 |
CAC710S-COMPUTERISED ACCOUNTING-1ST OPP- JUNE 2024 |
|
|
1 Page 1 |
▲back to top |
n Am I BIA u n IVE Rs ITY
OF SCIEn CE Ano TECHn OLOGY
FACULTY OF COMMERCE, HUMAN SCIENCES AND EDUCATION
DEPARTMENT: ACCOUNTING, ECONOMICS AND FINANCE
QUALIFICATION: Bachelor of Accounting/ Bachelor of Accounting Chartered
QUALIFICATION CODE: 07BOAC/07BACC
LEVEL: 7
COURSE: Computerised Accounting 301
COURSE CODE: CAC71 OS
DATE: June/July 2024
SESSION: Practical
DURATION: 3 Hours
MARKS: 100
FIRST OPPORTUNITY EXAMINATION QUESTION PAPER
EXAMINER($) Y. Elago & E. Kangootui
MODERATOR: E. Milijala
INSTRUCTIONS
1. This exam paper is made up of three questions.
2. Make sure that your student number appears on all reports. (Computer
printed)
3. It is your responsibility to ensure that all reports are handed in.
4. Use of internet or any communication devices is prohibited.
5. Questions relating to this test 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 place.
THIS QUESTION PAPER CONSISTS OF _9_ PAGES (Including this front page)
1
|
|
2 Page 2 |
▲back to top |
QUESTION
Ms Skomota started her hardware business some two years ago unfortunately her
inexperienced accountant resigned at the end of February 2023 without finalizing the
year end accounts. However, she managed to extract some information that could be
used to capture the transactions that took place during the month of March 2023. She
had not managed to register business for value added tax purposes with NAMRA. One
of the department's key requirements is that the business must keep proper books of
accounts as well as tax invoices.
While Ms Skomota was attending Seminar in Windhoek, you met with her, and she
requested you as an accounting student to help her meet this requirement.
All payments are done through CAPITEC.
Ms. Skomota's business contact details must appear on all her documents are as
follows:
Skommy hardware Suppliers
17 Nelson Mandela Ave
PO Box 152
Windhoek
Tel 061 2786366
You are required to create a new company on the "C" drive, using the following
information.
Company Name
Postal Address
Bankers
Chart of Account
Financial year
Default terms
Supplier Processing
: Student Number
: P/Bag 152
: Windhoek
: Capitec Ltd
: Retailer
: 01 March 2023 - 29 February 2024
: 30 days
: No GRN, No Purchase and Sales orders
2
|
|
3 Page 3 |
▲back to top |
SUPLLIER DETAILS
NAME
ACCOUNT CODE
Pianz cc
Tamaricia City
Buco
Shivute Building
PP001
TC002
BU003
SH004
CUSTOMER DETIALS
NAME
ACCOUNT CODE
Elindi Contractor cc
De Beers
Sky Builders
Nakabush
Cash Customers
ELI011
DE029
Sky039
NA040
CC041
INVENTORY PRICE LIST
CODE
DESCRIPTION
CEM001 Cement 50kg Bag
UNIT
PRICE
Exel
N$49,00
COST
UNIT
SELLING
PRICE- Exel
N$90,00
QUANTITY
150
WIB002 Wheelbarrow
N$359,00
N$656,00
100
DOF003 Door frame 230mm N$345,00
N$568,00
35
DOF004 Door frame 115mm N$117,95
N$195,00
28
WIN005- Window frame nch2 N$45,00
N$195,00
23
WIN009
SAN007
CON900
BRl0078
Window
frame
nd11h
Laster sand
Quarry stone
Brick 115mm
N$259,00
N$200,00 per ton
N$300,00 per ton
N$1,00 each
N$457,00
N$295,00 per
ton
N$565,00 per
ton
N$2,90 each
30
140 000
95 000
255 000
3
|
|
4 Page 4 |
▲back to top |
1. List of account balances as at 01 March 2023
Items Description
Assets
Land & Building -CA
Motor Vehicles - CA
Office Furniture - CA
Capitec
Petty Cash Box
31- Day Investment Account
Photocopying Machine
Elindi Contractor cc
De Beers
Sky Builders
Staff Loans
Equity and Liabilities
Salaries owing
Municipality Bills
PP001
TC002
BU003
Accumulated ProfiU Loss
Equity
Drawing
Hire Purchases agreement.
NOTE
4
N$000
1
3 800
1
300
1
33
150 Dr
2
200
1
10
24
70Cr
600
5
11
15
560
25dr
35
??????
4 300
10dr
300
|
|
5 Page 5 |
▲back to top |
I Bank Loans
I 500
Please capture the above figures as at 01 March 2023 including accumulated
depreciation for all assets.
1. Property' Plant and Equipment
All assets are depreciated using the straight-line method based on useful life of five
years. However, there are exceptions to the policy. Buildings are depreciated using a
useful life of fifty years while a photocopying machine is depreciated using the
diminishing balance method. This machine has a cost of N$10 000 with an estimate
residual value of N$256 only.
