG as depicted bellow. 3.0Ownnership Structure In 1996 CDC bought a farm from Cairns Holdings and invested about ten million United States dollars in a fish-farming project. In 1997 Commafin bought some shares in CDC and became a minority shareholder .The withdrawal of CDC in 2002 saw the introduction of new shareholders in the company .Takura Ventures and Highwave acquired 38 and 32,1 shareholding respectively .Commafiin increased its shareholding to 26,5. Gibyen became the forth shareholder and it acquired 3,4 shareholding .The shareholding have never changed to date.Fig1.3 illustrates the current shareholding of LHG . Fig1.3 LHG Ownership Stucture SHAPE MERGEFORMAT SECTION B A)CRITICAL ANALYSIS OF KEY RESULT AREAS The section aims at describing the accounting aspects which I experienced as I rotated round the six sections of the finance department. I tried to describe the activities of each section right from the source documents to the resulting journals. Information from this section is inputted into an accounting package called Xero .This package accommodate information from all these sections using special account codes for each line. 1.0-STORES AND PURCHASING SECTION The section procures inventory and services required in the organization, keeps the inventory then issues to departments where it is required. This section keeps record of the moving in and issuing of inventory, thus they provide balances for the preparation of financial statements. 1.1 General Purchasing Procedures The process starts when the various departments place orders to the Purchasing desk .The Purchasing Officer seeks for quotations from various suppliers. After getting at least three quotations, the Purchasing Officer raises a Purchase Requisition(PR) and Purchase Order(PO) using one of these quotations which proves to be the best . It should be noted that a PR is only needed when acquiring items that require amounts more than USD250. Items with require considerably small amounts of funds(less than USD250) only need a PO to facilitate procurement. The quotation, PR and PO are then together sent to the Creditors desk for the recording of the liability. A payment is later made at this desk if the RTGS payment method is being used. If payment is being made by cash these documents are forwarded to the Petty cash desk. 1.2 Stores Operations. The warehouse stores uses the Bin Card system in updating its inventory and in valuation of this inventory, the First In First Out (FIFO) method is used . Larry Walther (1998) postulated about the FIFO method saying With first in first out, the oldest inventory (i.e., the first in) is issued first and charged against the relevant cost centers .Conversely, the most recent purchases are assigned to units in ending inventory .This method of stock valuation ensures no inventory goes absolute and it is also well known for being simple to understand and easy to calculate. After the purchased goods have been received , the Storeman raises a Goods Received Voucher (GRV). A bincard is instantly updated with this GRV increasing the quantity in stock. Margolis Neal and Harmon N Poal (2008) tried to explain the term bincard as saying Bin is a place, rack, cupboard, where materials are kept. A card is kept for each bin to indicate the stock position of the bin. This card is known as bin card. The main advantages of using a bincard are a) It indicates at a glance the quantity of material in stock, b) It is useful for the physical and actual verification of stock, c) As it contains the ordering level, it helps the store keeper to initiate the purchase requisition for the fresh supply of a material. White copy of the raised GRVs are forwarded to the Stores Supervisor for capturing whilst the yellow copies are attached to the supplier invoice and then fowarded to the creditors desk . The third copy is for the stores file. At the end of each day, a GRV log sheet is prepared to summerise all the GRVs raised for the day .This log sheet is sent together with the white copy GRVs .Upon receiving the GRVs ,the Stores Supervisor makes an authenticity check on the GRV log sheet and then use it to capture all the GRVs into an excel spread sheet .The log sheet and white copy GRV are later filed . 1.2a Stores Issue Voucher (SIV) When the Bincard has been updated with the goods received in stock, the next thing is the issuing of those items to the various departments of the organization. The department requesting the item in stock raises a Store Requisition(SR) which is a document showing the head of department requesting and his signature , the item being requested , the Storeman issuing the item and the person receiving the item . The SR is used to raise an Stores Issue Voucher( SIV ) summerising all the SRs received that day .The same SIV is used to update the Bin card ,reducing the quantity in stock . A copy of the SIV is later sent to the Stores Supervisor for capturing. The Stores Supervisor uses these SIVs to update the same spreadsheet which was used to capture white copy GRVs such that a theoretical balance of what is currently in stock is revealed .The formula on this sheet for each item is Opening Inventory GRVs SIVs Theoretical Balance 1.2bStock Counts At LHD, the Perpetual inventory system of stock taking is used .Bincards are maintained by the storeman and updated after every receipt and issue. Stock taking is then carried out after every month. The Stores Supervisor prints some stock sheets showing the names of all items in stock. These names are always according to the stores bin card. At the end of each month a physical count is done on all the items in stock and the quantities found are recorded against each item on the stock sheets .The people who carries out the stock count sign on the stock sheet and then hand them over to the Storeman. The Storeman will then visit all bin cards and update them according to the quantities physically available as depicted by the stock count .The bin card prices are also used to value the items stock .After putting values to the stock sheet items , the stock sheets are then forwarded to the Stores Supervisor . The Stores Supervisor compares the physical quantities of each item as shown on the stock sheets, against his theoretical balance on the GRV and SIV spread sheet. If all GRVs and SIVs were received and updated on the SIVs and GRVs spread sheet , the physical quantity found should tally to the theoretical balance of each item in the GRVs and SIVs spread sheet .If there is any variance ,necessary investigation are carried out . 1.2cMonthend At the end of each month stock summaries are prepared. These shows the value of the opening inventory and closing inventory, the value of items received that month and the values of the monthly issues for each item .The stock summaries also show the account codes being affected by the monthly receipts or issues thus they are used to capture the items received in stock and charge those departments to whom the stock was issued to .The GRVs and SIVs log in spread sheet is used to extract information used to prepare these stock summaries . 