Accounting Paper 2 · South West Regional Mock Examination · Ordinary Level · June 2021
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Exercices, méthodes & corrigés (8)
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1
Commercial Accounting
You have just been recruited as an accountant in the company 'CHICCO LTD'. The company has specialised on buying and selling of provisions. It has its headquarter in LIMBE, PMB 70, Tel 333-22-25, Bank Account No 012 SGBC Limbe. The manager, Mr Emile handed to you the following files; Order placed by Jude on 10/03/2022 to CHICCO: • 50 cartons of perfume Avon at 17,000 CFAF each • 10 cartons of Lender at 15,000 CFAF each Invoice sent to Jude on 22/03/2022: • 50 cartons of perfume Avon at 17,000 CFAF each • 10 cartons of Lender at 15,000 CFAF each At the following conditions: Trade discount 10% and 5%, Cash discount 1%, VAT 19.25% (round to the nearest unit) mode of payment: half by cash (voucher No 007) and the rest by bank cheque No 07 on the 25/03/2022. Mark up rate on selling price 25%. Required: a) Prepare the invoice No 002 (8 marks) b) Present the bank cheque No 07 (Appendix 1) (5 marks) c) Make the journal Entries in the books of CHICCO LTD. (7 marks)
20 pts2
Inventory Management
The following information concerns the movements of crates in MARLIA & SONS Enterprise: 01/01/2022: Initial stock in the warehouse is 760 crates and 540 crates with customers 04/01/2022: Consignment Note N° 011 to customer BUN, 360 crates. 05/01/2022: Purchases of containers: 1980 crates 10/01/2022: Customers EBUA returns 620 crates 11/01/2022: Broken crates from the warehouse amount to 90 12/01/2022: Unreturned crates sold to BUH: 120 crates It is indicated that: Crates are bought at the cost of 3 000 CFAF Consignments are made at the price of 3 200 CFAF The selling price of a crate is equal to the consignment price. All transactions are made in cash. Required: a) Enter this information in the Stock Card (appendix 2) (12 marks) b) Journalise the above stock card for MARLIA and Sons. (8 marks)
20 pts3
Payroll Accounting
The payroll clerk of a Company provides the following information on one of the workers for the month of January 2016: The time card of this worker is presented as follows: Weeks MON TUES WED THURS FRI SAT SUN 1st Week 10Hrs 1st 12Hrs 2nd 10Hrs 3rd 08Hrs 4th 08Hrs 5th 09Hrs 6th /7th 2nd Week 08Hrs 8th 10Hrs 9th 08Hrs 10th 08Hrs 11th 08Hrs 12th 12Hrs 13th 06Hrs 14th 3rd Week 08Hrs 15th 08Hrs 16th 08Hrs 17th 09Hrs 18th /19th 10Hrs 20th /21st 4th Week 12Hrs 22nd 08Hrs 23rd 09Hrs 24th 08Hrs* 25th 10Hrs 26th 06Hrs 27th 04Hrs 28th 5th Week 12Hrs 29th 10Hrs 30th 10Hrs 31st 08Hrs 1st 08Hrs 2nd 06Hrs 3rd 4th *Work in the night as from 10pm - The 1st and 20th of January are Public Holidays. Required: a) Compute the hours worked by the worker during the month of January. (use appendix 3) (12 marks) b) Compute the worker's gross earnings for the month by assuming that the worker is paid on hourly basis with a normal hourly rate of 600 CFAF. (8 marks)
20 pts4
Doubtful Debts
At stock-taking as at 31 December 2021, the situation of doubtful customers of JOKE JOKE Ltd is presented as follows: Customers Debts tax Impairment as Payment made Observation as at inclusive at 31/12/2020 during 2021 31/12/2021 Kwalar 667,800 40% 238,500 Provision 30% Chick 536,625 30% 178,875 As final payment Zifack 453,150 (1) (1) Zifack, who is being wound-up, presents the following situations: - Total real assets: 13,000,000 CFAF - Preferential creditors(staff and state): 5,000,000 CFAF - Unsecured creditors (including Shalom Ltd): 10,000,000 CFAF Required: a) Prepare the statement of doubtful customers as at 31/12/2021. (using appendix 4) (12 marks) b) Show the adjusting entries related to doubtful customers with the rate of VAT in force being 19.25%. (8 marks)
20 pts5
Bank Reconciliation
On the 31st of December 2021, the following records were presented to you as the accountant of MARLIA Ltd for some verifications and adjustments: 5211-UNITED BANK OF AFRICA Date Description Amounts Date Description Amounts Dec. 01 Initial balance 240,000 Dec. 12 Payment to supplier 420,000 Dec. 08 Cheque No 120. 312,000 Dec. 09 Payment of electricity 140,000 Dec. 11 Cheque No. 121. 225,000 Dec. 18 Advanced salary 300,000 Dec. 11 Bank transfer 350,000 Dec. 26 Payment of loan instalment 210,000 Dec. 11 Cheque No. 122 190,000 Dec. 31 Balance c/d 447,000 Dec. 11 Discounting statement 200,000 MARLIA Ltd BANK STATEMENT FOR THE PERIOD DECEMBER 01 TO 31 20XX Date Description Debit Credit Balance Dec. 01 Balance b/f 240,000 Dec. 05 Payment to Supplier 420,000 180,000 Dec. 10 Cheque No. 120 312,000 45,000 Dec. 13 Cheque No. 121 225,000 357,000 Dec.14 Payment of Electricity bill. 104,000 253,000 Dec. 20 Bank transfer 350,000 603,000 Dec. 21 Advance payment of salary 300,000 303,000 Dec. 24 Cheque No. 124 to supplier 110,000 193,000 Dec. 26 Bills discounted 180,000 373,000 Dec. 30 Bank charges 12,000 361,000 Dec. 31 Bank interest 50,000 411,000 Required: a) Using appendix 5, establish the bank reconciliation statement as at 31/12/2021. (15 marks) b) Present the necessary adjusting entries. (5 marks)
20 pts6
Control Accounts
On the 1st December 2020 the following balances existed in the entity's records. Receivables' ledger control account b/d DR(000CFAF) 54,000 CR(000CFAF) 1,000 Payables' ledger control account b/d 200 43,000 The following information was extracted in 31th December 2020 from the entity's records Credit sales 251,000 Cash sales 34,000 Credit purchases 77,000 Cash purchases 29,000 Credit sales returns 11,000 Credit purchases returns 3,000 Amounts received from credit customers 242,000 Dishonoured cheques 500 Amounts paid to credit suppliers 74,000 Cash discounts received 2,000 Irrecoverable debts written off 4,000 Increase in allowances for receivables 1,200 Interest charged to customers 1,400 Contra settlements 800 At 31 December 2020 the balances in the Receivables and Payables ledgers, as extracted, totalled: Receivables ledger balances DR To be calculated CR 2,000 Payables ledger balances 200 To be calculated Required: Prepare: a) Sales ledger control account (10 marks) b) Purchases ledger control account. (10 marks)
20 pts7
Financial Statements
You have been provided with the following trial balance extracted from the last financial year: MATAH ENTERPRISE Trial balance as at December 31, 2020 Details CFAF 000 CFAF 000 Sales revenue 1,160,000 Capital 170,000 Suppliers 12,000 Discount received 4,000 Inventory as at January 1, 2020 188,000 Land and buildings 472,000 Fixtures and fittings 180,000 Motor van 168,000 Provision for depreciation on: Fixtures and fittings 72,000 Motor van 96,000 Customers 30,000 Bank balance 112,000 Purchases 440,000 Salaries and wages 34,000 General expenses 76,000 Drawings 38,000 1,626,000 1,626,000 The book keeper also presented the following additional information to you; - Stock of inventory as at December 31, 2020 was valued at 102,000,000 CFAF - The owners made drawings of 12,500,000 CFAF cash within the period for personal expenses. - The following rates of depreciation are application on a straight line basis; Fixtures and fittings 40% and Motor van 25%. - Goods worth 2,000,000 CFAF were withdrawn by the owners for personal non business use within the year. Required: Prepare: a) Statement of comprehensive income for the year 31/12/2020. (10 marks) b) Statement of financial position as at 31/12/2020. (10 marks)
20 pts8
Non-Profit Accounting
A summary of the cash book of FOOT PRINT for the year ended 31 December, 2021 appears as follows: CASH SUMMARY CFAF(000) CFAF(000) Balance as at 01/01/12 2,900 Purchased equipment 500 Collections at matches 8,100 Rents on pitch 1,200 Profit on refreshment 15,000 Secretary's expenses 300 Ground man's wages 10,000 Miscellaneous expenses 8,000 Total 26,000 Balance 31/12/2021 6,000 Total 26,000 Further Information: - At 01/01/21, equipment was valued at 6,000,000 CFAF - Depreciation for equipment was 10% for the year. - At 31/12/21, rent paid in advance was 600,000 CFAF. - At 31/12/21, there was 40,000 CFAF outstanding for posting. Required: Present the income and expenditure account and the statement of financial position as at 31/12/2021.
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