0505/2/2022 Accounting OL SOUTH WEST REGIONAL MOCK EXAMINATION GENERAL EDUCATION THE TEACHERS’ RESOURCE UNIT (TRU) Cellule d’appui a action Pédagogique IN COLLABORATION WITH En collaboration avec ‘THE REGIONAL INSPECTORATES OF PEDAGOGY AND THE SUBJECT TEACHERS’ ASSOCIATIONS (STA) WEDNESDAY, 6" APRIL 2022 PEON Subject Title ‘ACCOUNTING Paper Number Paper 2 Subject Code Number 0505 i TWO HOURS THIRTY MINUTES eee INSTRUCTIONS TO CANDIDATES: ‘Answer FIVE questions choosing any THREE in section A and any TWO in section B Calculators are allowed OHADA Accounting Plans are authorised In calculations, you MUST show all the steps in your workings You are reminded of orderly presentation in your answers "OTRU/RPI/SWATA/ACC/0505/P2/MOCK2022SECTION A: OHADA ACCOUNTING Answer any THREE questions from this section 1. 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 perfiume Avon at 17,000 CFAF each ‘© 10 cartons of Lender at 15,000 CFAF each += Invoice sent to Jude on 22/03/202: ‘© 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 con the 25/03/2022. Mark up rate on selling price 25%. Required: 8) Prepare the invoice No 002 (8 marks) b) Present the bank cheque No 07 (Appendix 1) (G marks) ©) Make the journal Entries in the books of CHICCO LTD. (7 marks) (Total 20 marks) 2. The following information concerns the movements of crates in MARLIA & SONS Enterprise: al 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 erates 11/01/2022: Broken crates from the warehouse amount to 90 12/01/2022: Unretumned crates sold to BUH: 120 erates Itis indicated that: = Crates are bought at the cost of 3 000 CFAF = Consignments are made at the price of 3 200 CAF = The selling price of a crate is equal to the consignment price. = All transactions are made in cash. Required: '8) Enter this information in the Stock Card (appendix 2) (12 marks) ') Joumalise the above stock card for MARLIA and Sons. (8 marks) (Total 20 marks) 3, 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 T" Week its Jorirs | 12Hrs™ | 10Hrs "| ogtirs “| o8Hrs | O9Hirs | / 2 Week ogHiss * | 10H | stirs" | ogtirs™™* | ogHirs™* | 12Hrs™* | O6Hrs 3 Week 8Hirs | ostiss “| OBHrs'™ | O9Hre™* | / 7 10Hrs | /2 [4" Week 12Hss 4 | ogtrs | ootirs | ogtirs¢ * | tories ** | O6Hrs™™* | O4Frs™™* [5" Week 12Hrs* | rors? | 1orirs*"*_| girs ™ | o8tirs™_| o6tirs** | /* Work in the night as from 10pm ee er ES OTRU/RPI/SWATA/ACC/0505/P2/MOCK2022 Page 2 of 8{= The 1" and 20" of January are Public Holidays. Required: 2) Compute the hours worked by the worker during the month of January. (use appendis 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) (Total 20 marks) 4, At stock-taking as at 31 December 2021, the situation of doubtful customers of JOKE JOKE Lid is presented as follows: Debis tax | Impairmentas ] Payment made | Observation as at Customers | 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 - @ (7D) Zifack, who is being wound-vp, presents the following situations: = Total real assets: 13,000,000 CFAF = Preferential creditors(staff and state): $,000,000 CFAF = _ Unsecured creditors (including Shalom Ltd): 10,000,000 CFAF Required: 1) 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) (Total 20 marks) 5. On the 31" of December 2021, the following records were presented to you as the accountant of MARLIA Lid 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 Deo. 11 | Bank transfer 350,000 | Dec. 26 | Payment of loan instalment | 210,000 Dec. 11_| Cheque No. 122 | 190,000 | Dec. 31 | Balance o/d 447,000 Dec. 11 | Discounting statement | 200,000 MARLIA Lid 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 430,000 180,000 Des. 10 | Cheque No. 120 312,000 45,000 Dec. 13 que 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 780,000 [373,000 Dec. 30 | Bank charges 