OHADA Financial Accounting 2 (ACCM3202)

Faculty of Economics and Management Science (FEMS)

Semester: Second Semester

Level: 300

Year: 2018

Answers (200 )
THE UNIVERSITY OF BAMENDA/UNIVERSITE DE BAMENDA
FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES ACCOUNTING DEPARTMENT
Second Semester Examination 2017/2018 Academic year
Course code and title: ACCT 304-OHADA Financial Accounting II, Year 2 Credit Value: 5, status: C
Course instructors: Dr. OMENGUELE Rene Guy / Mr. NDJAHA -NGANA Godlove
Venue: CCAST lower hall Date 14/07/2018 Time: 7: 30- 10:30
Instructions: Answer all questions
SECTION 1: DEPRECIA TION OE FIXED ASSETS/ 15marks
The situation of the fixed assets of Fokou enterprise is presented as follows as at 31/12/2017:
Assets
Services
dates
OV Life span
Depreciation Method
Computer equipment
01/01/2015
6.000,000
4 years
Constant
Office equipment
20/01/2015
4,500,000
5 years
Sum of year’s digits
Transport equipment
07/07/2014
9,000,000
5 years
Reducing balance
Agricultural machine
25/02/2014
10,000,000
5 years
Service hours (1)
(1) During its estimated lifetime, the machine was to work for 10,000 hours divided as follows: 4,000 hours
in year 1; 2,000 hours in year 2; 2,000 hours in year 3; 1,500hours in year 4 and 500 hours in year 5.
Work required:
1- field the table of depreciation in appendix 3 (to be handed in your written paper)
2- Record the depreciation charges of 2017 in Fokou’s journal.
SECITION 2: DEPRECIA TION OE CURRENT ASSETS/25 marks
You are given the following financial information extracted from the book of Faith shopping:
• extract of trial balance as at 31/12/201-6
codes Descriptions Debit Credit
411 customers 3,398,625
416 doubtful! customers 1,431,000
491 depreciation of doubtfull customers
140,000
• situation of customers as at 31/12/2017 before inventory:
Customers debts T1
Settlement
2017
depreciation
2016
Observation s
NOUGA 1,192,500 954,000 100,000 increase provision by 50%
MISSE ? - ?(I) 178,875fcfa might be recovered
AFANA ? 477,000 - for good
NGONO 417,375 - - may recover 80%
FOUSSA 2,385,000
-
- (2)
(1) This depreciation rate was 20%
(2) FOUSSA’S balance sheet is as follows:
Assets liabilities
231 - commercial building = 6 000 000 Privileged debts = 4 500 000
245- Transport equipment = 3 000 000 Unprivileged debts ( including faith shopping)
=6 250 000
Work required:
1 - Prepare the statement of customers
2- Make the adjustment entries as at 31/12/2017 in the journal of faith shopping
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SECTIONS: THE MINIMUM CASH SYSTEM /30marks
MAIGOD enterprise is a small-scale organisation specialized in purchase and sales of goods, registration number
No2202371 346212-M, the organization follows the Minimum cash system.
The balance sheet as at the 31/12/2016 is presented as follows:
Balance sheet of ABEL enterprise as at 31/12/2015
Assets
Amount
liabilities
Amount
Equipments
Stock of goods
Customers
Bank
1.500.000
4.440.0
340,000
10,000,000
2.850.000
Capital
Result
Borrowing
Suppliers
15,000,000
1,180,000
2,500,000
450,000
Total
19,130,000
Total
19,130,000
The summary of the various books as at the 31/12/2017 are presented as follows
Summary of the Cash account as at 31/12/2017
Description Revenues Expenses Balance Spreading Revenues (Nature of revenues)
Sales Other Income
Total (T) 18,000,000 14,000,000 6,350,000 17,000,000 1,000,000
Summary of the Cash account as at 31/12/2017(continuation)
Spreading of expenses (nature of expenses)
Purchases of
goods
Purchases of raw material
and other supplies
Rent and rental
expenses
salaries
Taxes and
rates
Other
expenses
T T
10,000,000
800,000
300,000
600,000
300,000
2,000,000
Summary of the Bank account as at 31/12/2017
Particulars Revenues Expenses Balance Spreading of Revenues (nature of Revenues)
sales Other incomes
Total
2,000.000
8,000,000
Summary of the Bank account as at 31/12/2017(continuation)
Spreading of expenses (nature of expenses)
Purchases of goods Other
purchases
Rent and rental
expenses
salaries Taxes and
rates
Other
expenses
1,000,000
1,000,000
Other informations : other Balances as at the 3 1/12/2017 are as follows in Fcfa :
Final stock of goods amounting to : 4,050,000
Customers’ accounts : 430,000
Supplier debts : 560,000
The equipment in the balance sheet acquired one year ago is to be depreciated over 5 years linearly.
500,000F was paid up within the year for borrowing
Work required: field as at 31/12/2017 the financial statements of the organization in appendix 1 and 2 (to be past in your
answer sheet).
NB: no additional information should be writing on appendixes
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