2.0 CREDITORS SECTION The overall objective for this section is to ensure that all supplier invoices and RTGS are captured into the system so that the accounts payable figure reported in the financial statements reflects a true and fair view of what it purport to show. Invoices are captured straight into the Xero system via a tailor made invoicing system. RTGS are captured using payment vouchers into the Xero cashbook. This report fully detailed all the above-mentioned operations and tried to match the accounting aspects practiced in this section to the theory leant. The data flow diagram bellow tried to summerise the flow of data between the Accounts Payable section (creditors section) and the Stores and Purchasing section .The diagram was adopted from Marshal Romney and Paul Steinbart (2003) in their book on Accounting Information Systems and the flow of data in this diagram almost match to the data flow in these sections at LHD .However, the Creditors desk at LHD does not produce a cash disbursement journal as shown in this diagram. The Creditors Clerk makes payments after receiving a purchase order from the Purchasing Officer and a GRV from the Stores (Receiving) section. After preparing a payment, management reports such as the aged creditors analysis are prepared .The supplier (Vendor) also get a remittance advice to show that the payment was actually done. Fig 2.0 Data Flow Diagram for LHD Accounts Payable EMBED Visio.Drawing.6 2.1Supplier Invoices When the Purchasing officer receives a quotation from a supplier, a purchasing requisition and a purchasing order are raised and signed. A supplier invoice (that is if already received) is attached to these documents together with a yellow copy GRV and sent to the creditors desk. On receiving these documents the Creditors Clerk log in the invoice by entering it into an invoice log sheet on the machine and giving the invoice a reference log number. This log number is written on to this invoice. After logging the invoice, the Current Liability Analysis Sheet needs to be updated with the same invoice. The invoice is used to increase the company liability to the supplier in question .Once an invoice has gone through all these procedures, it is filed awaiting payment. Invoices for non-account holding suppliers in the LHD database need not to be logged. They are just used to update the Current Liability analysis sheet (CLAS) .When a payment is made to any invoice, the CLAS is updated by reducing the company liability to the paid supplier. 2.1a Month end At the end of each month, the invoice log sheet is printed and used to capture all the invoices for suppliers who hold accounts with LHD. Each invoice is captured one by one into the Xero database, apportioning the liability to the respective cost centers. After all the invoices on the log sheet have been captured, a summary of invoices is printed from the Xero system. This summary of invoices printout from Xero, the invoice log sheet and a journal cover makes up the Supplier invoice journal. 2.1b Non account holding suppliers The double entry for such suppliers invoices is usually done at the petty cash section .This is because invoices for such suppliers normally deserve to be paid by cash since they are usually of small amounts .In this case invoices are only inputted into the system upon payment .That is, on a payment voucher when the cost is expensed direct to the cost center and the funding cashbook being the corresponding credit entry .However this is only the case when the invoice is paid within the period to which the cost relate . In the case when the invoice payment is expected to be deferred to the next accounting period, an accruals journal needs to be raised. 2.1c Accruals Journal The creditors section fully recognize the accruals underlying assumption by raising a journal for all unpaid invoices at the end of each month .Such expenditure is provided for by debiting the cost center expense line and crediting the provision account .When a payment is made in the next period, the provision account is debited whilst the cash book providing the funds is credited. This procedure also go inline with the matching concept which states that the period expenses should be recognized in their respective accounting periods so that they are matched against the revenue generated out of those expenses. 2.1d Goods In Transit (GIT) Account This account is used to ensure that whether the raw materials invoiced by the company suppliers were actually received in full .Goods from suppliers like SAFCO are usually accompanied by Delivery notes (DN). The Production clerk uses these DNs to raise GRVs and attach the yellow copy GRV to the DN. The white copy GRV is sent to the Stores Supervisor whilst the DN and the yellow copy GRV are sent to the creditors clerk. The double entry when capturing white copy GRVs will be debit the stock line of that item and credit GIT account. On the creditors desk , the DN and the yellow copy GRV are used to capture the liability .On this stage , the supplier account is credited with respective liability whist the GIT account is debited . This debit entry into the GIT account knocks out the credit entry made by the Stores supervisor upon capturing white copy GRVs .The entry credited to the supplier account is matched upon payment. The double entry upon payment will be debit supplier account and credit the funding cash book. When the item is issued from stock to the respective departments, the stock line debited upon receipt on the white copy GRV is then credited whilst the cost centre requesting the item is debited. 2.2 Cheques and Real Time Gross Settlements (RTGS) Upon receipt of a supplier invoice, the invoice is logged and filed in the Invoices awaiting payment file. Every morning the Creditors clerk would surrender this file to the Financial Controller so that invoices to be paid that day are identified .Thereafter, either a cheque or RTGS form is raised and attached to the invoice together with the respective, approved purchase order and purchase requisition .A cheque payment voucher showing the expense line being debited and the bank account being credited is also prepared and attached to these documents .If more than one invoices are being paid by the same cheque or RTGS , a summary of the invoices being paid is prepared and also attached . This summary is called a remittance advice. The above mentioned document needs to be approved by at least two recognized signatories before being sent to the bank. Of all these papers on this document, it is only the cheque leaf or the RTGS form that is sent to the bank to affect the transfer .All the other documents are filed .Sequential numbering is used to reference these cheque payment vouchers before they are filed. 2.2a Month end At the end of each month, the filed payment vouchers are captured direct into the Xero cash book depending on the account which was used to fund the payment. 2.3 Aged Creditors Analysis(ACA) When all the creditors journals and petty cash journals have been posted, the need to reconcile invoices to payments emanates .A supplier ledger report for the month in question is spooled from the Xero database. Templates for suppliers account reconciliations are updated by pasting all open items on the ledger report to these templates. After copying new month movements to these templates, some previous months entries may find their corresponding partners from these new month account movements. Such entries are allowed to cancel each other. The remaining balance on this template should be equal to the ledger balance for that supplier. A satisfactory explanation is given for all the entries which fail to cancel each other. 3.0 PETTY CASH SECTION The section is responsible for collecting, safeguarding and issuing cash realized daily at the shop. The cash collected from the fish shop is receipted and recorded as kiosk sales before being transferred to a petty cash float. On issuing , a petty cash vouchers is raised and used to reduce the created cash float .This section results in 2 main journals which are the receipts and the payments (Petty Cash) journals and the main source documents for these journals are the kiosk sales receipts and petty cash issue vouchers .As advocated by Millichamp (1996) , the objective of this section is, to ensure that all cash to which the enterprise is entitled is recovered and to ensure that all cash is properly accounted for and entered in the records . 