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CAC710S- COMPUTERIZED ACCOUNTING 301- 1ST OPP- JUNE 2023 |
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r
nAmlBIA unlVERSITY
OF SCIEnCE Ano TECHn OLOGY
FACULTY OF COMMERCE, HUMAN SCIENCESAND 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: CAC710S
DATE: June 2023
SESSION: Practical
DURATION: 3 Hours
MARKS: 100
EXAMINER(S)
MODERATOR:
FIRST OPPORTUNITY EXAMINATION QUESTION PAPER
E Kangootui & Y Elago
E. Milijala
INSTRUCTIONS
1. This exam paper is made up of one question with 3 parts (A-C).
2. Make sure that your student number appears on all reports. (Computer printed)
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 place.
THIS QUESTION PAPER CONSISTS OF _8_ PAGES (Including this front page)
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Part A
(30 marks)
Beetroot has a passion for photography and earned pocket money by taking photographs for
friends and family while at school. He did a course in photography when he left school and has
turned his hobby into a business and employed you to do his bookkeeping.
Beetroot's business is called Beetroot's Printing Shop (Pty) Ltd. He runs the business from Shop
3, Village Shopping Centre, New Road, Karibib. He has rented a post-box and the address is P. 0.
Box 1478, Karibib. He has an email address also, Beetrootsps@gmail.com. VAT vendor, number
is 4255112015 and he process all amounts 15% exclusive unless otherwise stated.
Beetroot's motto for the business is "Making memories last a lifetime", and he would like to
have it on the invoices and statements going out to customers.
The business has been in operation for a year, and they purchased a new computer and Sage
Pastel Partner V19 accounting software to computerize the accounting records of the firm.
Beetroot has a current account at Nedbank, and the bank account no. is 0527903514. The
balance at the beginning of the current year is $12 300. He has a $50 000-overdraft-facility
arrangement with the bank. He also has a petty cash box, which will be assigned to you, with
the imprest amount of $4000.
Beetroot's customers credit terms are 30 days. Business transactions are processed using a
balance forward method._He could not keep proper ·records of the previous year, however he
managed to present the following list of accounts balance for the beginning of the current year
1st June 2022.
Capital
Office shelves at cost
Income
Returns inwards
Operating cost
Returns outwards
Remuneration
Dividends Received
Account receivable: Ellerines
Allowance for credit losses
2
73 030
60 250
143 840
1880
45100
1350
22 300
9 000
6800
3 240
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Rates & taxes
Delivery vehicle at cost
Bad debts
Casual cleaners
Promotion pamphlets
Commission received
Petty cash
Interest earned
Carriage on consumables
Drawings
11.25% Fixed deposit: FNB
6% Debenture issued
5% Debenture purchased
48% Controlling interest: Fedex Ltd
HP Praline laptop
2 890
94 550
1200
3 565
1300
2 390
2 500
1530
815
17100
15 000
50 580
60450
80 000
30 450
Beetroot has also purchased sophisticated machine which enable him to print out all size
photos with colour immediately and has presented you with the invoice:
Royal Electronics {Pty) Ltd
PO Box 216 Polotown. 9999
23 Secondary Road, Polotown, 9999
To:
Beetroot Printing Shop (Pty) Ltd
P n Rrw 14.7g K;:irihih
QTY
1
DESCRIPTION
Muti-function machine -
Sumsung
TELEPHONE: (999) 345 5454
FAX: (999) 345 5453
E-MAIL: orders@assegaa
i rn 7~
Date: 1-Jun-2021
Order No: POA10001
<:;pri;:il Nn· PNAlnnn1
Invoice No: 1256
PRICE/UNIT VAT 15% TOTAL AMOUNT
52 500
7 875
60 375
Total
60 375
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All non-current assets were brought into use at the inception date and are depreciated using
the straight-line method. These ·assetshave a useful life five years and a residual value equal
to 10% of their cost. The firm use the cost method to account for all its non-current asset.
Required:
1. You are required to process the opening balances of Beetroot's Printing Shop (Pty) Ltd
accounts, including accumulated depreciation for all non-current assets (Period one).
2. Update all batches and move on the next question.
Part B
(40 Marks)
Prepare the bank reconciliation for the month of December 2022, taking into consideration of
the following additional information provided. (See bank statement on page 7-8)
1) EFTno.100 of $15,040 from Sider recorded as receipts in the cashbook on pt
December was declined by the bank on 3i5t December.
2) Bank charges of $178 had not been recorded in the cashbook.
3) The bank statement contains a penalty of $90 for exceeding the approved overdraft
level. This has not been recorded in the cashbook.
4) An EFTof $4,000 to replenish the petty cash, was not yet posted in the cashbooks.
5) Cash fees receipts of $4,700 were posted as cash payments of $7,400 in the main
cashbook.
6) On the 17th December, Beetroot made a deposit slip for $610 to his personal bank
account. However, the transaction was processed as a business transaction. The
amount was credited to Royalties received ledger.
7) Standing orders of $700 for Sanlam Namibia is insurance for the delivery vehicle.
8) The following uploaded payment batch was not yet authorised as of 31 December
2022:
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EFT
No:105
No:106
No: 107
No:108
Details
Speed - ticket
Shell - fuel
Office space hire
Willard - car battery
NB: Update all batches and move on the next question.
Amount(N$)
925
1,025
5,240
2,120
Part C
(30 Marks)
You are required to process the year-end adjustments provided to you (Period 12).
NAMRA estimated income tax at N$21,049, this amount will only be paid in the next
financial period.
Mr Sam James disputed an amount of NS1 800 on his statement which was outstanding
for three months. His reasoning was, he never bought items worth that amount. After
further investigations it was discovered that the invoice amount was in fact a credit sale
to Mr Simeon John.
Allowance for irrecoverable debts is estimated to be N$2,230.
An inventory count revealed that stationery valued at N$2,300 was still on hand at year
end.
On 30th May 2023, office shelves worth N$25,000 were sold on account to Dicken
(DIC800) for N$20 000, he paid N$15,800 and promised to pay the remaining amount in
two equal instalments starting next month.
The balance amount outstanding on Ellerines account could not be recovered as the
debtor was declared insolvent on 20 May 2023. The firm managed to recover N$5,000 in
cash (deposited in the current account on the same day) and the remaining amount was
written off as an expense.
Depreciation on all non-current assets should be provided and allocated to administrative
cost.
Provide all other necessary adjustment on the financial instrument at year end.
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Required:
Process the above transactions in period 12, update all batches and print out the following
reports:
1. A detailed ledger for Beetroot's Printing Shop (Pty) Ltd.
(View - General ledger-Transaction - Detailed ledger)
• Period 1 - period 12
2. Print out the following detailed ledgers.
• Customers: View - Customers - Detailed ledger - By customer
• Period: 1- Period 12
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Date
NEDBANK - Bank Statements 31 December 2022
Transaction Details
Annexture: Bank Statement
Amount
Balance N$
01-Dec-22 Opening Balance
(18,067)
(18,067)
01-Dec-22 Interest on debit balance
(1,028)
(19,095)
01-Dec-22 Income tax computation Fees
(1,500)
(20,595)
02-Dec-22 Written off debt 2021
1,500
(19,095)
03-Dec-22 NUST FM airtime
(450)
(19,545)
0S-Dec-22 Taurus cleaning services
(2,500)
(22,045)
07-Dec-22 Colour copy paper boxes
(3,000)
(25,045)
09-Dec-22 Beetroot's child school fees
(6,000)
(31,045)
11-Dec-22 Overdraft excess
(90)
(31,135)
12-Dec-22 Service fee
(178)
(31,313)
13-Dec-22 Photographer's salary
(4,500)
(35,813)
15-Dec-22 Gardener wage
(2,500)
(38,313)
17-Dec-22 Net remuneration
(10,249)
(48,562)
19-Dec-22 COW for the month
(2,400)
(50,962)
19-Dec-22 Additional capital
70,000
19,038
21-Dec-22 Sanlam Namibia
(700)
18,338
22-Dec-22 Machine tanner
(5,390)
12,948
23-Dec-22 Telecom
(1,000)
11,948
24-Dec-22 Account payment: Mr Jack
7
20,000
31,948
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25-Dec-22 Shoprite - coffee & sugar
26-Dec-22 Cash deposit fees
27-Dec-22 Med Health
28-Dec-22 IUM - graduation ceremony
29-Dec-22 NAMRA- PAYE
30-Dec-22 MTC - Account payment
31-Dec-22 NCCI
31-Dec-22 Dispute settlement fees
31-Dec-22 Staff retreat
31-Dec-22 Lingua - graduation ceremony
31-Dec-22 MTC - Account payment - {Bankerror)
31-Dec-22 Office toilet repair
31-Dec-22 Meatco - year end function
31-Dec-22 Unknown bank transfer
31-Dec-22 Consumables
31-Dec-22 Share of 2021 profits to directors
31-Dec-22 Interest credit balance
.,
31-Dec-22 Petty cash reimbursemen~ •
'
01-Jan-23 GOVERNMENTCENTRALSTORE
01-Jan-23 Statement Enquiry ·.
. : . ....
END Of:,~XAMINATION
8
(2,999.90)
28,948.10
(231)
28,717.10
(543)
28,174.10
24,753
52,927.10
(2,000)
50,927.10
(7,890)
43,037.10
(1,498)
41,539.10
(4,000)
37,539.10
(3,900)
33,639.10
30,063
63,702.10
(7,890)
55,812.10
(5,000)
50,812.10
16,979
67,791.10
(5,000)
62,791.10
(29,274)
33,517.10
(12,000)
21,517.10
1,729.93
23,247.03
(4,000)
19,247.03
4,281,100 4,300,347.03
(37.03)
4,300,310