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CAC710S-COMUTERISED ACCOUNTING-2ND OPP JULY 2024 |
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nAmlBIA UnlVERSITY
OF SCIEn CE AnD TECHn OLOGY
FACULTY OF COMMERCE, HUMAN SCIENCES AND EDUCATION
DEPARTMENT: ECONOMICS, ACCOUNTING AND FINANCE
QUALIFICATION: Bachelor of Accounting/ Bachelor of Accounting Chartered
QUALIFICATION CODE: 07BOAC/07BACC
LEVEL: 7
COURSE: Computerised Accounting 301
COURSE CODE: CAC710S
DATE: July 2024
SESSION: Practical
DURATION: 3 Hours
MARKS: 100
SECOND OPPORTUNITY EXAMINATION QUESTION PAPER
EXAMINER(S) E Kangootui, Y Elago
MODERATOR: E. Milijala
INSTRUCTIONS
1. This exam paper consists of one question with 3 parts, (A-C).
2. Please ensure that your student number appears on all reports. (Computer printouts)
3. It is student's responsibility to ensure that all reports are handed in directly to the
invigilators.
4. Use of internet or any communication devices is strictly prohibited.
5. Questions relating to this examination may be raised in the initial 30 minutes after the start
of the paper. Thereafter, candidates must use their initiative to deal with any perceived
error or ambiguities & any assumption made by the candidate should be clearly stated.
6. Round of all calculations to the nearest two decimal places.
THIS QUESTION PAPER CONSISTS OF_ 4_ PAGES (Excluding this front page)
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1
Part A
(35 Marks)
One of the youngest professional football players named, Personal Best, played football across
the world during 2021. He met with various visionary people and gain various ideas. He wrote
his business plan and presented it to one of the best football clubs in India and to the ministry of
sport, youth & national service. His business plan idea was to register a voluntary association for
youth capacity building, in football, netball, and community services.
On 1st January 2022, he managed to successfully register is voluntary association as one of
section 21 company according to the companies Act 28 of 2004. He applied to the Receiver of
revenue to be exempted from any form of tax. Its financial year starts on 1st January, bank with
Standard Bank and maintains a petty cash with an imprest amount of N$4 500. He will receive
donations from the foreign football club, a subsidy from the ministry and generate fund from the
community services. He will recruit youth from various regions who have the desire to became
professional players in their respective sports codes. In order for the association to be
sustainable, players will engage in providing extra classes to school learner from grade 1-12.
The association will host various rural schools and community football tournaments. All players
are expected to participate in these additional activities during their free time.
All non-current assets were bought at inception date 1st January 2022 and brought into use
immediately, unless otherwise state. The company uses the cost model to account for property,
plant, and equipment. All assets are subject to annual depreciation charge using the straight-line
method and have a residual value equal to 10% of cost, with a useful life of ten years.
He employed you as the financial accountant to assist with updating his accounting records. You
are provided with the following information on the last date of the pervious financial period.
Trial Balance as of 31 December 2022, which was prepared by an inexperienced bookkeeper
and some balances have been credited or debited in error.
Income
FundinQ
Extra classes earninQs
Extra classes expenses
Tournament earninQs
Tournament expenses
Transport rental cost
Salaries and wages
Insurance building
Electricity
Red Force debt collectors
Bad debts
Association weekly periodicals
Bank (favourable bal)
5% Debentures issued
Notes
1
2
3
Debit (N$)
200 000
160 120
45 200
72 100
14 700
15 500
150 000
8 700
8 750
1 500
1 050
Credit(N$)
560 000
2 500
69 500
300 000
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2
Capital Fund
Desktop & laptops
Desks, tables & chairs
Unearned income received
Retained Earninqs
Petty Cash
Overdue client's balances:
Information pamphlets
Commission income
Association membership fees
3.5% Debenture Purchased
10.5 Fixed Deposit (FNB)
4% Loan to Director: Mr Bob
Suspense
Total
4
250 000
380 000
79 500
18 500
88 500
2 500
5
26 094
12 500
13 050
3 260
99 200
30 850
23 800
73 974
1 248 324 1 248 324
Notes:
1. Income received as follows:
Foreign football club
Ministry
Players Agency fees
2.Funding received as follows:
Community poverty eradication
Establishing tutorial centre
Tournament sponsorship
3. Salary & wages as follows:
Personal Best & Players
Salary for the accountant
Temporary assistant
4.Capital Fund as follows:
Plot & Structure
Sports field fees
5. Overdue client's:
Mr Nelson Dundu
Pet cc
Miss Dolly White
250 150
180 560
129 290
20 000
120 000
60 000
100 000
35 000
15 000
180 000
70 000
12 154
9 715
4 225
Required:
1. You are required to capture opening balances accounts of Personal Best Ass, including
accumulated depreciation for non-current assets as of 1st January 2023 (Period one).