3.1Receipts On daily basis, the Chief Cashier (CC) collects cash from fish shop and this cash is then used as a cash float for company petty cash demands. On the CC s arrival at the fish shop, the till is cleared and a stock card showing the quantities sold for each product is attached to the cleared cash register . The CC ensures that the cash counted equals to what is reflecting on the cash register and confirm this by signing on the stock card. The CC also record the amount counted on this stock card .The fish shop will then sign on the same stock card in agreement to what has been recorded by the CC .On arrival to the administration block, the cash realized is receipted .The amount receipted is then captured into the Cash position schedule through recording of the number of notes received for each denomination. 3.1aReceipts journal Once cash has been receipted, the Todays receipts schedule showing the days receipts (kiosk and/or sundry), amount transferred to petty cash and cheques cashed for the day is created. The sheet is printed and then attached to the yellow copy receipt .If there are any cheques for the day, the bank account is debited with the respective total amount of cheques for the day. This schedule is weekly checked by the Financial Accountant to confirm whether the amount transferred to the Petty Cash tallies to what was receipted. At the end of each monthly accounting period , a portion of this Todays receipts schedule showing the accounts credited and those debited is copied to an input sheet and sorted so that they can be captured into the system .The receipts are finally captured into the XERO system through the general ledger .The double entry will be debit transfer to petty cash and credit shop sales . 3.2 Petty Cash Vouchers During issue a petty cash voucher is raised by the CC and approved by the Financial Accountant. This document explains the reason for issuing the cash and clearly show the beneficiary .The beneficiary also sign on this voucher as proof that money has been truly received .Instantly, the amount issued should be subtracted from created cash float by deducting the number of notes within each denomination, which made up the total amount issued .The voucher created for this issue is also entered on the other side of this schedule to replace the denominations subtracted .The amount received should always be equal to the vouchers available plus the remaining cash .This ensures that the variance check remains zero .Any variation between the amount cash issued and that shown on the voucher can be easily noted through this variance check . When a voucher has received all the necessary documents showing what the issued amount was actually used for, it is then transferred to the petty cash book which a sheet is linked to this Cash Position schedule. The entry transferred if instantly deleted from the cash position schedule to avoid duplication of vouchers .Once a petty cash voucher has been transferred to petty cash book , a Petty cash payment voucher (PCPV) is prepared and given a reference number. On this payment voucher the bank account is always credited whilst the expense line is debited .At the end of each month an input sheet is prepared using information from this petty cash book and the petty cash vouchers on this input sheet are captured into the Xero database (cash book). A hard copy petty cash books is also printed and filed at the end of each month. 4.0 DEBTORS SECTION The section accounts for all company product issues and it is in this section that the figure for monthly revenue used in financial statements is produced. The section generates eight journals every month. In explaining the operations of this section, the student tried to approach every activity right from the source documents to ultimate journals which are used to input data into the Xero database. The main source documents, which are used, include delivery notes, shop stock cards, cash sale invoices, stores requisitions and stock reconciliation cards. Information from most of these source documents is summerise on a schedule called a Sales Report .The sales report is an excel spread sheet which shows all the sales made by the company .This report shows the transaction date , the product sold , the quantity , price and the customer .Using a special function offered by excel , information from this Sales Report can be independently exported to produce a tailor made report known as a Pivot Table . 4.1Delivery Notes(D-Notes) According to the business dictionary , a delivery note is a document accompanying a HYPERLINK http//www.businessdictionary.com/definition/shipment.html shipment of HYPERLINK http//www.businessdictionary.com/definition/goods.html goods that lists the HYPERLINK http//www.businessdictionary.com/definition/description.html description, HYPERLINK http//www.investorwords.com/3898/proof.html HYPERLINK http//www.businessdictionary.com/definition/grade.html grade, and HYPERLINK http//www.businessdictionary.com/definition/quantity.html quantity of the goods delivered. A HYPERLINK http//www.businessdictionary.com/definition/copy.html copy of the HYPERLINK http//www.investorwords.com/1386/delivery.html delivery HYPERLINK http//www.investorwords.com/3351/note.html note, signed by the HYPERLINK http//www.businessdictionary.com/definition/buyer.html buyer or HYPERLINK http//www.businessdictionary.com/definition/consignee.html consignee, is returned to the HYPERLINK http//www.businessdictionary.com/definition/seller.html seller or HYPERLINK http//www.businessdictionary.com/definition/consignor.html consignor as a HYPERLINK http//www.businessdictionary.com/definition/proof-of-delivery.html proof of delivery. At LHD a delivery note is a document which authorizes a product or item to be dispatched out of the factory premises showing the quantity to be dispatched and the person who authorized the dispatch. These are raised from the warehouse side and are sent to the finance department. Transfers To transfer all the costs to these subsidiaries, the intercompany account is debited and the Subsidiary account credited in the books of LHD. Once the costs have been transferred to the subsidiaries, they now need to be apportioned to respective product expense lines in the subsidiary books by debiting these expense lines and crediting the inter company account. 4.1g Other customers d-notes Other local customers, who buy products in bulk than what is authorized to be dispatched via the fish shop, are forced to have their product dispatched straight from the factory. Once that happens, a d-note is raised. From such d-notes F-invoices are prepared and these are used to update the sales report. At the end of each month all the F-invoices for the month are listed on an input sheet and blended into an electronic format before being imported into Xero. 4.3-Shop stock cards This is a document where all Fish shop cash sales are recorded in terms of quantities. A cash register print out is attached this stock card .This cash register summarizes all the sales for the day in both quantity and value .This report from the till should tally to what has been recorded on the stock card by the fish shop cashiers .The debtors clerk checks the authenticity of the stock cards by creating a soft copy Stock card and calculating the value of the items sold using the prevailing prices . The value on each product column should tally to the cash register report generated from the till. Both the Chief cashier and the Debtor clerk sign on this print out to show that the amount received agree with the value of the products recorded on the stock card using the prices applicable on that date. The same print out is used to record kiosk sales in the sale report. A schedule called Cumulative sales input sheet is used to summarize all fish sales. At the end of each month a journal is raised crediting fish sales and debiting kiosk sales. 