3. Explain how The Comptroller PLC (a Public Limited Company) can operate in both the private and public sectors.
[4 marks]
4. Using concepts such as ownership, control, sources of finance, liability of owners and the
advantages and disadvantages of each, distinguish between sole traders and
partnerships.
(5 marks]
5. Using concepts such as ownership, control, sources of finance, liability of owners and the
advantages and disadvantages of each, distinguish between private limited companies
and public limited companies.
(5 marks]

Mae jong corp. issues $1,000,000 of 10% bonds payable which may be converted into 10,000 shares of $2 par value ordinary shares. the market rate of interest on similar bonds is 12%. interest is payable annually on december 31, and the bonds were issued for total proceeds of $1,000,000. in accounting for these bonds, mae jong corp. will: (a) first assign a value to the equity component, then determine the liability component. (b) assign no value to the equity component since the conversion privilege is not separable from the bond.(c) first assign a value to the liability component based on the face amount of the bond.(d) use the “with-and-without” method to value the compound instrument.