cameroon gce A level 2024 corporate accounting 3
cameroon gce A level 2024 corporate accounting 3
01/03/2022 with a capital of 600,000,000CTAF and registered for tax purposes with [he Bameiria tax office where n
was March attribut
| Generate the taxpayer’s identification number for MACAM Pic. | (2 marks) |
2) Calculate the monthly VAT liability for March 2022 (use APPENDIX 1 ). (20 marks)
3) Fill the VAT return form for Maxell 2022 (use APPENDIX 2). ; (12 marks)
4) Present the journal entries for the VAT declaration in March 2022 knowing that declaration and payment by bank
(6 marks)
(Total 40 marks)
transfer are done on the 5th of April
| SECTION B: COMPANY TAX | (60 MARKS) | |
| In addition to the declaration of monthly VAT above you are supposed to process the annual tax returns for MACAM Pic | ||
| for the year 2022. On the 31/12/2022, the following extracts were taken from the books of MACAM Pic. | ||
| A/C No Title of accounts | Dr (CT‘AF) 60,000,000 |
Cr (CFAF) 95,000,000 |
| 137 | Ordinary activity profit/loss |
Extra ordinary activity profit/loss
Sales
20,000,000.
18,000,000
800,000,000
138
70
A careful examination of the various accounts has permitted us to sort out the following:
On return from a mission from the UK, the marketing director on presentation of expenditure vouchers was
reimbursed 4,000,000 CFAF while he has a flat monthly displacement allowance of 130,000 CFAF for trips
within UK.
Donations and gifts:
To Japoma Orphanage in Yaounde 3,000,000 CFAF
– To the PWD Bam.enda where the president is the manager’s wife 20,000,000 CFAF.
To a motherless baby home in Tchad 2,500,000 CFAF.
Depreciations:
2,000,000 CFAF for a building acquired for 30,000,000 CFAF on 01/01/2017 (life span 20 years)
An equipment acquired 5 years ago for 18,000,000 CFAF’ was considered to be completely depreciated by the end
of 2019 (last year)
* Some shareholders who own less than 25% of the share capital put at the disposal of the company funds of which
deposits and withdrawals were as follows:
– Balance as at 01/01/2017: 8,000,000 CFAF
Deposit on 01/06/2020: 10,000,000 CFAF – –
– Withdrawal on 31/10/2020: 6,000,000 CFAF
These funds have been remunerated at the rate of 16.5%. The Central Bank rate for advances of the
been 11.5%.
current year
Rates and taxes had lines and penalties 5,000,000 CFAF and business license 6,000,000 CFAF.
Exempted revenues were 8,000,000 CFAF
Tosses brought forward:
– 2017: 6,000,000 CFAF
– 2018: 10,000,000 CFAF
– 2019: 4,000,000 CFAF
– 2020: 3,000,000 CFAF
Advance taxes paid:
o On purchases: 5,000,000 CFAF
