FACULTY OF MANAGEMENT SCIENCES

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1 l'lrltllblr UNIVERSITY OF SClEl'lCE nno TECHNOLOGY FACULTY OF MANAGEMENT SCIENCES DEPARTMENT: ACCOUNTING, ECONOMICS AND FINANCE QUALIFICATION: Bachelor of Accounting QUALIFICATION CODE: 07BOAC LEVEL: 7 COURSE: Computerised Accounting 301 DATE: January/February 2018 COURSE CODE: CAC71OS SESSION: Morning DURATION: 3 Hours MARKS: 100 2nd OPPORTUNITYISUPPLEMENTARY EXAMINATION QUESTION PAPER EXAMINER(S) MODERATOR: E KANGOOTUI & E YATOIVO CW MILLER THIS QUESTION PAPER CONSISTS OF 6 PAGES (Excluding this front page) INSTRUCTIONS This examination is made up of three (3) questions which are related ? Make sure that your student number appears on the reports. (Computer printout) It is your responsibility to see that all the reports are handed in. The use of internet or any communication device is prohibited. 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 & any assumption made by the candidate should be clearly stated. 6. Round off all amounts to the nearest whole number and N$1 PERMISSIBLE MATERIALS 1. Examination question paper 2. Examination answer script 3. Nonprogrammable calculator

2 Kazer Ms Van Insurance J Aus Lubricants Cars Gain QUESTION 1 (35 Marks) Background Information: You are hired as the financial accountant of Ya Toivo Garage & Service station (Pty) Ltd. Mr. YATOIVO and family established it two years ago and expanded the business to a motor vehicle dealer as well. The company uses a periodic inventory system and processes its transactions exclusive of VAT. Its records are based on an integrated method and it does not process the following documents; quotations, sales orders, purchase orders and goods received notes. Its financial year starts on 1 January each year, it banks with Standard Bank Namibia and also keeps a petty cash account with an imprest amount of N$ It uses the balance forward processing method and prints its documents on plain single paper. The directors of the firm requested you to capture opening balances for the company In the new financial period that begins on 1 Jan List of account balances N$ Accounts receivable Motors (KAZOO1) Hope YaToivo (HOP002) Cr de War Used Cars (VAN001) prepaid Accounts payables N H Company (JNH002) Motors (AUSOO1) Dr lndongo Toyota (INDOO1) Unpaid rent expense Unpaid income tax YATOIVO Garage & Service Station (Pty) Ltd has inventory of lubricants and cars valued at N$ and N$ respectively where income was generated from the sales of lubricants, cars and car maintenance to the value of N$ , N$ , N$ respectively. Cost of sales The operating costs of Ya Toivo Garage & Service Station (Pty) Ltd are as follows: on disposal of Lenovo notebooks (20 000) Marketing cost of products Light and Heat

3 Office Bank Provision Last Discount 32 Bank Cabinets Patents Car Authorised The stationery Employees salary charges Other noncurrent liabilities Longterm 1St building mortgage bond Other accounts for amount unpaid by debtors year s profit (suppliers) Cash and cash equivalents Petty cash Days call account (5%) (22 680) Noncurrent assets & shelves Ranger double cab (K8320) & trademarks service machine share capital for Ya Toivo Garage & Service Station is made up up of ordinary shares. Total numbers of unissued shares are of N$ made Property consists of a piece of land and the filling station. original cost of the land was N$ while the filling station was built for N$ and ready for use on 1 Jan Station is subjected to a depreciation charge of 3.25% halfyearly.. The environmental regulations of the City of Windhoek require that the business be dismantled and the land restored to its natural condition after 15 years. It is estimated that this will cost the company an amount of N$65O 000. The discount rate applicable is 12.02%.

4 8 Other information relating to the firm: Noncurrent assets depreciation policy: Noncurrent assets owned by the firm are depreciated using the following methods: Ranger double cab (K8320) is charged based on the kilometres travelled at a rate of N$0.96 per kilometre. Ranger double cab (K8320) has travelled km to date. Cabinets & shelves and car service Machine are depreciated on the straightline method. Depreciation is calculated on assets in existence at the end of each year, using the basis of month s ownership, Patents & trademarks are not amortised. The firm uses the cost model. Noncurrent assets Date acquired Residual value Useful life Patents & trademarks 1 Jan 2014 years Cabinets & shelves 1 Jan 2014 N$ years Ranger double cabs (K8320) 1 Jan 2014 N$ years Car service machine 1 Jan 2014 N$ years Requirements: 1. You are required to capture opening balances for Ya Toivo Garage & Service Station accounts, including accumulated depreciation for noncurrent assets as at 1 Jan 2015 (Period one). Update all batches, no report to be printed at this stage!!!

