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CAC710S- COMPUTERISED ACCOUNTING 301- 2ND OPP- NOV 2023 |
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nAmlBIA unlVERSITY
OF SCIEnCE Ano TECHnOLOGY
FACULTY OF COMMERCE, HUMAN SCIENCE AND EDUCATION
DEPARTMENT OF ECONOMICS, ACCOUNTING & FINANCE
QUALIFICATION: BACHELOR OF ACCOUNTING/BACHELOR OF ACCOUNTING (CA)
QUALIFICATION CODE: 07BOAC/07BACC
COURSE CODE: CAC710S
LEVEL: 7
COURSE NAME: COMPUTERISED
ACCOUNTING 301
SESSION: JANUARY 2024
PAPER: PRACTICAL
DURATION: 3 HOURS (Including printing and set
up)
MARKS: 100
EXAMINERS:
SECOND OPPORTUNITY QUESTION PAPER
H Namwandi, Y Elago and E Kangootui
MODERATOR: E Milijala
INSTRUCTIONS
• This question paper is made up of one (1) question.
• Make sure that your student number appears on all reports (Generated through the
system, not handwritten).
• It's your responsibility to ensure that all reports are printed and submitted at the end of
the session.
• Ensure that all work done during the assessment is your own.
• The use of the internet on any electronic device is prohibited during the assessment.
• Questions relating to this 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 and any assumption made by the candidate should be clearly stated.
PERMISSIBLE MATERIALS
Non-programmable calculator
THIS QUESTION PAPER CONSISTS OF 7 PAGES (Including this front page)
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QUESTION 1
100 Marks
You are required to create a 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 2022 - 31 August 2023
01/09/2022
Balance Forward
FNB & Bank Windhoek
Plain Paper
No GRN or Purchase Orders
Background of the organisation.
Nekulilo established a restaurant a few years back when she saw an opportunity in the market
to help residents in the Windhoek-Katutura suburb who require a good hospitality service
within their neighbourhood to enjoy with their families. She named her business as "Nekulilo
For All cc". The restaurant has been doing well over the past financial years due to Nekulilo's
good customer service and in future she would like to expand the business in the Northern
part of the country. Since its inception, Nekulilo For All accounting records have been
recorded manually and the owner wants the records to be recorded in Patel V19, a program
that she recently bought. At the moment, her business is not registered for Tax purposes but
she is hoping that in the next financial year, she can register so that she can start competing
for government and private tenders. You are supplied with a list of account balances of the
restaurant to help the accountant who is on a month-long vacation leave.
You are provided with the following list of account balances for Nekulilo For All cc, as at 1
September 2022.
Property, Plant and Equipment
Cash and cash equivalent
Accounts payables
Accounts receivables
Operatinq costs
Revenue
Cost of selling
Member's contribution
Allowances for credit losses
Loan- Standard Bank (8%)
Prior year's profit
Notes
1
2
3
4
5
6
7
N$
1 810 000
120 906
114 370
57 700
48 170
239 800
103 610
1 080 390
5100
560 400
67 890
Notes on opening balances:
Note 1: Property, Plant and Equipment's
Non-current assets (See assets register)
Unserviced plot (800 sq. meter)(erf: 220, Katutra)
2
N$
810 000
1 000 000
1 810 000
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Assets Register:
Asset
number
PPE09
PPE010
PPE011
PPE012
PPE013
PPE014
Description
Master chef-
pots/pans &
blenders
Photocopy/printer-
SamsunQ
Office chairs, desks
& filing cabinets
Haval (Jolion) SUV
Samsung Laptop
Trade Mark
Acquisition
date
01/12/2020
01/09/2020
01/01/2022
01/09/2020
31/12/2021
01/05/2022
Cost price
(N$)
35 000
Residual
value
(N$)
-
35 000
-
125 000
-
545 000
-
20 000
-
50 000
-
810 000
Life
span
5
5
10
10
5
10
Property, Plant and Equipment's depreciation policy:
Property, plant and Equipment owned by the restaurant are depreciated using the following
policy:
• All Property, Plants and Equipment owned by Nekulilo For All are depreciated using
the fixed instalment method at a rate of 10%.
• Depreciation is calculated on assets in existence at the end of each year, using the
basis of one month's ownership.
• No depreciation is to be charged on assets in the year of disposal.
• The unserviced plot and trade mark are not depreciated.
Note 2: Cash and cash equivalent
N$
FNB Bank current account (balance as per bank statement)
6 386 Cr
Bank Windhoek current account (balance as per bank statement) 114 520 Cr
120 906
Note 3: Accounts payable
N$
Nameelenga CC (NC001)
Metro (ME003)
56 540 Dr
170 910
114 370
Notes 4: Accounts receivable
N$
Makalani cc (MK001)
Game Store (GS002)
Chili Agent Ltd (CA003)
17 500
35 000
5 200
57 700
Note 6: Operating costs
N$
Operating costs consist of the following:
Employee's remunerations
Insurance premium
44 800
860
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Health inspection penalties
2 510
48170
Note 7: Revenue
N$
Revenue- soft drinks
Revenue- meals (lunch/dinner)
Revenue- alcoholic drinks
50 500
100 100
89 200
239 800
Note 8: Cost of selling
N$
Cost of selling- soft drinks
Cost of selling- meals (lunch/dinner)
Cost of selling- alcoholic drinks
25 300
41 400
36 910
103 610
Required:
You are required to capture the opening balances of Nekulilo For All cc accounts including
the accumulated depreciation for all non-current assets as at 1 September 2022 (Period
one).
UPDATE YOUR TRANSACTIONS BEFORE PROCEEDING TO THE NEXT QUESTION.
NB: No report is required to be printed at this stage.
