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CAC710S-COMPUTERIZED ACCOUNTING-1ST OPP-JUNE 2022 |
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nAmlBIA UnlVERSITY
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
Accountancy)
QUALIFICATION CODE: 07BOAC/07BACC
LEVEL: 7
COURSE: Computerized Accounting 301
COURSE CODE: CAC710S
DATE: June 2022
DURATION: 3 Hours
SESSION: Morning
MARKS: 100
FIRST OPPORTUNITY EXAMINATION QUESTION PAPER
EXAMINER(S) Y. Elago and E. Kangootui
MODERATOR: E. Milijala
THIS QUESTION PAPER CONSISTS OF 7 PAGES. (Excluding this front page)
INSTRUCTIONS
1. This assessment paper is made up of three questions which are related.
2. Read the whole question paper before you start.
3. Make sure that your student number appears on the reports. (Computer printout).
4. It is your responsibility to ensure that all the reports are handed in.
5. Use of internet or any communication devices during the assessment is prohibited.
6. Questions relating to this paper may be raised within the first 30 minutes of the
assessment. Thereafter, candidates must use their initiative to deal with any perceived
errors or ambiguities and any assumption made by the candidate should be written
and submitted together with the reports.
7. Round off all calculated amounts to two decimal places.
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QUESTION 1
(25 Marks)
Mr. Kanyengela started a construction company in Oshikuku a few years back. The
company specialize in construction of residential houses. He wants to make it grow much
bigger to be able to compete with large constructions companies. He recently bought an
accounting program and asked you to process all his records on this new program. He
named the company as the Tutungeni construction (Pty) Ltd.
You are required to create a new company on the "C" drive, using the following
information.
Company name
Financial year
Date format
Processing method
Bankers
Printing
Supplier processing
: Student Number
: 1st September 2020 - 31st August 2021
: 01/09/2020
: Balance forward
: Bank Windhoek
: Plain Paper
: No GRN, No purchase and sales orders to be processed.
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You are provided with the following list of account balance details for Tutungeni
construction (Pty) Ltd, as at 1st September 2020.
List of accounts balances as at 1st September 2020:
N$
Loan from - FNB Namibia (25 years)
Accumulated loss
Revenue
Construction costs:
Bricks, cement, sand, and concrete stones
Salaries and waqes (administration workers)
Petrol and diesel for construction vehicles
Water costs (@ construction sites)
Estates agents' fees
Rent: Plant and machinery
Salaries and wages (site workers)
Suppliers' settlement discount
Subcontractors' fees
Concrete mixer & other machinery
Motor vehicles (Construction)
Office tables
Office buildinq
House plans drawinq fees
Account payables:
Builder's warehouse (BW001)
Build it (81002)
Account receivables:
Chipanzee farm (CHF02)
Namakau (NAM01)
Ntelamo (NTE03)
150 000
9 500
920 900
174 000
98 000
46 500
8 900
4 100
58 500
44 710
56 000
4 600
3 400
75 000
130 000
160 000
960 000
8 500
49 600
36 500
96 000
149 400
3 400 (CR)
Share Capital: Authorized share capital of the Tutungeni Construction (Paty) Ltd are 500
000 shares (N$ 1 800 000). Total number of issued shares is 190 000, all shares issued
up to date were issued at par value.
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Other information:
Non- Current assets owned by the organization are depreciated as follows:
• All non- current assets owned by the Tutungeni Construction (Pty) ltd are
depreciated using the fixed instalment method.
• Depreciation is calculated on assets in existence at the end of each year, using
the basis of one month's ownership.
• All non-current assets have a useful life of 10 years.
• Office building is not depreciated.
Non - current assets
Date acquired
Residual value (N$)
Office Building
Concrete
(Construction)
Motor
(Construction)
Office tables,
&shelves
mixer
vehicles
chairs
1 September 2015
31 October 2016
28 February 2016
1 September 2016
-
20 000
30 000
40 000
Required:
You are required to capture the opening balances of the Tutungeni construction (Pty) Ltd
accounts, including accumulated depreciation for all non - current assets, as at 1st
September 2020.
UPDATE YOUR TRANSACTIONS BEFORE PROCEEDING TO THE NEXT
QUESTION.
YOU ARE NOT REQUIRED TO PRINT ANY REPORT AT THIS STAGE.
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QUESTION 2
(25 Marks)
PART A
YEAR- END ADJUSTMNET:
You are required to process the year- end adjustments provided to you. All adjustments
should be processed at the end of financial year (period 12).