4.4Requsitions Other product issues which are not sales such as rations, donations and hampers need to be requested from the factory using a stores requisition. This requisition is authorized by the head of department requesting, signed by the person who dispatched the product and then counter signed by the person who received the product. These requisitions are also source documents for weekly stock reconciliations mentioned bellow. At the end of each month these requisitions are summarized and the cost apportioned to the various respective departments in the organization basing on the number of employees in each department. The total quantities for each section are valued at the previous month average cost of sales figure. A journal charging the respective departments is then prepared and entered into the Xero database. 4.5-Shop stock reconciliation forms A source document used to manage the quantities received and issued through the fish shop. The fish shop reconciliations are done weekly. They show the weekly opening stock, quantities received and the respective delivery note numbers, quantities issued (cash sales, rations, donations, hampers and other sales) and the weekly closing stock. The debtors clerk further analyzes the hard copy reconciliation from the fish shop and a twin soft copy of this Reconciliation is created and printed .It is then checked by the financial accountant and later filed. 4.6-Aged Debtors Analysis(ADA) A special workbook is maintained which shows the companys total debtors and their status (age). Within this workbook there are several sheets showing the movements in the balance of each debtor. Totals from these sheets are then summarized and linked to one main sheet, which analyses the status of these debtors. 4.7 -Management Invoices Journal This journal comprise of monthly rentals paid by LHD employees who are occupying the company property .A fixed USD amount is maintained and at the end of each month the cost is charged to the accounts of the respective individuals. 4.8 -Internal statements These are statements that clearly show the state of affairs of each staff account .The new month movements are spooled from the Xero and copied to the previous month statement. Corresponding items are allowed to cancel out and the remaining items are used to make up the monthly internal statement .Two copies of this statement are printed and one copy is given to the debtor whilst the other is filed. 5.0 BANKS SECTION This is a section which is mainly responsible for making a follow up on the payments made from and deposits made into the various group bank accounts .Loans issued and received are also accounted for on this desk .It is also the duty of the Cash Book clerk to ensure that the bank statement balance tallies to the ledger balance of each account. This is done through the preparation of bank reconciliations. 5.1-Banks Daily Update Bank statements are down loaded daily from the Barclays Integrator and used to update the Daily bank position. The Daily bank position is a spread sheet schedule which shows all the payments made from and deposits made into an account as shown on the downloaded statement .Lake Harvest Distribution holds two local currenct accounts with the NMB Stanbic Bank. The balance on the Daily bank position schedule should always tally to the balance on the bank statement. Withdrawal Instructions Explicit cash withdrawal instruction are made to NMB Stanbic bank once a need for cash arise .The withdrawal instruction is made up of three sheets, that is a payment voucher , a memorandum from the Financial Controller and a letter instructing the Bank to make the said withdrawal .The payment voucher and the letter instructing the withdrawal are signed by two authorized signatories and the memorandum attached should be having proper approval from the Financial Controller .Three copies of the letter instructing the cash withdrawal are sent to the bank to effect the withdrawal whilst the payment voucher and the memorandum are filed .After the withdrawal has been effected one stamped letters is received and attached to the filed Payment voucher and memorandum . 5.3-Bank Reconciliations The ultimate goal for these reconciliations is to ensure that the balance as per ledger tallies to the balance as per bank statement .A bank account is spooled from the Xero database and presented preferably into an excel format .A print out of this ledger account is compared to the monthly bank statements. Credits on the bank statement are knocked against debits on the ledger or vise versa .Outstanding entries are then presented on the reconciliation statement as either ledger adjustments or statement adjustments until the balance shown on the statement tallies to the balance shown on the ledger. 6.0-LHD PAYROLL The payroll section at LHD is generally responsible for the capturing of payroll data from various departments of the organization , calculation of employees remuneration , preparing employee pay slips and facilitating statutory payments .Bank schedules used by the bank in disbursing the salaries deposited are also prepared in this section . . 6.1-Payroll source documents The main source documents in this section are the time sheets which are submitted by the following sections – Finance section Warehouse section .It is important to ensure that all time sheets are authorized. A time sheet should be signed by all the employees in question and also by their respective supervisor .The respective HOD is also suppose to authorize this time sheet before it is forwarded to the Payroll section for capturing. A summary of the time sheets for each department, showing attendance information for each employee for that particular payroll period, usually accompanies the time sheets. The Payroll Officer also receives Employee change notes and Salary schedules from the HR department. Employee change notes gives information about any change in employees status, for example, change of grade. Salary schedules show the employees basic pays and allowances by grade and period of service. The Document flow diagram bellow summarizes the movement of documents in the Payroll section. Marshall Romney and Steinbart (2003) defined a document flow chart as, a graphical illustration of the flow of documents and information between areas of responsibility.The following flow chart illustrates the movements of payroll documents from various departments in the LHG to the payroll desk and from the payroll section to subsequent stakeholders such as the management and government agencies 6.2-Payroll Calculations LHD use the time rate system in paying its employees .Brimson James and Calle Berliner (1998), postulated about the time rate method of remuneration saying, Time rates are used when employees are paid for the amount of time they spend at work .The usual form of time rate is weekly wage or monthly wage . Time worked over the standard weekly or monthly hours is known as over time .The form adopted by LHD is the monthly wage . Calculations procedure An excel pay sheet is kept for each department and subsidiary. Any new engagements are added to each respective pay sheets. Each pay sheet contains individual data about every employee in that particular department or company. The data elements included are employees names, department, grade, earnings and deductions, taxable income, bank used and bank account. The earnings include among others, basic pay, overtime pay, allowances, and bonuses. Deductions include AWOL days (permanent employees), contributions to NSSA, contributions to NEC and other organizations. Various rates apply to the deductions and the formulas has been designed in such a way that changing the basic pay changes the whole sheet since all the other elements are linked to the basic pay. The following are some of the elements included in gross pay of LHG employees basic pay, allowances, overtime pay, bonus, incentives, and cash in lieu of leave. Deductions include NSSA, PAYE, AIDS levy, NEC contributions, GAPWUZ contributions and pay advances to be recovered. The difference between gross pay and deductions gives the employees net pay. Items normally deducted from gross pay in calculating taxable income are allowances (for LHD employees only, because of EPZ status) and NSSA .LHD is entitled to an EPZ status since it meets most of the EPZ requirements according to the Export Processing Zone Authority(EPZA), for example the company exports more than 80 of its product .. The taxes charged thereon are PAYE and AIDS levy. PAYE is calculated from PAYE tables which are physically collected from ZIMRA or downloaded from the ZIMRA website. AIDS levy is calculated as 3 of PAYE. The 3 AIDS Levy is according to the Income Tax 6.3 -Statutory Reports Remittances to ZIMRA, NSSA and other employee related organizations such as GAPWUZ and NEC Food Industries are accompanied by respective reports, which require some details about the employees involved. 