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CAC710S-COMPTERISED ACCOUNTING 310-2ND OPP-JAN 2025 |
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nAmlBIA UnlVERSITY
OF SCIEnCE Ano TECHn OLOGY
FACULTY OF COMMERCE, HUMAN SCIENCES AND EDUCATION
DEPARTMENT: ECONOMICS, ACCOUNTING AND FINANCE
QUALIFICATION: Bach.elor of Accounting/ Bachelor of Accounting Chartered
QUALIFICATION CODE: 07BOAC/07BACC
LEVEL: 7
COURSE: Computerised Accounting 301
COURSE CODE: CAC71 OS
DATE: Jan 2025
SESSION: Practical
DURATION: 3 Hours
MARKS: 100
SECOND OPPORTUNITY EXAMINATION QUESTION PAPER
EXAMINER(S) E Kangootui, Y Elago and H Namwandi
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 errors 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 _5_ PAGES (Excluding this front page)
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You are required to create a new company on the "C" drive, using the following
information:
Company Name
Postal Address
Financial Year
Processing Method
Charts of Accounts
Bankers
Printing
Tax Processing
Processing
: Student Number
: P.0. Box 987 Rehoboth
: 1st August 2023 to 31July 2024
: Balance Forward
: Manufacturing
: Nedbank Namibia
: Plain Paper, Single Sheet
: 15% (Exclusive unless otherwise stated)
: No GRN, No Purchase Orders and No Sales Orders
Apart A
(40 Marks)
Ms. Julie Nanda began her business Software Manufacturing (Pty) in Rehoboth two years ago,
with a 70% shareholding. Software Manufacturing (Pty) specialises in manufacturing electronic
equipment and occasionally buys goods for resale. Ms Nanda has maintained proper accounting
records since inception. However, her computerised accounting system crashed, and she lost
most of her information. She has retrieved the following information and has asked you to capture
in Pastel.
The Trial balance as at 1st August 2023 was prepared by an inexperienced bookkeeper and some
balances have been credited or debited in error.
Sales
Purchases
Dividend income from subsidiary
Management fee from subsidiary
Interest income
Rent paid
Notes
Debit (N$) Credit (N$)
1200 000
5 650 000
;
266 000
176 000
146 000
750 000
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2
Salaries and wages
1
Insurance
Electricity
Board members allowance
Bad debts
Finance costs
Inventory (31/07/2023)
Bank balance (DR)
5% Debentures purchase
6% Debenture issued
3% Loan to: Ms Nanda
Trade Receivables
2
Trade payables
3
Allowance for bad debts
Retained earnings (31/07/2023)
Vehicles at cost
4
Shelves at cost
4
Land and building at cost
4
Ordinary Share Capital
5
Notes
1) Salaries are broken down as follows:
- Factory salaries
- Office salaries
- Sales salaries
2) Accounts receivable
T. Gorases (TG101)
S. Kamati (SK202)
P. Nanyemba (PN303)
1 150 000
359 000
414 000
111 000
83 000
79 000
858 000
699 500
478 000
398 000
312 000
29 000
4 324 500
1 125 000
960 000
3 530 000
???
3 000 000
533 000
???
N$
571 600
239 200
339 200
161 500
250 500
121 000
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3
3) Accounts payable
C. Beukes (CB211)
S. Sakaria (SS311)
8. Nanyemba (BN505)
84 000
295 000
67 000
4) The original cost of the land was N$ 530 000 while the Building was built for N$ 3 000 000
and ready for use on 1st August 2021. The building is subjected to a depreciation charge
of five percent per annum straight line method, with no residual value, while land is not
depreciated.
The environmental regulations of the City of Windhoek require that the business be
dismantled and the land restored to its natural condition after twenty years. It is estimated
that this will cost the company an amount of N$ 600 000 to restore the land to its original
state. The discount rate applicable is 10%.
All other non-current assets were bought at inception date, with a residual value equal to
10% of cost and brought into use immediately. The company use the cost model and
depreciate assets at 20%, reducing balance method.
5) Authorised share capital of Software Manufacturing (Pty) is N$ 2 400 000 made up of
960 000 ordinary shares. Total numbers of unissued shares are 320 000.
NB: Suspense account balance should be cleared against Retained earnings/Accumulated
loss account.
Required:
1.You are required to capture the opening balances of Software Manufacture accounts,
including accumulated depreciation for all non-current assets, as of 1stAug 2023 (Period
one). Assume all the above accounts have a normal balance for that element, unless otherwise
stated.
2. Update all batches and move on to the next part.
No Reports Required at this stage.
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Part B
(30 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 main
bank account, cashbook before the bank reconciliation can be prepared.
1. On 31st March 2024 the bank column of Software Manufacturing (Pty)'s cash book
showed debit balance of N$ 800.
2. When comparing the cash book with the bank statement, it was discovered that
Royalty received of N$ 3 110 is incorrectly debited to the bank account.
·3. An amount of N$ 599 for Ms Nanda's home DSTV monthly payment was debited to
the business bank account.
4. A direct debit of N$ 690 for the insurance monthly payment, had not been 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
Unknown 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
no records found in the cashbook.
8. Cash sales of N$ 6 000 paid with a debit card on 31st March, not yet recorded in the
cash book.
9. Fuel cost of N$ 3 000 paid with the company's debit card has not yet been recorded in
the cash book.
·10.A payment received fro.m Miss Dolly White, in settlement of her overdue amount of N$
5 250, already recorded in the cashbook, bu~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. T. Gorases and P. Nanyemba settled their overdue balances, through bank transfers
respectively, no records in the cashbook.
13. The monthly bank statement as at 31st March 2024 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 2024
2. Update all bathes and move on to the next part.
No Reports Required at this stage;
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PartC
(30 Marks)
Additional information is available which needs to be considered in period 12:
I.
II.
Ill.
IV.
V.
VI.
VII.
VIII.
IX.
On 1st August 2023 sold a Sumsung Laptop 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
Laptop cost account with the amount received, the debit went to bank. Process all
necessary entries, to correctly account for the non-current asset disposal.
An inventory count of the information pamphlets on 31st July 2024 showed the value of on
hand amounted to N$ 3 750.
The allowance for bad debts at year should be N$ 18 300.
On 1 January 2024, the bookkeeper paid an amount of N$ 25 000 as telephone expense.
Monthly fee is N$ 2 500, no records were processed yet.
The company went to the coast for their year-end function for the cost of N$ 4 500, which
is not yet paid.
The company did not pay 2 temporary cleaning assistants for their July 2024 wages, the
employees each earn N$ 2 000 per month.
A stock count on 31st July 2024 showed the value of stock on hand amounted to N$ 318
000.
The income tax expense for the year ended 31st July 2024 is N$ 507 000. This expense
has not yet been recorded.
Provide annual depreciation charge, account for accrued interest expenses and interest
income on all financial instruments, including any other necessary year-end adjustments.
Required:
Process the above transactions in period 12, update all batches and print out the following
reports of Software Manufacturing (Pty)
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-------------------------