OHADA Financial Accounting 2 (ACCM3202)
Faculty of Economics and Management Science (FEMS)
Semester: Second Semester
Level: 300
Year: 2017
Question one; (30 marks)
The extra-trial balance of RGO before inventory as at 31/12/2016 is given as follows;
A/C Headings Debit Credit
2011 Establishment expenses 300,000
2421 Agric. equipment 9,600,000
245 Transport equipment 15,900,000
2842 Depreciation of agric. equipment 5,760,000
2845 Depreciation of transport equipment 17,197,500
Additional information
➢ The agric. equipment was acquired at the formation of the company and depreciated linearly
at 15%
➢ The transport equipment includes:
- An HILUX 2.8 acquired on 01/9/2009 for 9,900,000F tax exclusive and is depreciating in
respect of the linear method
- a DYNA 100 acquired on the 10/07/2014 and is depreciated in respect of the reducing balance
method with net accounting value being 14,400,000F as at 1/1/2015
- A delivery van acquired on the 1/3/2016 for 14,310,000F tax exclusive and is depreciated in
respect to the reducing balance method with life span of 10 years. However, on that entry date,
the accountant who was steel a learner debited 485 and credited 245 with the entry value tax
exclusive for the acquisition done by cash
➢ the establishment expense was incurred on the 12/08/2014 and was too depreciate linearly for
5 years
Work required:
1) Determine the date the company was formed. (5 marks)
2) determine for DYNA100:
a) the original value (5 marks)
b) the rate of depreciation and (5marks)
c) the life span (5 marks)
3) make the necessary adjusting entries in the journal of RGO (10 marks)
Question 2; (40 marks)
CAMFAITH is a commercial enterprise, based in Bamenda. You work as an assistant
accountant in the enterprise. At the end of 2015, the situation of customers and shares are
presented in appendices 1 and 2 respectively.
Appendix 1; statement of litigious and doubtful customers as at 31/12/2015
customers debt (after tax) settlement 2015 2014 provision observation
NOUGA 1,500.000 715,000 1/2 To balance his account
MISSE (1) 596,250 800,000 890,250 might be recovered
THE UNIVERSITY OF BAMENDA
FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES
2
nd
Semester Exam Course: OHADA Financial Accounting: ACCT304
Credit Value:
Course Lecturers:
Time: Course Status: Date:
Venue: Instruction:
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AFANA 2,400,000 80% liquidation over
NGONO 720,000 (2)
FOUSSA 850,000 disappeared
(1) The previous provision represents 0.4 of the debt
(2) NGONO’s balance sheet is as follows
assets liabilities
201-original establishment expenses = 500,000 privileged debts = 4,500,000
231-commercial building = 6,500,000
unprivileged debts (including NTEFAM
and CO. Ltd = 6,250,000 245-transport equipment = 3,000,000
Appendix 2; situation of short-term securities as at 31/12/2015
type number
unit purchase
price
market price as at
31/12/2014 31/12/2015
TABAC 60 25,000 23,000 33,000
UCB 150 40,000 45,000 38,000
BRASSERIES 240 75,000 75,000 70,000
GUINESS 300 50,000 47,500 50,000
Work required:
2.1- using appendix1, prepare the statement of doubtful customers
2.2- With the help of appendix 2, prepare the statement of shares
2.3- in the classical journal, carry out the regularization for the two statements
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