 |
BAI620S - BUSINESS ACCOUNTING FOR INFORMATICS - 1ST OPP - NOV 2022 |
|
|
1 Page 1 |
▲back to top |
n Am IBIA u n IVERs ITY
OFSCIEnCEAno TECHnOLOGY
FACULTY OF COMMERCE, HUMAN SCIENCES AND EDUCATION
DEPARTMENT OF ACCOUNTING, ECONOMICS AND FINANCE
QUALIFICATION : Bachelor of Informatics
QUALIFICATION CODE: 07 BAIF
COURSE CODE: BAl620S
SESSION: November 2022
LEVEL: 5
COURSE NAME: BUSINESS ACCOUNTING FOR
INFORMATICS
PAPER: THEORY AND CALCULATIONS
DURATION: 3 HOURS
MARKS: 100 marks
FIRST OPPORTUNITY FINAL EXAMINATION - QUESTION PAPER
EXAMINER(S) Ms M E Cloete
MODERATOR Ms Y Andrew
INSTRUCTIONS
1. This paper consists of FIVE pages. If your paper does not contain all the pages,
please put up your hand so that a replacement paper can be handed to you.
2. Answer ALL questions in blue or black ink only.
3. Write clearly and neatly.
4. Number each answer clearly.
5. No programmable calculators are allowed.
6. Show all workings clearly.
7. Round all numbers to the nearest whole number.
8. Questions relating to the paper 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.
9. Delete all open spaces on your answer sheets with pen. Pages on your answer sheet
that contain pencil or tippex will be marked as such and will not be eligible for a
remark.
10. Read questions carefully, if you need to provide explanations, you should always use
full sentences, refrain from simply naming facts.
11. Any resemblance to any people, places, organisations or anything are purely
coincidental.
|
|
2 Page 2 |
▲back to top |
'
l
QUESTION 1
(22 MARKS)
a) List the 4 branches of Accounting?
(4 marks)
b) Explain the following accounting concepts:
(3 marks)
• Entity concept
• Money measurement concept
• Going concern concept
c) Provide the different types of business forms in Namibia and name one advantage and
one disadvantage of each business form. Provide your answer in a tabular format as
below:
{12 Marks)
Business Type
Advantage
Disadvantage
(4 marks)
(4 marks)
(4 marks)
d) Define the various source documents:
• Goods received note
• Invoice
• Petty cash voucher
(3 marks)
QUESTION 2
(54 Marks)
Zenna (Pty) Ltd is a company that has a 31 December 2021 year end. Miss Zenna, owner of the
entity, asked you, a newly qualified accounting student at NUST, to help prepare the financial
statements for the entity.
After having a look at the accounting records, you came across the following errors:
1. Sales made on credit to a customer of N$3 000 was recorded as N$300 in the
receivables account. The amount of sales is correct.
2. The telephone expenses was undercast by N$500.
3. The sales account was debited with an amount of N$100, instead of credited with
N$100.
4. Goods purchased on credit was not recorded in the payables account, to the value of
N$3000. It was posted correctly to the inventory account.
5. The bank balance was not taken into account at all.
2
|
|
3 Page 3 |
▲back to top |
6. There are 365 days in the year for the company.
7. All sales and purchases made are on credit.
8. Ignore VAT for the entire question.
Land and Buildings
Inventory
Telephone
Discount received
Trade payables
Trade receivables
Sales
Cost of sales
Salaries and wages
Capital
Loan
Vehicles
Drawings
90 000
15 500
2 000
500
9 000
7 000
48 000
16 000
13 500
22 500
100 000
22 000
10 000
a) Prepare the trial balance for the entity as at 31 December 2021, after factoring in the
various adjustments.
(18 marks)
b) Prepare the statement of profit and loss for the entity for the period ended 31 December
2021.
(8 marks)
c) Prepare the statement of financial position for the entity as at 31 December 2021.
(18 marks)
d) Using the financial statements provided below, calculate the following ratios:
Statement of Com~rehensive income of Barrier Limited for the ~ear ended
31 December 2021.
Sales
200 000
Cost of sales
(90 000)
Gross Profit
110 000
Interest income
7 000
Electricity
(2 500)
Rent
(20 500)
Profit for the year
94 000
3
|
|
4 Page 4 |
▲back to top |
r'
Statement of Financial Position of Barrier Limited as at 31 December 2021.
Assets
Non current Assets
170 000
Land and BuildinQs
120 000
Vehicles
50 000
Current Assets
Inventory
Trade receivables
Bank
Total Assets
25 700
16 300
9 000
51 000
221 000
Equity and Liabilities
Eauitv
Capital
Net profit
90 000
94 000
184 000
Non Current Liabilities
Loan
25 600
25 600
Current Liabilities
Trade payables
Total Liabilities
11 400
11 400
37 000
Total Equity and liabilities
221 000
• Current ratio
• Gross profit margin
• Net profit margin
• Debtors' collection period
• Days stock on hand
(2 marks)
(2 marks)
(2 marks)
(2 marks)
(2 marks)
Question 3
(24 Marks)
a) Explain what the difference between input VAT (Value Added Tax) and output VAT is.
(2 Marks)
b) Provide 2 examples of items that are exempt for VAT purposes.
(2 Marks)
c) Nanna Trading, is a sole trader, that specializes in the supply and provision of building
equipment and services for construction purposes. Nanna Trading is a registered VAT
4
|
|
5 Page 5 |
▲back to top |
vendor, and you have been provided with the following transactions for the month of
October 2021:
1. The entity performed repair services for a customer (who is not a registered VAT
vendor) for the amount of N$2700 (excluding VAT). The customer paid cash.
2. The owner bought milk, coffee and sugar for the employees of the entity, to
consume during office hours. The total value of the supplies is N$180 including
VAT, purchased from Checkers (a VAT vendor).
3. The entity purchased spare parts for repairs from Build It, for N$3500 (including
VAT). Build It is a registered VAT vendor.
4. Paid salaries and wages to employees for N$15 000.
5. The entity performed repairs on a window for a customer on credit. The total
amount owing by the customer is N$1 700 (including VAT).
Required:
i. Prepare the journal entries for all the above transactions.
(13 marks)
ii. Prepare the VAT control account in the general ledger for the above
transactions, including the closing off of the account and carrying over.
(7 marks)
END OF QUESTION PAPER!
5
|
|
6 Page 6 |
▲back to top |
/
o>JBqmaal
Wlndho9lc
e.!AMIBIA
2022-10-19
ECONOMAICNSDF!l\\!ANCE