7.0-FINANCIAL STATEMENTS Although the Xero Accounting Package can generate its own financial statements once data is inputted , the organization prefer excel generated financial statements .The financial statements coalesce information inputted in all the various above mentioned sections .Once all the journals from these said sections have been posted, a Trial balance(TB) is exported from the Xero database into an excel format .Debits and credits are sorted such that they are presented in one column .A work book containing the Income Statement , balance sheet ,cash flow and a summery of TB s is used in coming up with a set of financial statements as recommended by the International Accounting Standards . The spooled and sorted TB amounts of the new month movements are copied to the summery of TBs schedule thus anew month column is created .Since this summery of TB s is linked to the sheet containing the Financial Statements , formulas automatically picks the newly pasted figures from the TB .However , there are some lines in the Income Statement which does not automatically respond to the newly added monthly figures so the formulas need to be manually dragged so that they pick the correct cells . 7.1- Statement of Comprehensive Income(SOCI) The SOCI at LHD is generally prepared in accordance with IAS 1. The analysis of expenses recognized in the profit or loss is presented using the cost of sales method. This is sometimes referred to as classification by function. Expenses are generally classified as Distribution costs, Administrative costs and other Expenses. IAS 1 also advocates that , entities classifying expenses by function shall disclose additional information about the nature of expenses especially depreciation .To adhere to this clause, the organization has got a section in the financial statements schedule which contain a breakdown of all the company Plant Property and Equipment and how they are depreciated . 7.2-Statement of Financial Position(SOFP) This is another major components of financial statements prepared at LHD .Majority of lines recommended by the IAS 1 are adopted in the LHD database and in the general the SOFP prepared at LHD meet the requirements of all the other international accounting standards . The going concern concept is fully adhered to when preparing the SOFP .Assets are shown at their cost less any accumulated depreciation with a view that the organization is in existence for the foreseeable future .Before adopting this concept , management carries out an assessment of the company s ability to continue for the foreseeable future . Straight line method of calculating depreciation has before been adopted for assets such as motor vehicles and this method is the one which is still in use .This consistency enhances comparability of information from one period to the other which provide value for money to the users of the organization financial statements .This also in accordance to the IAS 1 (revised 1997), para 45, which states that An entity shall retain the presentation and classification of items in the financial statements from one period to the other unless (a) it is apparent , following a significant change in the nature of entity s operations or are view of its financial statements , that another presentation or classification would be more appropriate having regard to the criteria for the selection and application of accounting policies in IAS 8 or (b) an IFRS requires a change in presentation . LHD also prepares its SOFP in accordance to the IAS 41, Agriculture .The standard advocates that , a biological asset shall be measured on initial recognition and at he end of each reporting period at it fair value less cots to sell At LHD the fish is measured at the price the fish is currently expected to fetch at the market less any cost incurred in administering its sale ,for example freight charges and marketing costs .The value of the fish makes up the biological assets line in the SOFP . 7.3-Statement of Changes in Equity (SOCE) The SOCE do exist in the financial statements of LHD but the student realized that it does not abide fully with the requirements of the IAS 1. According to the IAS 1(revised 2007), para106, An entity shall present a statement of changes in equity showing in the statement total comprehensive income for the period , showing separately the total amounts attributable to owners of the parent and non-controlling interests The SOCE at LHD shows the total comprehensive income as depicted by the standard but does not separate the between the amount attributable to owners of the parent company and that to the non-controlling interest .Some of the lines in the LHD SOCE are translation reserves ,dividends and revaluation reserves . 7.4-Statement of Cash Flows (SOCF) The SOCF prepared at LHD is in accordance with the requirements of IAS 7 .The cash flows are classified into Cash from operations ,Changes in working capital, Cash from investing activities and Cash from financing .This is inline with the requirements of IAS 7 ,para 10 which postulates that , The statement of cash flows shall report cash flows during the period classified by operating , investing and financing activities .It should be noted that the headings cash from operation sand changes in working capital falls under operating activities in the layout example given by IAS 7. LHD uses the indirect method in reporting cash from operations .This option is acceptable by IAS 7 but the same standard advocates that it is not the best since it is difficult to get information about the major the major classes of gross cash receipt and gross payment as what the direct method does. 7.5-Notes to Financial Statements These are done separately from the other components of financial statements .They are generally responsible for interpreting why the figures in the other three above mentioned components are like what they are .Accounting ratios such as the current ratio are used to further simplify the figures in the financial statements . 7.6 CONSOLIDATED FINANCIAL STAEMENTS LHG prepares its consolidated financial statements in accordance with the requirements of IAS27 .Financial statements from Crocraise , LHA , LHI and LHD are coalesced using the line by line approach as follows For LHI and Crocraise the total amounts for each line are added but intra group items such as LHDs sales to LHA and LHA debtor balance in LHDs books are eliminated. A check must be made however before elimination to ensure that corresponding items cancel each other. For example, the figure for the Sales from LHD (Cost of Sales to LHA) should be the same as the Sales to LHA (as shown in LHDs income statement).There is no minority interest since these are wholly owned subsidiaries CWE is a joint-venture in which LHD has a 50 stake. Therefore 50 of all the assets, liabilities, income and expenses are added to LHD Groups financial statements. 