2. Update all batches; and move on to next part.
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I
a
3
Part 8
(25 marks)
The bookkeeper in the process of preparing the bank reconciliation for the month of March.
You are presented will the following information which needs to be recorded in the various
cashbooks before the bank reconciliation can be prepared.
1. On 31st March 2023 the bank column of Personal Best Ass's cash book showed debit
balance of N$800.
2. When comparing the cash book with the bank statement, it was discovered that
dividends of N$3 110 was incorrectly credited to the bank account.
3. An amount of N$599 for Personal Best's home DSTV monthly payment was debited
to the business bank account.
4. A direct debit of N$690 for the insurance monthly payment, was not yet recorded in the
cashbook.
5. An invoice amount of N$2 800 from city of Windhoek correctly recorded in the
cashbook, was recorded with an amount of N$2 080 on the bank statement.
6. The bank statement should the following items not yet captured in the cashbook:
Petty cash
N$1 500
Duty on debit entries
N$151.36
Interest on credit balance N$285
Anonymous cash deposit
N$1 000
7. A further check revealed the following items, two EFT drawn in favour of ABC Pty Ltd
N$2 250 and Wholesale Ltd N$4 290 reflected on bank statements as payments, but
now records found in the cashbook.
8. Agency fees cash deposit amounting to N$6000 had been paid into the bank on 31st
March but were not recorded in the cash book.
9. Fuel cost of N$3 000 paid with the association's debit card has not yet been recorded
in the cash book.
10.A payment received from Miss Dolly White, in settlement of her overdue amount,
already recorded in the cashbook, but was not honoured by her bank account.
11. Debit order of N$450 for Smart Alarm armed response was not yet recorded in the
cashbook.
12. Mr Nelson Dundu and Pet cc settled their overdue balances, through bank transfers
respectively, not records in the cashbook.
13.The monthly bank statement written up to 31st March 2023 showed a debit balance of
N$3 450.
Required:
1. Process the necessary adjustments in the main current account cashbook, which
enables the bookkeeper to prepare the bank reconciliation for March 2023.
2. Update all bathes and move on to the next part.
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f ,.
4
Part C
(40 Marks)
Additional information is available which needs to be considered in period 12:
I. The association organised a gala dinner event held a community hall in Rehoboth.
It was a one-day event, which stated from 10 am, with fun games, 12:pm braai meat
festival and ended with the gala dinner at 6 pm until midnight. The event was well attended
by the community members, and it was a successful event. The association hire a
consultant to manage the event. The summary of the event was presented at follows
N$
Income generated from the gala dinner (received)
99 800
Catering service hire for the gala dinner (paid)
36 000
Consultant fees (paid)
7 000
Sundy expenses related to the gala dinner (unpaid)
10 000
11. 1st August 2023 sold Desktop for N$35 000, which was bought a year ago at cost price of
N$ 50 000. The accountant processed this entry incorrectly by crediting Desktop cost
account with the amount received, the debit went to bank account.
111. An inventory count of the information pamphlets on 31 December 2023 showed the value
of on hand amounted to N$ 3 750.
IV. The allowance for bad debts must be increased by N$5 000.
V. The Association has decided to purchase a new laser copy machine; they took out a loan
from ZED Bank Ltd on 1st May 2023. The loan amount to N$ 45 000, which is the cost
price of the machine. They paid N$5 000 in interest during the year.
VI. On 1 January 2023, the bookkeeper paid an amount of N$35 000 as rental expense.
Monthly rental is N$2 500.
VII. The association went to the coast for their year-end function for the cost of N$4 500, which
is not yet paid.
VIII. The association did not pay 2 temporary assistant employees for their December 2023
wages, the employees each earn N$3 000 per month.
IX. Provide annual depreciation charge, account for accrued interest expenses and interest
income on all financial instruments at year end.
Required:
Process the above transactions in period 12, update all batches and print out the following
reports for Personal Best Association.
1. A detailed ledger:
(View - General ledger - Transaction - Detailed ledger)
• Period 1 - period 12
2. Customer & Supplier detailed ledger:
• Customers: View - Customers - Detailed ledger - By customer
• Suppliers: View - Suppliers - Detailed ledger - By supplier
• Period: 1 - Period 12
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of Examination-------------------------