OHADA Financial Accounting 1 (ACCM3102)
Faculty of Economics and Management Science (FEMS)
Semester: First Semester
Level: 300
Year: 2017
Question one: answer TRUE or FALSE (1mark each = 10 marks)
1.1. In recordings, expenses accounts function the same as liability accounts.
1.2. When within a period the value of VAT collected is more than that of VAT recoverable, the
difference is during declaration will be called VAT due and will be recorded under the debit
side of account 4441.
1.3. In recording, following the source and application technique, all sources are credited while all
applications are debited.
1.4. A recoverable container is a container that can be used several times for difference purposes.
1.5. Under the centralized system, an account used for a particular auxiliary journal cannot be used
in another auxiliary journal.
1.6. The acronym OHABLA (OHADA in French) stands for Organization for the Harmonization
of Business Law in Africa.
1.7. At the closing of an account, when total debit is more than total credit, the balance is called
debit balance and placed at the debit side.
1.8. Two accounts are said to be reciprocal when they are kept in two different books for the
recording of the same transaction at the opposite side.
1.9. The act of depositing cash in company’s bank account opened at BICEC by a customer is
qualified as an external flow.
1.10. Invoice, pay slip, journal, balance sheet are all accounting source documents.
Question two: reproduce and complete the following invoices (1mark each=10marks)
Gross amount
Bonus2%&5%
Commercial Net
Transport invoiced
Containers
VAT 19.25%
Net payable
1,000,000
………..
………..
50,000
25,000
…….
……….
Gross amount
Cash discount 2%
Financial net
Transport paid
Containers
VAT 19.25%
Net payable
………….
…………
…………
35,775
80,000
………
………..
Gross amount
Rebate …. %
Financial net
Transport paid
Containers
VAT 19.25%
Net payable
3,000,000
……….
............
35,775
80,000
581,350
3,637,125
Question 3: (10 marks)
Ndja Limited is concerned with the production and sale of palm oil in returnable drums. You
were given the following date concerning the movement of drums during the month of January;
01/01 inventory shows that there are 230 drums in stock and 200 drums on consignment
02/01 entry voucher for the return of 100 drums.
02/01 consignment to customer Che: 40 drums;
03/01 returns by kum: 12 drums;
04/01 consignment from another supplier of palm oil, 25drums;
04/01 sales to Achu: 5 drums
Work required: establish the stock Bin Card of drums in Ndja Ltd.
THE UNIVERSITY OF BAMENDA
FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES
1
st
Semester Exam Course: OHADA Financial Accounting: ACCT303
Credit Value:
Course Lecturers:
Time: Course Status: Date:
Venue: Instruction:
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Question 4 (40 marks)
Bertino is a commercial company that deals in the buying and selling of building material. For
your recruitment as an intern in the accounting department, you are given the following;
02/04: issue of invoice No.9 to customer John box 290 for the sale of the following: 100bags
of cement at 5000f each, 100 bottles of gas at 7,500FCFA each. 50 cartons of nails for
3,000FCFA, sale conditions; trade discount 2%, each discount 2% (if payment before 10days)
deposit on gas bottles consigned 1,000 FCFA each, transport invoiced 25,000 FCFA (shared
proportionally to quantity bought) VAT rate, 19.25%. Mark up rate on sale 20%. Payment was
to be done later.
On the 04/4 John return 10 bags of cement due to poor quality as well as the containers
consigned (container retaken at 900 FCFA each due to poor handling by JOHN) and a credit
note No. 54 was issued.
On the 5/04, john informed the company that he will prepare a cheque for the settlement o the
balance of his debt on the 6/04. Due to the sale condition, a credit invoice No. 55 was issued
same day to John by the company for cash discount on the amount to be settled.
On the 6/04, the company received a cheque for the balance due
Work required:
4.1. Present the invoices No. 9, No.54 and No. 55. (10marks + 4 marks + 3 marks = 17 marks)
4.2. Determine arithmetically the balance to be settled by John on the c 6/04 (3marks)
4.3. Show the journal entries for all transactions in the books of Bertino (20 marks)
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