5 Mr water sales QUESTION 2 (30 Marks) Period 12 Transactions Prepare a bank reconciliation for the month of Dec 2015 YATOIVO Garage & Service Station: Standard Bank of Namibia Statement December 2015 Date Transaction details Balance N$ 01Dec15 Opening balance ( ) 02Dec15 G4S security (250.65) ( ) 02Dec15 Interest on debit balance ( ) ( ) 05Dec15 Cheque book fee (200.00) ( ) 07Dec15 COW & electricity ( ) ( ) 08Dec15 Unknown direct transfer Dec15 NUST Hostel 2 weeks training course Ya Toivo & Son ( ) Dec15 BDO Spencer 2015 audit fees ( ) ( ) 12Dec15 Windhoek Flowers Cc conference decorations ( ) ( ) 13Dec15 Internet service (450.00) ( ) 14Dec15 Kazer Motors (KAZ001) account payment Dec15 5% Debentures purchased ( ) ( ) 18Dec15 Taurus Maintenance cleaning services ( ) ( ) 19Dec15 Iway Namibia monthly subscription ( ) ( ) 21Dec15 7% Debentures issued Dec15 Donation towards Omaruru Clinic renovations (50,000.00) Dec1 5 December worker pay ( ) Dec15 Cash deposit 2, Dec15 Ms Hope Ya Toivo (HOP002) account payment (38 600) Dec15 Social Security monthly contributions (10,500.00) Dec1 5 Debit order fees (12.00) Dec1 5 Monthly statement fees (25.25) Dec15 Internet banking service fees (563.50) Dec15 Duty on debit entries (5.25) Jan16 Monthly service fees ( ) Jan16 G48 security (250.65) Jan16 Catholic Aids Action Updated all batches, no report to be printed at this stage!!!

6 Question 3 (35 Marks) All yearend adjustments should be processed in period 12. Total amount for light and heat paid during the year was from 1 on 32 days call account not accounted for in the company s records. Jan 2016 to 30 Nov Interest According to the agreement signed between Mr YATOIVO and Shipi FM, marketing whole year amounts to N$ fees for the Allowance for irrecoverable debts is set by directors at N$ On 1 Dec 2016 one of the company Ranger double cabs (K8320) with a cost of N$ was involved in an accident and was written off, km travelled to date was A Toyota bakkie, with a cost of N$ (useful life of 10 years with a residual value of N$5 000) was purchased from the supplier Jan Japan. The amount of N$ was paid, while the remaining balance was agreed to be paid on account starting next year. The Toyota bakkie is to be depreciated using the fixed instalment method. The remaining lsuzu double cab had travelled km for the current year. The board of directors proposed N$0.25 dividend per share. VI. Income tax for the year was determined to be N$ by the Receiver of Revenue, payable in the next month. VII. The company auditors discovered an amount of N$ for audit fees incorrectly entered on the credit side of the customers allowance account. VIII. The family went for a staff yearend function to Oanab dam, total amount paid $4570. Provide depreciation on all noncurrent assets owned by the company up to date. One of the company s good customers, Van de war used Cars was declared insolvent at 31 Dec 2016, the company managed to receive a photocopy machine valued at N$ (useful 5 years) from the debtors assets and the remaining balance was expensed. life of

7 Period General Customers Account Sub Detailed Transaction Detailed Detailed Requirements: Process the above transactions, update and print out the following reports. 1. Print out a detailed ledger for Ya Toivo Garage and service station (Pty) December (View ledger ledger) 0 Account start 1000 end Sub account start Period 1 period 12 account end Print out all suppliers and customers detailed ledger. Customers: View ledger. Suppliers: View Suppliers. Period: 1 12 LTD as at 31 as at 31 December By customers ledger By suppliers End of Examination

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2 l'lrl'fliblfi UNIVERSITY OF SClEl lce arm TECHNOLOGY FACULTY OF MANAGEMENT SCIENCES DEPARTMENT: ACCOUNTING, ECONOMICS AND FINANCE QUALIFICATION: Bachelor of Accounting QUALIFICATION CODE: OYBOAC LEVEL: