FACULTY OF MANAGEMENT SCIENCES
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1 FACULTY OF MANAGEMENT SCIENCES DEPARTMENT: ACCOUNTING, ECONOMICS AND FINANCE QUALIFICATION: Bachelor of Accounting QUALIFICATION CODE: 07BACC LEVEL: 7 COURSE: COMPUTERISED ACCOUNTING 301 DATE: NOVEMBER 2015 COURSE CODE: CAC710S SESSION: Morning DURATION: 3 Hours MARKS: 100 EXAMINER(S) MODERATOR: FIRST OPPORTUNITY EXAMINATION QUESTION PAPER E Kangootui and J Nel T Chata THIS QUESTION PAPER CONSISTS OF _7_ PAGES (Excluding this front page) INSTRUCTIONS 1. This examination made up of four (4) questions which are related. 2. Make sure that your student number appears on the reports. (Computer printed) 3. It is your responsibility to see that all the reports are handed in. 4. Use of internet or any communication devices is prohibited. 5. 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 N$1 PERMISSIBLE MATERIALS 1. Examination question paper 2. Examination answer script 3. Non-programmable calculator
2 You are required to create a new company on the C drive, using the following information Company Name: Student Number Financial Year Starts: 1 st April 2015 Date Format 01/01/2015 Processing Method Charts of Accounts Bankers Printing Tax Processing Supplier Processing Balance Forward Retail Royal Chartered Bank PLC Plain Paper 15% (Exclusive) No GRN, No Purchase Orders and No Sales Orders Background: Amutenya De Klerk Enterprises CC has been operating for the past two years, but unfortunately no proper records of transactions were kept. All non-current assets were bought at the inception date. Following some strategic reforms they decided to computerize their accounting records. They sell on cash basis and credit basis to prospective customers. QUESTION 1 (20 Marks) You are provided with the following list of accounts balances as at the end of the previous financial year: Item Value N$ Drawings Motor Insurance Security services Marketing and Promotion Power cost Directors sitting allowance Main Warehouse & Factory
3 Motor Vehicle Plant & Equipment Accumulated Profits 31 March Purchases % Debentures Purchased Revenue Settlement discount earned N$2.50 Ordinary Shares Unpaid Dividends Accounts Receivable: Zeeh Investments cc (ZEE999) Marru PLC (MAP888) Popel cc (POP777) Pierre PLC (PIE666) (Cr) Accounts Payable: TAC Equipment International (TAC 000) CAT Construction Suppliers (CAT111) ACT Brazil Limited (ACT222) (Dr) Bank (Credit balance as per Cashbook)
4 Inventory Items on Hand Inventory Item Item Code Cost Price N$ Quantity Plate Compactor - Suzuki PCS0051AB Generator - Honda GEH0052C Concrete Mixer COM0053D Wheel Barrow WHB0054E The pricing policy of the company is that all inventory items are sold at a gross profit margin of 25%. Requirements 1. Capture the opening balances including accumulated depreciation as at 1 st April 2015 update all batches. YOU ARE NOT REQUIRED TO PRINT ANY REPORT AT THIS STAGE 3
5 QUESTION 2 (15 Marks) Period two: Supplier Processing The business bought and processed all the inventory items from all the suppliers as follows: TAC Equipment International - 15 of each plus a 0.5% discount on Wheel Barrows Inv CAT Construction Suppliers - 20 of each plus 10% invoice discount Inv B978 ACT Brazil Limited -7 of each plus a settlement discount of 15% Inv 2258C Customer Processing Zeeh Investments cc Marru PLC - 8 of each plus 7 % gross discount - 4 of each with a 5 % discount on generators Popel cc - 2 of each plus a settlement discount of 20% Mouton Builders - Hired a crane for 178 hours Crane Hire Service Charged per 5 hour period or part thereof N$ Requirements 1. Process the above customers and suppliers transactions in period two and updated all batches. YOU ARE NOT REQUIRED TO PRINT ANY REPORT AT THIS STAGE 4
6 QUESTION 3 (30 Marks) Cash Books Transactions Date Transaction Details Amount (N$) 1 Cash Sales Rent to Lessor Employee Bernard - Cash advance NCCI Telecom Namibia Sanlam - Professional Cover City of Windhoek - certificate of fitness Multi choice Namibia Bernard's sick child % Debenture issued % Fixed Deposit Alexander Forbes - Pension Fund Social Security Commission Kauta & Basson tax consultants Tax Refund Receiver of Revenue Salary Abner Bookkeeping course for Bernard Poly Required: 3.1 Process the following transactions in the different Cash Books for period Prepare bank reconciliation as at 31 March 2016 YOU ARE NOT REQUIRED TO PRINT ANY REPORT AT THIS STAGE (See Annexure 1 Bank Statement on the last page 7) 5
7 QUESTION 4 (35 Marks) You are required to process following year adjustments in period 12. I. Provide for a N$0.10 dividend per share II. III. Marru PLC has disputed invoice during the year with an amount of N$ This amount is to be removed from Marru Plc s account pending further investigation as it has been proved that the customer was invoiced in error. Marketing and Promotion include an amount of N$ for a campaign which will begin in 1 st April 2016 IV. Unpaid wages of N$ as at 31 st March 2016 V. Allowance for irrecoverable debts is pegged by directors at N$ VI. Income tax is estimated at N$ VII. The Finance Director received an invoice of N$ for 2015 interim audit fees on 5 January 2016 from the company s external auditors. VIII. IX. Provide for depreciation for the current year: (a) Land & Building 5% at cost and 50% of this should be allocated to cost of sales and while the other 50% is allocated to administrative expenses, (b) Motor vehicles 25% of written down value, and (c) Plant and Equipment 20% of the written down value fully allocated to cost of sales. It was discovered that the amount of N$ for settlement discount granted was included as settlement discount earned. X. On 31 st Mar 2016, it was discovered that the query by Marru PLC was justified. The invoice for this amount was in fact a credit sale to another customer Marur (M9990). Requirements Update all batches and print out the following all for period one twelve: a. Customers Detailed ledger (by customer) (9 Marks) b. Suppliers Detailed ledger ( by supplier) (6 Marks) c. Detailed Ledger (85 Marks) 6
8 Annexure 1 Bank Statement Bank Statements 31 Mar 2016 Date Transaction Details Amount Balance N$ 1 Cash Sales Cash Deposit fee ( ) Rent ( ) Erf Plot No. 55 ( ) ( ) 7 Employee Bernard - Cash advance ( ) ( ) 8 NCCI ( ) ( ) 9 Telecom Namibia ( ) ( ) 10 Sanlam - Professional Cover ( ) ( ) City of Windhoek - certificate of 11 fitness (185.00) ( ) 12 Multi choice Namibia ( ) ( ) 13 Bernard's sick child ( ) ( ) 14 5% Debenture % Fixed Deposit ( ) ( ) 16 Alexander Forbes - Pension Fund ( ) ( ) 17 Social Security Commission ( ) ( ) 18 Kauta & Basson tax consultants ( ) ( ) 19 Tax Refund Receiver of Revenue ( ) 20 Salary Abner ( ) ( ) Bookkeeping course for Bernard 21 Poly ( ) ( ) 22 GRN Revenue Stamps ( ) ( ) 23 Chq R/D NCCI account closed ( ) 24 Stamp Duty (2.45) ( ) 25 Interest on debit bank balance ( ) ( ) 26 Statement enquiry (11.50) ( ) 28 Interest on credit bank balance ( ) 1 Directors Loans ( ) ( ) ====================End of Examination ========================= 7
FACULTY OF MANAGEMENT SCIENCES
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