The following transactions are to be captured in period two and period three
respectively.
2. Details of credit purchases invoices.
SUPPLIER
DETAILS
ACCOUNT ITEMS PURCHASES
SUPPLIER
INVOICE
Pianz cc
April 7, 2023
PP001
500 000 Cement 50kg bag
155 000 Wheelbarrow
INV01
55 500 Door frame 230mm
251 090 t Plaster Sand
75 050 t Quarry Stone
300 000 Brick 115mm
Tamaricia city
April 17, 2023
TC002
9 000
Window frame nch2 INV02
2 500
Door frame 230mm
8 500
Window frame nd11h
11 000 t Plaster Sand
520 500 t Quarry Stone
350 000 Brick 115mm
5
|
|
6 Page 6 |
▲back to top |
Buco
21 April 2023
BU003
50 000 Cement 50kg Bag
15 000 Wheelbarrow
31 500 Door frame 230mm
95 000 t Quarry stone
500 000 Brick 115mm
INV03
3. Details of customer's invoices for the month of May 2023
NAME
Elindi Contractor
cc
10 May 2023
ACCOUNT
CODE
ELI011
ITEMS BOUGHT
20 000
3 000
2 500
Cement 50kg Bag
Wheelbarrow
Window Frame nd11h
INVOICE
NUMBER
REF01
10 000 Plaster Sand
15 000
19 000
Quarry Stone
Brick 115mm
De beers
11 May 2023
DE029
10 000
1 000
6 000
10
4 000
Cement 50kg Bag
REF02
Wheelbarrow
Door Frame 230mm
Door Frame 115mm
Window Frame nd11h
Sky Builders
20 May 2023
SKY039
3 050
14
1 000
16 000
37 000
29 000
Door Frame 230mm REF03
Door Frame 115mm
Window Frame nd11h
Plaster Sand
Quarry Stone
Brick 115mm
6
|
|
7 Page 7 |
▲back to top |
Nakabushu
25 May 2023
NA040
33 000 Cement 50kg Bag
REF04
15 000
3 770
Wheelbarrow
Door Frame 230mm
5 000
Door Frame 115mm
4. Payments effected during the month of May 2023
DATE DETAILS
1
Pettv cash
2
Municipality Bills
Pianz cc
3
Tamaricia city
4
NAMRA - Customs Duty on
5
Inventory
Buco
8
Trade Membership Fee
11
ACCOUNT EFT
CODE NUMBER
EFT100
EFT101
PP001
EFT102
TC002
EFT103
EFT104
BU003
EFT105
EFT106
AMOUNTN$
000
3
10
12 000
10 000
2400
3 500
3
5. Direct customer deposit: May 2023
DATE NAME
ACCOUNT
CODE
RECEIPT
NUMBER
25
Elindi Contractor cc ELI011
REC01
25
De Beers
DE029
REC02
26
Sky Builders
SKY039
REC03
28
Nakabushu
NA040
REC04
29
CASH
DAMAGED
REC05
CUSTOMERS
INVENTORY
AMOUNT
N$000
23 000
14 000
32 000
15 035
5
7
|
|
8 Page 8 |
▲back to top |
6. Faulty goods returned to suppliers.
DATE
May 17, 2023
May 27, 2023
REF
INV01
INV02
DETAILS
Pianz cc: 25 Bags cement
10 Tones quarry stone
Tamaricia city: 5 Door frames
230mm
AMOUNT
N$
7. Faulty goods returned by customers.
DATE
REF
DETAILS
25 Mav 2023
REF04
Nakabush; 5 Bags cement, 10
tons quarry
AMOUNT
N$
QUESTION 2.
Year-end adjustment.
a. Ms Skomota decided to contribute a vehicle to the business on 28 June
2023, the vehicle was worth N$55 000.
b. Ms Skomota took 100 bags of cement and 4 door frames 230mm to build
her mother's house.
c. Two tons of quarry stone and 30 bags of cements were utilized to repair
the loading bay which was damaged by one of the delivery trucks
belonging to a supplier.
d. On 29th of February 2024, a statement from the investment company
indicated that the business investment account had earned an interest
amount of N$ 25 000.
e. Donation to a local school: 25 bags of cement, 3 tons quarry stones and
10000 bricks
f. 1O Door frames 230mm found damaged and written off from inventory.
g. Petrol used by the business during the year, amounted to N$400 000,
and repairs and maintenance on the company's vehicles costed N$200
000. 90% of these costs had been paid for in cash and 10% of these
costs were still unpaid on the 28 February 2024.
h. Provide for year-end adjustments for all non- current assets.
8
|
|
9 Page 9 |
▲back to top |
Requirements
1. Print a detailed ledger. (Period 1-12)
2. Print Customer's detailed ledger. (Period 1-12)
3. Print Suppliers detailed ledger. (Period 1-12)
THE END
9