Part B: Period One Transactions
You were informed that the transactions in period one for the FNB bank account were not all
recorded. The accountant asked you to assist in updating this account's transactions and
prepare a bank reconciliation after receiving the bank statement.
• 1 September, received cash sales from customers for lunch for N$600. The money
was paid directly into the bank account via point of sales (POS) depositing the
amount directly in the bank account (POS001 ).
• 02 September, paid business airtime through the banking application for N$50,
(EFT001).
• 06 September, paid business airtime through the banking application for N$60,
(EFT002).
• 10 September, received cash sales from customers for dinner for N$710. The money
was paid directly into the bank account via point of sales (POS) depositing the
amount directly in the bank account (POS005).
• 12 September, received cash sales from a customer for soft drinks for N$70. The
money was paid directly into the bank account via point of sales (POS) depositing the
amount directly in the bank account (POS006).
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• 14 September, paid for business prepaid water token through the banking application
for N$100, (EFT003).
• 23 September, paid Metro's account through a banking application amounting to
N$650, (EFT004).
• 27 September, paid business fuel through the banking application for N$700,
(EFT018).
• 29 September, received cash sales from a customer for alcoholic drinks for N$380.
The money was paid directly into the bank account via point of sales (POS)
depositing the amount directly in the bank account (POS007).
• 30 September, received cash sales from customers for lunch for N$217. The money
was paid directly into the bank account via point of sales (POS) depositing the
amount directly in the bank account (POS008).
• 30 September, paid e-wallet to a temporary waiter her wages through the banking
application for N$370, (EWI00S).
• 31 September, paid for business pens/books and sticky notes through the banking
application for N$165, (EFT00G).
• 31 September, received cash sales from a customer for dinner for N$350. The
money was paid directly into the bank account via point of sales (POS) depositing the
amount directly in the bank account (POS008).
At the end of period one you were given the bank statement for the FNB account and
a review, the bank statement revealed the following: (see the bank statement at the
end of the question)
a) All outstanding items on the August 2022 reconciliation statement were debited and
credited by the bank on 1 September 2022.
b) On 17 September 2022 one of the regular customer wasn't able to pay for his drinks
due to a system error on the bank. He paid the money N$35 directly into the bank
account of Nekulilo for All cc the following day.
c) The failed EFT payment on 17 September 2022 was not reversed.
d) An EFT0014 was erroneously debited to the company's bank account on 24
September 2022.
e) The amount of N$314 credited to the company's bank account on 30 September
2022 was dinner sold to customers (POS009)
Required:
Make the necessary entries in the books of original entry for September transactions, (In
Period one). Prepare a bank reconciliation statement for September 2022 in period one. Print
out a bank reconciliation report on the same date. (See Annexure A on page 7 for the bank
statement)
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Part C: Year-end adjustments
Nekulilo provided you with the following year-end adjustments which are not yet recorded in
the restaurant's books. All year-end adjustments should be processed in period 12.
• One of Nekulilo For All cc customers Chilli Agent Ltd was declared insolvent by the
high court. Nekulilo decided to write off the whole balance.
• Interest on loan for the current year has not yet been paid but must be accounted for
in the books.
• Nekulilo for All cc distributed an amount of N$12 000 from the restaurant's profit to its
owner as a return on investments.
• The accountant discovered that the Haval (Jolin) was overstated with an amount of
N$20 000 and recommended that an adjustment be made accordingly.
• Allowance for irrecoverable debts has been pegged at N$4 000 for the period under
review.
• The total amount for insurance costs paid during the year-end was from 1 September
2022 to 31 September 2023.
• A Defy Stove with a life span of 10 years was bought from Metro on 1 November 2022
on account. It was delivered on the same date at the restaurant premises. Nekulilo for
All cc received an invoice from Metro which is made up of the following items:
(a) The actual invoice amount for the defy stove is N$25 000.
(b) The installation cost of the stove done at the premises is N$4 500.
(c) The VAT cost of the machine is N$500.
• Income tax for the year was determined to be N$18 040 by NamRa, payable in the
following month.
• Provide for depreciation on all non-current assets owned by the entity during the
current financial period.
Required:
You are required to process the above year-end adjustments of Nekulilo For All cc.
Print out a detailed ledger as at 31 August 2023. (View - General ledger - Transaction -
Detailed ledger)
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'r
Annexure A
BANK STATEMENT OF NEKULILO FOR ALL CC
DR
N$
Date (2022)
1/09/2022 Balance
1/09/2022 Maintenance expenses
165
1/09/2022 Direct transfer- sales dinner
2/09/2022 Direct transfer (POS001)
2/09/2022 Payment (Airtime) (EFT001)
50
2/09/2022 Service fees
41
7/09/2022 Payment (Airtime) (EFT002)
60
11/09/2022 Direct transfer (POS005)
17/09/2022 Failed EFT
70
17/09/2022 Payment (EFT003)
100
17/09/2022 Direct transfer (POS0017) sales-drinks
18/09/2022 Direct transfer (POS006)
24/09/2022 Metro (EFT004)
650
24/09/2022 Payment (EFT0014) Cleaner
67
28/09/2022 Puma Service (EFT018)
700
30/09/2022 Direct transfer (POS006)
30/09/2022 E-wallet (EWI005)
370
31/09/2022 Direct transfer (POS009)
01/10/2022 Direct transfer (POS0012)
CR
BALANCE
N$
N$
6 386 Cr
6 221 Cr
300
6 521 Cr
600
7 121 Cr
7 071 Cr
7 030 Cr
6 970 Cr
710
7 680 Cr
7 610 Cr
7 510 Cr
35
7 545 Cr
70
7 615 Cr
6 965 Cr
6 898 Cr
6 198 Cr
380
6 578 Cr
6 208 Cr
314
6 522 Cr
260
6 782 Cr
7