8.0 AUDITING The objective of an audit is to enable an auditor to form an opinion on the accuracy of financial statements so that users of financial statements can rely on the reported information. Although LHD is a private company , it gives chance for its financial statements to be audited .Ernst Young is the auditing firm at LHD and this firm has been engaged by LHD since incorporation .Two audit visits are made every year to appraise the authenticity of the LHD financial statements .The first visit is responsible for appraising the general internal controls , specializing on items like documentation and suitability of sections procedures (specially authorization and segregation of duties) . On the second visit which is carried out after preparation of year-end financial statements, the auditors would now use the information which was gathered during the interim audit to establish audit samples and carry out some substantive tests. This means that, the audit will focus on those areas which the auditors viewed to be having weak internal controls during the interim audit. Allan Millichamp defined substantive testing as, those tests of transactions and balances and other procedures such as analytical review, which seek to provide audit evidence as to the completeness, accuracy and validity of accounting records of an entity. The main focus of this final audit is on the balances in the trial balance .The auditor will be stressing their origin and how they were incorporated into the financial statements. There is an internal audit department that exists at LHD .Its duty is to devise, implement and review the department internal controls although the interim audit by EY dwells much on this. B) PERSONAL EVALUATION This section aims at matching the practice experienced at LHD to all the theory leant before. Observed strength and weaknesses were picked for each section as outlined below. Stores Section Observed Section Strengths Specialization The two store men concentrate on different stock items, which enhance efficiency and accountability. Strict application of the concept of proxemics whereby only the storemen have the access to the storeroom. Monthly stock counts enable variances to be identified as we go and rectified in time .A good housekeeping procedure for year end accounts The FIFO cost formulae is used to arrive at the cost of closing inventory, this method adopted by LHD is in accordance with IASB (2008) in IAS 2(Inventories) ,pap2 which states that , The cost of inventories shall be assigned by using the First-In First-Out(FIFO) or weighted average cost formulae The Perpetual inventory system of stock taking used at LHD was advocated for by Aneirin Owen(1998) who said , There are two systems of stock taking which are a). b) Perpetual Inventory System Under this system detailed records of every receipt and issue of stock are maintained by the stores controlling department. The record so maintained reflects the physical movement of stocks and their balances. So, physical stock can regularly be verified with the stock records. This method is scientific and stock in hand on a particular date can be ascertained without much difficulty. Fully signed Stores Requisitions are used to get this issued from the storeroom .This procedure goes in line with what was postulated by Joel G Siegel and Jack Shim (2006).The two mentioned something about stores requisition saying, It is a document which authorizes and records the issue of materials for use. It is a formal request to issue materials stating description, quantity and work order for which the material is required. A requisitioned and a higher authority should sign the note. Weaknesses. Unavailability of backup data for SIVs and GRVs on soft copy .No data is captured for reference sake. Lack of a locally networked terminal from which the Stores Supervisor can constantly access stores data The storeman who is the custodian of stock items is many times responsible for counting the same stock during stock takes .Gives room for data manipulation. No proper documentation for some non stock items Creditors Section Strengths Preparation of monthly ledger reconciliation to identify and correct misposted entries .This helps to ensure totals for different lines in the database reliably show what they purport to show upon their incorporation into the financial statements Logging of invoices ensures that all invoices sent to the creditors desk are imputed into the Xero system since there is sequential numbering. Accruing of expenditure in the period to which they relate ensures that periodic Expenditure is not understated (prudence concept). Michel Jones and Cardiff Charkraborty(2006) advocated that , The prudence concept is all about the inclusion of a degree of caution in the exercise of the judgments needed in making the estimates required under conditions of uncertainty , such that assets or income are not overstated and liabilities or expenses are not understated .In this case accruing of invoices ensures that liabilities are not under stated. This also ensures that the expenditure will be matched to the revenue generated out of it. Accruing of invoices is also in accordance with the IASB(2008) in the International Accounting Standards Board Framework ,para 22 which states that , the effects of transactions and other events are recognized when they occur, rather than when cash or its equivalent is received or paid and they are reported in the financial statements of the periods to which they relate . Sequential numbering of payment vouchers ensure easy access of these vouchers when needed Weaknesses No constantly updated aged creditors analysis. Poor communication on payments made from the other depots. This causes the reported liability to be always overstated .Such information can cause harmful decision making by the management. Poor handover of invoices from the creditors desk to the petty cash desk .Missing invoices lack tentative explanation as to who actually misplaced them. Their handover is not properly documented. Some invoices are captured from the statement or from their proformas. This gives room for duplication of expenditure as in many cases respective invoices will later come but with no reference to any profoma .It will be most probable too ,that the same invoice for that profoma invoice can be also captured ,thus double capturing . Petty Cash Section Strengths Strict need for adequate documentation to explain what the issued cash was actually used for before a voucher is transferred to the petty cash book .This avoids misuse of company cash. Joint signing on the stock card by the two parties (CC and the fish shop cashier ) , which avoids passing the buck when anything bad, for example an unexplained variances, happens . Authorization of cash issues by only senior signatories such as the Financial Accountant and the Financial Controller guard against cash misappropriation. Monthly filing of a hard copy petty cash book act as a backup in cases of a disaster Weaknesses Unavailability of a money dictator at the fish shop. This increases the chances that the cashiers at the fish shop mistakenly accept fake notes. LHD does not employ the concept of an impressed system in its petty cash controls .The amount realized at the fish shop makes the cash float for that day thus no fixed amount is maintained. This goes against what was advocated by Morris Pilkowitz (1992).According to M Pilkowitz, the concept of impressed system simplifies the work of senior officials or auditors who may check the cash box at any time, since the amount for which the cashier is responsible is known to them. At LHD the unavailability of a fixed amount makes it difficult for proper spot checks. Serial numbers of bigger USD notes are not captured Debtors Section Strengths Shipments to LHI fully trace the products right to the ultimate customers thus avoiding products being diverted along the way. The use of Transfer pricing between LHI and LHD increases shareholders wealth since it ensures that lower taxes