• Income tax of the year was determined to be N$40 140 by NAMRA, payable in
the next financial period.
• On 31 August 2021 it was discovered that the total invoice amount paid for a motor
vehicle on 28 February 2019 was over-cast in error by N$ 30 000. No adjustment
was made for this error.
• The directors of the company declare dividends on all issued share at N$ 0.50 per
share.
• Due to the various reasons debtors were not settling their accounts on time. The
directors of the company decided to make a provision for debtors who they think
will not pay. this amount was estimated to be N$ 21 410 for the current year.
• Total amount paid for rent on plant and machinery covers from 1 September 2020
to 30 N_ovember2021.
• Provide depreciation on all non- current assets owned by the company for the
current financial year end.
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PARTS
(50 Marks)
The bookkeeper of the firm processed all daily transactions for payments and receipts for
August (period 12) before he got another job at a company overseas. Mr Kanyangela is
concerned about the substantial difference between the cash book and bank statement
balance. He provided you with the following information to help him finalize the cashbook
and bank reconciliation.
Bank reconciliation statement of the Tutungeni construction (Pty) Ltd as at 31 July
2021
N$
Credit balance as per cash book
Credit outstanding EFT's no:
EFT no-20
EFT no- 252
EFT no-254
Debit incorrect EFT no: 324
Debit outstanding deposits
Credit incorrect deposit
Credit balance as per bank statement
7500
5 000
15 000
25 100
10 800
44 500
33 300
15 600
The following were observed during the comparison of the cash book and bank statement
transactions of August 2021:
a) The bank statement had a favorable balance of N$ 19,550 and cash book had a
favorable balance of 4,500 as at 31 August 2021.
b) EFT no .20, Processed for fire insurance, is not correct, therefore it must be
cancelled.
c) EFT of an amount of N$30 000 on the 28 August 2021 from one of the firm debtors
(Sinvula) in a payment of account but no entry in the cash book.
d) EFT no 252 appears on the August 2021 bank statement but not EFT no 254.
e) The outstanding deposit on July's bank reconciliation statement was still not found
on August's bank statement. On closer examination it was found that the amount
of N$54 400 which appears on the bank statement of August is correct according
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to the deposit slip. The bookkeeper has entered it as 44 500 in the cash book. This
was made by one of the customers; Chimpazee farm in settlement of the account.
f) Both, the incorrect EFT no. 324, and the incorrect deposit have been corrected on
the August 2020 bank statement.
g) Processed EFT no. 308 for N$18 050 in settlement of account for builder
warehouse of which the amount was outstanding for one month now but no entry
in cash book.
h) EFT of N$ 2 400, received form Ntelamo in August must be reversed.
i) A tenant who rents one of the firm houses, A van wyk, paid 13 350 at the bank
for the month of August 2021.
j) An EFT Payment of N$ 60 550 from Ntelamo, was not recorded.
k) A deposit of N$ 30 000 made on 28 August 2021 does not appear on the bank
statement.
I) The EFT of N$2 050 was erroneously debited twice by the bank on the bank
statement of the Tutungeni constructions in August 2021:
m) The bank statement shows the following charges:
Interest on overdraft
N$ 2 200
Service fees
N$ 1 900
n) According to the bank statement, a stop order for N$ 9 100 is in favor of Shimati
consultant for training which was given to the Tutungeni (Pty) Ltd constructions
employees.
o) The bank statement has been erroneously debited with eft no. A268, N$3 950. The
eft was from Build together.
p) The bank has been credited with a deposit of N$6 400 to the Tutungeni bank
statement. This deposit was made by the owner for his personal bank account.
q) EFT no .308 for N$18 050 appears in the cash book but not on the bank statement.
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Required:
Process the above transactions, update, and print the following reports:
1. You are required to make the necessary entries in the cash book (update the cash
book) of the Tutungeni construction (Pty) Ltd for August transactions, (in Period
12). Print out a cash book detailed ledger as at that period.
2. Prepare a bank reconciliation statement of the Tutungeni construction (Pty) Ltd for
August in period12. Print the bank reconciliation report at the same date.
3. Print out a detailed ledger for the year ended 31st August 2021
(View - General ledger - Transaction - Detailed ledger)
• Account starts 1000 - Account end 9990
• Sub account start 000 - Sub account end 999
• Period 1 - period 12
4. Print out suppliers and customer's detailed ledgers.
• Customers: View- Customers - Detailed ledger- By customers
• Suppliers: View - Suppliers - Detailed ledger - By suppliers
• Period: 1 - Period 12
--------------------End
of final assessment-------------------------