OHADA Financial Accounting (ACCM3102)

Faculty of Economics and Management Science (FEMS)

Semester: First Semester

Level: 300

Year: 2017

Answers (200 )
Structural questions: answer by true (T) or false (F) (1-mark x 4 = 4marks)
a) The act of depositing cash in company’s bank account opened in BICEC by a customer is
qualified as an internal flow.
b) VAT due, recorded under 4449, is when for a period, the amount of VAT collected is more
than the amount of VAT recoverable.
c) Under the centralized system, an account used for a particular auxiliary journal cannot be used
in another auxiliary journal.
d) A credit invoice is a document prepared by the customer when he/she returns part of goods
previously bought to the supplier.
Practical questions
1) Complete the following invoices (0.25 marks x 18 + 1 mark for preliminary calculations = 5.5)
Invoice No. 01 Invoice No. 02 Invoice No. 03
G A
Bonus 10%
C N
Cash discount 1%
Fin. Net
VAT 19.25%
Net payable
1,000,000
G A
Bonus 10%
C N
Cash discount 1%
Fin. Net
VAT 19.25%
Net payable
X G A
Bonus 10%
C N
Cash discount 1%
Fin. Net
VAT 19.25%
Net payable
2,000,000
857587.5
2) Centralize the following extract of auxiliary journal (0.25-mark x 10 = 2.5 marks)
3)
AUXILIARY JOURNAL BANK DEBIT
Dates
Description
Accounts Debited Account credited
521 4454 6312 675 565 588 411 585
THE UNIVERSITY OF BAMENDA
FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES
1
st
Semester C.A Course: OHADA Financial Accounting: ACCT303
Credit Value:
Course Lecturers:
Time: Course Status: Date:
Venue: Instruction:
www.schoolfaqs.net
TOTAL 2,280,375 17,325 15,000 90,000 707,700 315,000 1,020,000 360,000
4) Correct on the 10/03/2017 the following wrong entry (3 marks)
601
4452
401
Supplier
Purchase of goods
VAT recoverable
See purchase invoice No……
119,250
100,000
19,250
5) Record the following invoices for goods bought and sold by Maigod enterprise (2 marks x 2 +
1 mark = 5 marks)
Debit invoice No 004, issue on 11/03 Debit invoice No 007 received on 05/03
G A
Bonus 10%
Com. Net
VAT 19.25%
Net payable
5,000,000
500,000
4,500,000
86,6250
5,366,250
G A
Bonus 5%
Com. Net
VAT 19.25%
Net payable
4,000,000
200,000
3,800,000
731,500
4,531,500
NB: mark up rate on sale 20% all payments were done by cash.
08/03
www.schoolfaqs.net