are ultimately paid the Group through charging lower prices to LHI so that it records higher profits in Europe where tax rates are lower .The concept of transfer pricing was postulated by Collin Drury (2007) saying When the supplying and receiving division are located in different countries with different taxation rates and the taxation rates in one country are much lower than those in the other , it would be in the company s interest if most of the profits are allocated to the division operating in the low taxation country . Once transfer pricing exist the concept of transfer pricing comes into play. According to Richard S Bruan (1998), tax avoidance refers to a legal utilization of the tax regime to one own advantage, in order to reduce the amount of tax that is payable by means that are within the law. In this case LHI and LHD are legally conniving to ensure that the tax payable by Lake Harvest as a Group is low Weekly reconciliation of products sold through the fish shop ensure that all products received are well accounted for on issue since abnormal variances must be investigated. Stock reconciliation cards are further analyzed for authenticity by the Debtors clerk and checked by the Financial Accountant. This segregation of duties on this document reduces collusion. (Where by the fish shop employees would agree with the debtors clerk who analyses the reconciliation to beat the system and without any checking by a senior official this will always be successful. ) Realisation concept- Regional sales are only recorded after the customer has actually collected the product and not when the certified invoice is received. This is in line with what was postulated by Frankwood(2008). According to Frank Wood and Sangster (2008), the realization concept holds to the view that profit can only be taken into account when realization has occurred and that realization occurs when the ultimate cash realized is capable of being assessed with reasonable certainty.Of all the several criteria postulated by Frank Wood to be observed before realization can occur , one criteria which states, that goods are realized only when goods are provided for the buyer matches to the realization which is practiced at this debtors section . Weaknesses Debt collection the system is not clear as to the procedures to be followed when debts fall overdue. Sometimes stock reconciliations prepared not checked or approved. Sometimes invoices raised from the administration are approved by the same person who raised them . At times they are not even signed but such an invoice has got he powers to collect a product from the fish shop . Customers are only told the price of the product and given an invoice without prices . Although a twin invoice with prices is simultaneously raised, there are chances that the person who prepares the invoice can demand a higher price but document a lower price . Financial Statements It was very fascinating for me to realise that the company is very quick in adapting to changes that are day in day-out affected by the IASB. The Financial Statements tittles for all the components of financial statements already reflect the recent changes which were effected in 2009 .The Balance Sheet is now termed ,the Statement of Financial Position whilst the Cash Flow Statement is now called the Statement Of Cash Flows .This is in accordance with the recently revised IAS 1 , PARA IN11 which states that , The previous version of IAS 1 used the tittles balance sheet and cash flow statements in describing two statements within a complete set of financial statements , IAS 1 now uses Statement of Financial Position and Statement of Cash Flows for those statements . The financial statements of LHD comprise of SOCI ,SOFP ,SOCE ,SOCF and notes to the financial statements .This fulfills the requirements of the IAS 1(2009) .According to IASB (2008)s IAS1 (Presentation of Financial Statements) ,para.10 A complete set of financial statements comprises a) a statement of financial position at the end of the period b) a statement of comprehensive income for the period c) a statement of changes in equity for the period d) a statement of cash flows for the period e) notes comprising a summary of significant accounting policies and other explanatory information. The SOCI at LHD analysis expenses by function which is an option given by the IAS 1. According to the IAS 1(2005) , para .99 an entity shall present an analysis of expenses recognized in profit or loss using a classification based on either their nature or function within the entity , whichever provides information that is reliable and more relevant . The consolidation of subsidiaries adding line by line items goes inline with the requirements of IAS 27 , pare 18 which says , In preparing consolidated financial statements an entity combines the financial statements of the parent and its subsidiaries line by line by adding together like items of assets , liabilities, equity, income or expenses. Before adopting the going concern concept , management carries out an assessment of the company s ability to continue for the foreseeable future .This goes in line with the IAS 1 (revised 1997), Presentation of Financial Statements which sets out managements responsibility for assessing going concern as follows When preparing financial statements, management should make an assessment of an enterprises ability to continue as a going concern. Financial statements should be prepared on a going concern basis unless management either intends to liquidate the enterprise or to cease trading, or has no realistic alternative but to do so. When management is aware of material uncertainties which may cast significant doubt upon the enterprises ability to continue as a going concern, those uncertainties should be disclosed . The SOCE do exist in the financial statements of LHD but it contains limited entries as what is recommended by IAS 1.It does not show separately the total amounts attributable to owners of parent and non-controlling interest. According to the IAS 1(revised 2007), para106, An entity shall present a statement of changes in equity showing in the statement total comprehensive income for the period , showing separately the total amounts attributable to owners of the parent and non-controlling interests LHD prepares its financial statements in accordance with requirements of IAS 7 . It uses the indirect method in reporting cash flow from operating activities which is an option offered by the IAS 7 (2008) According to the IAS 7 (2008) , An entity shall report cash flows from operating activities using either a) the direct method, whereby gross cash receipts and gross cash payments are disclosed or b) the indirect method, whereby profit or loss is adjusted for the effect of transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and items of income or expense associated with investing or financing cash flows.. SECTION C Having rotated in all the six section in the Finance Department , I came up with recommendations to the weaknesses which were identified in the operations of the said sections .The operations in most sections is generally in accordance with the general accepted accounting procedures but how ever the small loop holes need some attention . 