OHADA Accounting 1 (ACCC3107)
Higher Institute of Commerce and Management (HICM)
Semester: First Semester
Level: 300
Year: 2018
1. on 1st December 2017, the assets and liabilities of New World Company Ltd is presented as
follows:
i. The company own:
• Goodwill evaluated at CFA F 600,000,000
• Industrial machines CFA F 500,000,000
• Office furnitureCFA F 700,000,000
• Utility vehicles CFA F 200,000,000
• Office equipment CFAF 80,000,000
• Micro-computers CFA F 120,000,000
• Stock of raw materials CFAF 400,000,000
• Stock of finished goods CFA F 240,000,000
• Bank deposits CFA F 100,000,000
• Post Office Savings Account CFAF 70,000,000
• Cash in hand CFAF 30,000,000
ii. The company contracted a long-term loan from a commercial bank worth CFAF, 1,400,000,000.
iii. Customers owe the company CFAF 70,680,000 and CFAF 20,000,000.
iv. The company owes its suppliers CFAF 90,400,000 and National social Insurance Funds
(NSIF)FCFA 40,280,000.
Required:
Prepare the balance sheet of the company at 1
st
December 2017
THE UNIVERSITY OF BAMENDA
HIGHER INSTITUTE OF COMMERCE AND MANAGEMENT
SESSION: FIRST SEMESTER EXAMINATION 2017/2018
DEPARTMENT: ACCOUNTING & FINANCE
LEVEL: 300
COURSE TITLE: OHADA ACCOUNTING I
TIME ALLOWED: 3 Hours
LECTURER: VALENTINE OJONG
Instructions: Attempt all questions!
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2. The following information is provided on the revenue and expenses situation of Vision Manufacturing
Company Limited for 2017.
• Purchases of raw materials CFAF 135,070,000
• Purchases of non-storable office stationeries CFAF 7,285,000
• Repairs and maintenance CFAF 9,143,000
• Insurance CFAF 57,852,000
• Remuneration of middlemen and honorarium CFAF 11,380,000
• Postages and telephone CFAF 4,725,000
• Bank charges and commissions CFAF 5,138,000
• Advertising CFAF 6,000,000
• Rates and taxes CFAF 5,322,000
• Salaries CFA F 108,425,000
• Social security contributions (NSIF) CFAF 18,785,000
• Interest on loans and debentures 1 CFAF 8,345,000
• Sales of goods within the country CFA F 484,140,000
• Interest received and sundry receipts CFAF 6,835,000
• Fiscal fines and penalties CFAF 8,725,000
• Grants and subsidies received CFAF 38,135,000
At the end of the year, the stock of raw materials was totally consumed and, the stock of finished goods
totally sold. The company tax stood at CFA F 40,715,000.
Required:
Prepare the company’s profit and loss account to show the profit or loss on:
i.
Exploitation operations;
ii.
Financial operations;
iii.
Operating activities;
iv.
Non-operating activities;
v.
Net profit or loss before tax;
vi.
Net profit or loss after tax.
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