12,000 361,000 Dec. 31 | Bank interest 50,000 411,000 "GTRU/RPI/SWATA/ACC/0505/P2/MOCK2022 Pages OeRequired: 2) Using appendix 5, establish the bank reconciliation statement as at 31/12/2021. (15 marks) b) Present the necessary adjusting entries. (marks) (Total 20 marks) SECTION B: IAS ACCOUNTING Answer any TWO questions from this section 6. On the 1" December 2020 the following balances existed in the entity's records. DROOOGFAF) | CR(OOOGFAF) Receivables ledger control account 6/4 54,000 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 retums 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 Trrecoverable debts written off 4,000 Increase in allowances for receivables 1,200 Tnterest charged to customers 1,400 Contra settlements 800 ‘At 31 December 2020 the balances in the Receivables and Payables ledgers, as extracted, totalled: DR CR Receivables ledger balances Tobe caleulated 7,000 Payables ledger balances 200 Tobe calculated Required: are: ') Sales ledger control account (10 marks) ) Purchases ledger control account. (10 marks) (Total 20 marks) 7. 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 5 4,000, Tnventory as at January 1, 2020 188,000 Land and buildings 472,000 NEE TTY TTY 1U/RPI/SWATA/ACC/0505/P2/MOCK2022 Page 40f8Fixtures and fitings 780,000, Motor van 168,000 Provision for depreciation on: Fixtures and fitings 72,000 Motor van 96,000 Customers 30,000 Bank balance 112,000 Purchases 70,000 Salaries and wages 34,000 General expenses 776,000 ‘Drawings 38,000 1,626,000 1,626,000 ‘The book keeper also presented the following additional information o you; Stock of inventory as at December 31, 2020 was valued at 102,000,000 CAF = The owners made drawings of 12,500,000 CRAF cash svthin 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: 8) Statement of comprehensive income for the year 31/12/2020. (10 marks) 'b) Statement of financial position as at 31/12/2020. (20 marks) (Total 20 marks) 8. A summary of the cash book of FOOT PRINT for the year ended 31 December, 2021 appears as follows: CASH Si Y (CFAF(000) ‘CRAF(000) Balance as at 01/01/12 2 ,900 | Purchased equipment 500, Collections at matches 8,100 | Rents on pitch 7,200 Profit on refreshment 15,000 | Secretary's expenses 300, ‘Ground man’s wages 70,000 “Miscellaneous expenses 8,000 Balance 31/12/2021 6,000, [otal 726,000 | Total 26,000 Further Information: = AtO1/01/21, equipment was valued at 6,000,000 CFAF = Depreciation for equipment was 10% for the year. = At31/12/21, rent paid in advance was 600,000 CFAF. = At31/12/21, there was 40,000 CFAF outstanding for posting. uired: pace ‘the income and expenditure account and the statement of financial position as at 31/12/2021. (Total 20 marks) ——— er ES ‘OTRU/RPI/SWATA/ACC/0505/P2/MOCK2022“Appendix 1 for Question 1 (To be handed in with worked scripts) BICEC BANK CHEQUE ‘To the order of . “Appendix 2 for Question 2 (to be handed in with answer sheets) Stock Card of Containers in Quantity Movement oe Bae Tn Warehouse ‘With Customers | Toul Tirta [Sues | taser Fairy | Exit | Stook | Entry | Exit T Stock | Stock ‘Appendix 3 for Question 3 (to be handed in with answer sheets) Determination of Overtime Earned Wor: Normal Overtime Total Hours_|~ 120% [130% 140%. 150% | Hours al Po 7" a Total Hours Hourly Wage Rate nner 7 "OTRU/RPI/SWATA/ACC/0505/P2/MOCKZ022 Page 6 of §Appendix 4 for Question 4 (to be handed in with answer sheets) Statement of Doubtful Customers as at 31/12/2021 Doubt -— a Sderot oS Provision, Losses Customers | sscincive | Rxoluch 2021 | ptivive | Exclusive | 2020 | 2021 | OnDebt | On VAT ‘Appendix 5 for question 5 (to be handed with your answer sheet) Bank reconciliation statement Detail: ‘Bank Account in MARLIA Ltd Bank statement eek Dr Dr c age 7 of & ‘OTRU/RPI/SWATA/ACC/0505/P2/MOCK2022