1.0Recommendations In the stores section, all GRVs and SIVs should be captured into the system for reference sake. Connect all stores computers on the Local Area Network (LAN) so that data from the stores can be easily accessed. Install fire extinguishers or fire detectors in the storeroom Sort items on the stock sheets according to their physical arrangement in the stores. This makes stock take faster, easier and more accurate. Stock count should be done by independent people to enhance segregation of duties. Serially number all received stores requisitions so that missing requisitions can be easily identified .The student noticed that some requisitions get lost before SIVs are raised and it is only noticed after stock take when a variance arise . Capture serial numbers for all bigger USD notes issued to avoid passing the buck when fake or tone notes are returned by people to whom we issued cash. Acquire a money detector for the fish shop to guard against acceptance of fake notes. Weekly capture petty cash payment vouchers to reduce pressure during month ends . Arrange a specific day per week or per month when overdue debtors can actually be visited to reduce the number of bad debts . Segregate the duties on invoice preparation and approval to enhance transparency Seniors should delegate less important tasks such as checking of stock reconciliations when necessary to ensure all procedures are followed . Introduce the preparation of USD petty cash payment vouchers to meet the proper accounting procedures Establish a system where by the people in the Harare office sent an email to the creditors clerk on all payments made . This should be done on daily basis if this desk is to report a true and fair vie of the company liability . Every morning it should be a norm that the Chief Cashier updates the creditors clerk on the payments done the previous day . Avoid capturing of expenditure from profoma invoices or statements to guard against double capturing of expenditure In the Payroll section ,all input data should be always signed by the employee and the respective supervisor and then approved by the respective HOD. This would reduce payroll queries. No input sheet should be made to the input summary without amendments to the original source documents as this distorts audit trail. Furthermore all amendments should be authorized by the respective HODs and confirmed by the employee.. Establish an off lying back up system for every payroll run. This can be done by using rewrittable CDs or backing up on a senior managers machine Hire an internal auditor to constantly monitor and correct the slackening of proper accounting procedures especially in the creditors section and petty cash section. 1.1 Conclusion The accounting operations at LHD are generally according to the generally acceptable accounting principles .Adoption to changes as advocated by international accounting standards is very swift and fast .All components of Financial Statements are kept and are in accordance with the International Accounting Standards .However, more still need to be done in strengthening the petty cash internal controls and accounting procedures in a journey to safeguarding of shareholders wealth 1.2-Appendix I used the following interview guide in gathering all the data which was used in coming up with this report .However, most of the information was obtained from observations Attachment Report Interview Guide 1.Organisational structure Number of directors and their directorship Directors place of residence Brief description of senior managers duties (Operations mgr, HR mgr, Financial Controller, Technical and Marketing Director, Factory mgr, Managing Director LHI) Any secretary or person performing the duties of the secretary 2.History of the organization Date of incorporation-possibly cirtificate of incorporation-core business Promoters those who came up with and supported the idea Was the fish farming idea and method of operation original or borrowed from somewhere Original ownership structure and the changes to date The relationship of these names-Takura investment,Highwave, Comafin,Gibyen,Bakerton, LHD,LHI, CWE Crocraise original funding of the organization and the change to date original market and the changes to date any abandoned project and why e.g. FFL Legal constrains that hindered any plans Any outstanding achievements 3-.Mission statement of the organization 4. Product name of the product production cycle and raw materials at each stage (Ponds LOPS-Factory) the source of the identified raw materials cash conversion cycle market of the product(advantages disadvantages of each) of total sales 5 . Financial Structure Source of funds(Debt, Equity)-liquidity ratio, debt equity ratio Financial assets to keep excess funds (give subsidiaries ,buy shares , money market) Mgt of funds shortage(short to long term borrowing) Investment appraisal-techniques used and how capital is rationed among identified options-who is responsible REFERENCES 1.Aneirin Owen (1998)Management Accounting ,Elsevier Publishing ,Manchester 2 Allan Millichamp (1996) Auditing Principles , Letts Publishing house 3.Bimsan James and Calle Berliner ,1998, Cost Management for Today s Advanced Manufacturing ,Boston MA Harvard Bussines Press 4.Charles T Horngran and Gary L Sundan (1987) ,Introduction to Financial Accounting , Prentice Hall International (UK) London 5. Colin Drury,2007,Management and Cost Accounting ,7th Edition,Cengage Leaning EMEA 6 .Frank Wood and Sangster (2008) , Bussiness Accounting 1 ,11th Edition ,Pearson Education 7.Harold Randal (1995)Advanced Level accounting ,DP Publications ,London 8.IASB(2006) ,International Accounting Standard Board Framework ,International Acounting Standard Committee Foundation ,London 9. International Accounting Standard Board(2008), International Accounting Standard 1 , Presentation of Financial Statements ,International Accounting Standards Committee Foundation,London,United Kingdom 10. IASB(2008),International Accounting Standard 2, Inventories , International Acounting Standard Committee Foundation ,London 11.IASB(2008) ,International Accounting Standard 7 , Statement of Cash Flows ,International Accounting Standard Committee Foundation,London 12 .IASB (2008) ,International Accounting Standard 21, Effects of Changes in Foreign Exchange rates , International Accounting Standard Committee Foundation ,London 13. IASB(2008),International Accounting Standard 41 , Agriculture ,International Accounting Standards Committee Foundation ,London 14.Joel G Siegel and Jack Shim ,(2006) ,Accounting Handbook,Borrons Education Series ,London 15.Larry M Walther(1998)Principles of Accounting ,Pearson Education 16.L Hill ,1997,Income Tax In Zimbabwe, Butterworth, South Africa 17.Margolis Neal and Harmon N Poal (2001) ,Accounting Essentials ,John Wiley and Sons, South Africa 18 Marshal Romney and Paul John Steinbart (2003) ,9th Edition,Accounting Information Systems, Prentice Hall Bussiness Publishing 19-.Richard S Bruan (1998)Taxation in India, Willamatee Capital Z .C ,India 20.Terry Lucey ,5th Edition ,2003 , Management Accounting ,Continum Publishers ,London 21.Zimbabwe Income Tax Act ,( 1996) , Chapter 24.03 PAGE PAGE 2 EMBED MSPhotoEd.3 EMBED MSPhotoEd.3 LAKE HARVEST GROUP CROCRAISE INVESTMENTS CROCODILE FARMING 100 SHAREHOLDING CHARARA WILDERNESS ENTERPRISES CROCODILE FARMING 50 SHAREHOLDING LAKE HARVEST AQUACULTURE FISH FARMING PROCESSING 100 SHAREHOLDING LAKE HARVEST INTERNATIONAL FISH MARKETING 100 SHAREHOLDING LAKE HARVEST DISTRIBUTION (PVT) LTD 100 SHAREHOLDING HHSM Manager Quality Assurance Manager Processing Manager Operations Manager Kumbirai Managing Director (LHI) Warehouse Manager HR Manager Financial Controller Technical and Marketing Director General Manager HR Officer Senior HR Officer Asst. HR Officer Group Managing Director Regional Marketing Manager Administration Manager Lake Ops Manager Ponds Ops Manager Chief Accountant Production Section Head Processing Supervisor Account Administrator Student Purchasing Officer Cashbook Clerk Stores Supervisor Debtors Clerk Local Creditors Clerk Treasury Clerk Storeman 1 Storeman 2 Data Capture Clerk Assistant Accountant Financial Accountant Payroll Administrator LAKE HARVEST GROUP TAKURA VENTURES 38 COMMAFIN 26.5 GIBYEN 3.4 HIGHWAVE 32.1 iI3SbNLv2u)[email protected]/exu)Wt4kJMs(208Bi 05rbHkun5_OLTXRX NPA [email protected] eFlX_a,Vd p tzD24,glu9J)Do)K.wSU/RehV/R52dGldRvoynr-1edn6 VAE.JJrKe( v2YtZ4B 5([email protected]) j.M-F6gccnJqzu(pGyB
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