2015 EXAMINATIONS ACCOUNTING TECHNICIAN PROGRAMME PAPER TC1: ACCOUNTING/1
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1 EXAMINATION NO EXAMINATIONS ACCOUNTING TECHNICIAN PROGRAMME PAPER TC1: ACCOUNTING/1 TUESDAY 8 DECEMBER 2015 TIME ALLOWED : 3 HOURS 9.00 AM NOON INSTRUCTIONS 1. You are allowed 15 minutes reading time before the examination begins during which you should read the question paper and, if you wish, make annotations on the question paper. However, you are not allowed, under any circumstances, to open the answer book and start writing or use your calculator during this reading time. 2. This paper is divided into two sections. 3. Section A This ONE question is compulsory and MUST be attempted. The question carries 40 marks. 4. Section B Has FOUR questions each carrying 20 marks. Candidates should attempt any THREE questions from this section. 5. Marks will be awarded for neat presentation and layout. 6. All workings must be shown. 7. Begin each answer on a fresh page. 8. DO NOT OPEN THIS PAPER UNTIL YOU ARE INSTRUCTED BY THE INVIGILATOR. This question paper contains 7 pages This question paper must not be removed from the examination hall.
2 SECTION A This question is compulsory and MUST be attempted 1. Chawezi humbo runs a retail shop from rented premises. She does not keep complete accounting records but she is able to provide the following information about the financial position of her business as at 1 January 2015: Stock of groceries Trade debtors Trade creditors Motor vehicle Shop fittings Fuel costs owing 3,725 2,625 1,475 5,250 4, She has also provided the following summary of her bank accounts for the year ended 31 December 2015: Balance at 1 January ,620 Cheques received from trade debtors 46,825 Cash sales 3,725 Bank loan 5,900 59,070 Payments to trade creditors 24,125 Electricity 1,090 Telephone 465 Rent 1,975 Advertising 1,465 Shop fittings 2,650 Insurance 925 Fuel costs 2,115 Drawings 16,125 Balance at 31 December ,135 59,070 Notes (1) All cash and cheques received from cash sales and debtors were immediately deposited into the bank account. (2) Chawezi humbo obtained a loan of 5,900 on 31 December 2015 from the National Bank of Malawi. (3) Depreciation is to be charged at 20% for motor vehicle, and 10% for shop fittings, calculated on book value at 1 January 2015 plus additions during the year. (4) At 31 December 2015, motor fuel expenses owing were 273 and insurance paid in advance was 123. Page 2 of 7
3 (5) Included in the amount paid for shop fittings were: (i) sugar bought at 146 which Chawezi resold during the year at cost, (ii) wooden shelves (cost 125), which Chawezi used to build walldrop for her house. (6) Other balances as at 31 December 2015 were: Trade debtors Trade creditors Stock of groceries 4,612 2,665 4,265 (a) (b) For the period ended 31 December 2015, calculate total sales and total purchases for Chawezi humbo s retail shop. 8 Marks Prepare Chawezi humbo s income statement for the year ended 31 December Marks (c) Compute Chawezi humbo s capital into the business as at 1 January Marks (d) Prepare Chawezi humbo s Statement of Financial Position as at 31 December Marks (e) Mention any two uses of control accounts in bookkeeping. 2 Marks (TOTAL : 40 MARS) Page 3 of 7
4 SECTION B THREE questions ONLY to be attempted from this section 2. Winston and Doris started trading as ikiwe Private School on 1 January The school offers primary education to the public. Due to non-payment of school fees by students, the Accountant for the school adjusted the school s provision for doubtful debts at the end of each year on a percentage basis. The percentage rate is adjusted every year to reflect how much fees have been paid. The following details are available for three years ended 31 October 2013, 2014 and 2015: Bad debts written off during the year to 31 October Accounts receivable at 31 October Percentage provision for doubtful debts ,200 86,400 92, , , , % 7.5% 5.5% (a) Prepare: (i) the bad debts accounts for each of the three years, 2013, 2014 and Marks (ii) the provision for doubtful debts accounts for each of the three years. 4 Marks (iii) statement of financial position extracts for accounts receivable as at 31 October 2013, 2014 and Marks (b) (i) Explain the accounting concept being followed by ikiwe Private School on accounting for bad debts. 2 Marks (ii) Give one reason why businesses create provisions for doubtful debts. 2 Marks (c) Name three types of taxable supplies and their classification for value added tax (VAT). 4 Marks (TOTAL : 20 MARS) Page 4 of 7
5 3. Chimwemwe Nthembwa started trading on 30 June 2015 as a distributer of Logo fans in Blantyre. Logo fans, a new model of fans, is very popular in Blantyre. Chimwemwe s purchases and sales of Logo fans during the six months ended 31 October 2015 were as follows: 2015 June July September December Purchases 14 fans at 5,000 each 9 fans at 5,250 each 21 fans at 4,900 each 10 fans at 5,150 Sales - 10 fans at 9,500 each 25 fans at 10,200 each 5 fans at 12,500 each All purchases were made up in the first half of the month and all sales were made in the second half of the month. Additional information (1) Rent for the shop for the six months is 25,000. (2) Chimwemwe paid herself a salary of 2,000 per month from May 2015 to October (3) Two fans were damaged as at 31 October They were repaired and valued at 4,500 each. Prepare Chimwemwe Nthembwa s trading and profit or loss account for the period ended 31 October 2015 using: (a) the First in first out (FIFO) basis of stock valuation 5 Marks (b) the Last in first out (LIFO) basis of stock valuation 5 Marks (c) the Average cost basis (AVCO) of valuation. 10 Marks NB: Show all your workings for your answers. (TOTAL : 20 MARS) Continued/.. Page 5 of 7
6 4. (a) The following trial balance for umbukani Phiri has been drawn up by his assistant accountant for the year ended 30 June Equipment rental Cleaning costs Water expenses Fuel costs Wages Sales Purchases Sundry expenses Motor vehicle Creditors Debtors Fixtures & fittings Office building Overdraft Drawings Capital Additional information: Dr 2, ,150 3,250 58, , ,400 44,520 4, ,200 44, ,265 Cr 425,450 26,450 11, , ,265 (1) Stock at 30 June 2015 was 14,950. (2) Depreciation for the year for motor vehicle was 2,040, office building 4,405 and fixtures and fittings 840. (i) Prepare the income statement for the year ended 30 June Marks (ii) Prepare a statement of financial position as at 30 June Marks (b) After reviewing the expenses, the Assistant Accountant realized that: (1) Rental paid of 2,400 for equipment was for 15 months up to 30 September (2) The actual bill for water expenses was 2,400 for the 12 months ended 30 June (i) Determine the adjusted final net profit for the period after taking into account the additional information. 2 Marks Page 6 of 7
7 (ii) Show extracts to be included in the statement of financial position as at 30 June 2015 under specific headings to reflect the adjustments made to the trading and profit and loss account. 1 Mark (TOTAL: 20 MARS) 5. Explain the following accounting terms: (a) Accounting equation 4 Marks (b) Any four elements of accounting 4 Marks (c) Prepayments and accruals 4 Marks (d) Depreciable amount, useful life and residual value 4 Marks (e) Ordinary and preference shares of a limited company. 4 Marks (TOTAL : 20 MARS) E N D Page 7 of 7
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