 |
ITA412S-INTRODUCATION TO ACCOUNTING -1ST OPP-NOV 2025 |
|
|
1 Page 1 |
▲back to top |
nAm I BIA u n IVE RSITY
OF SCIEnCE Ano TECHnOLOGY
FACULTY OF COMMERCE, HUMAN SCIENCES AND EDUCATION
DEPARTMENT OF ECONOMIC, ACCOUNTING AND FINANCE
QUALIFICATION: BRIDGING PROGRAMME
QUALIFICATION CODE: 04NBR
LEVEL: 4
COURSE CODE: ITA 412S
COURSE NAME: INTRODUCTION TO
ACCOUNTING
SESSION: NOVEMBER 2025
DURATION: 3 HOURS
PAPER: THEORY AND CALCULATIONS
MARKS: 100
FIRST OPPORTUNITY EXAMINATION QUESTION PAPER
EXAMINER(S) Dr. D.R. MUZIRA; Ms YANSY CARIDAD ODIO LOPEZ; Mrs LINDSAY JAHS
MODERATOR: Mr. KUHEPA TJONDU
INSTRUCTIONS
1. Answer all questions.
2. Read all the questions carefully before answering.
3. Make sure your name and surname, question number and the
date appears on the answer script.
4. Please ensure that your writing is legible, neat and presentable.
THIS QUESTION PAPER CONSISTS OF 3 PAGES (Including this front page)
|
|
2 Page 2 |
▲back to top |
QUESTION 1:
(40 marks)
The following is a Trial Balance of Peterson Company as at 30 June 2025
Cash in hand
Cash at bank
Purchases
Returns inward
Stationery
Carriage on inwards
Opening inventory
Buildings
Furniture and Fittings
Machinery
Bad debts
Postage
Salaries & wages
Advertising
Carriage outwards
Insurance, rent & rates
Discount allowed
Drawings
Trade receivables
Sales
Returns outwards
Discount received
Capital
Trade payables
Commission received
Debit
N$
18,000
25,000
923,000
8,000
27,000
52,000
10,000
450,000
150,000
550,000
8,000
30,000
221,200
18,500
12,000
45,000
2,500
50,000
145,000
2,745,200
Credit
N$
1,903,000
7,000
39,200
594,000
132,000
70,000
2,745,200
Additional information to be taken into account:
1.
The closing inventory was valued at N$124,000
2.
Insurance, rent and rates was owing by N$5,000
3.
Commission received in advance is N$10,000
4.
Salaries and wages owing N$8,800
5.
Advertisement expense is prepaid by N$3,500
6.
Carriage inwards payable N$8,000
2
|
|
3 Page 3 |
▲back to top |
Required: Prepare the following Financial Statements at 30 June 2025:
a) The Statement of Profit or Loss.
{20)
b) The Statement of financial position.
{20)
QUESTION 2
{25 marks)
Dee is a registered Value Added Tax (VAT) vendor. The business recorded the following
transactions during the VAT period ended 30 June 2025. The applicable VAT rate is
15%. Dee uses the periodic inventory system . All amounts include VAT, unless stated
otherwise.
1 June: Bought goods for resale N$130 000 (excl VAT) on credit from AD Supplies.
7 June: Bought Vehicle for delivery purposes N$285 000 paid via Electronic Fund
Transfer {EFT).
10 June: Some of the goods, valued at N$57 000 (excl VAT) which were bought on 1
June were returned to AD Supplies, having been found to be defective.
12 June: Sold Goods for N$70 000 to ABC Traders on Credit.
14 June: Bought snacks and cool drinks for the office. A total amount of N$3 500 cash
was paid to Pick 'n Pay.
15 June: ABC Traders returned some of the goods sold on 12 June, valued at
N$ 15 000.
Required:
a) Prepare the general journals for the above transactions. Journal narrations are
required.
{20)
b) Differentiate zero-rated goods from exempt goods and give an example of each
(5)
QUESTION 3
35 marks
a) Name and explain the 4 enhancing qualitative characteristics of useful financial
information.
(8)
b) Name and define the elements of the financial statements. {10)
c) Using a table, compare and contrast the differences between financial
accounting and management accounting
(12)
d) State FIVE reasons why a trial balance might not balance (5)
THE END
3