Advanced level 2025 South West mock corporate accounting 3
Advanced level 2025 South West mock corporate accounting 3
SECTION A
QUESTION ONE: v^W.ADDED TAX (40 MARKS)
chronological number 00457685k. This company is a trading company that &£‘* and scIls ccrtam ta*aWe
products and renders some services both at homo and abroad.
For the last quarter of the year, 2024, you arc given the following information (Figures arc VAT ckchuivo
| and in CFAF): Element |
• | October | . November | December |
| Local sale of goods | 10,680,100 | 8,880,200 | 10,800,000 | |
| Income from sendees rendered locally | 7,200,500 | 900,000 | 1,008,200 | |
| Export of goods abroad | 3,300,000 | 820,000 | 5,800,000 | |
| Local purchase of goods Payment for services rendered locally Purchase of goods from abroad Payment for services rendered from abroad |
4,800,600 640,000 3,840,000 648,000 |
5,080,200 430,000 3,432,300 864,000 |
3,400,000 860,000 3,240,200 516,000 |
|
| There is a VAT credit brought forward of 192.500CFAF from the third quarter. | ||||
| Required: | ||||
| a) Establish a tax payer identification number for AMAXON PLC | . | (2 marks) |
b) Differentiate between tax point and tax liability (2 marks)
c) Determine VAT payable/credit for each month and for the quarter using APPENDIX 1 (12 marks)
d) Fill the VAT return for the period using APPENDIX 2 (14 marks)
e) Journalise VAT declaration for the quarter, knowing that the VAT due was paid by bank transfer on
the 31/12/2024. (4 murks)
f ) List any‘ three obligation of VAT subjects and the accompanying sanctions in case of failure to meet
| up with them | (6 marks) (Total 40 marks) |
SECTION B
QUESTION TWO: COMPANY TAX (60 MARKS)
NISHANC PLC was created on the la January‘ 2020 with a capital of 100,000,000 CFAF. It registered with
the Buea Divisional Tax Center with registration number M012004450133R and address P.O Box 076
BUEA For the financial year ended 31/12/2023, y‘ou are given the following information concerning
accounting profit:
• Net profit 87,170,000 CFAF
• Annual turnover: 775,125,000 CFAF (Tax Inclusive).
A careful analysis of expenses and revenues used for the financial statements for 2023 revealed the
following:
1. The manager of the company‘ decided to take a leisure trip with the staffs and all expenditures of
I£00,000 w ere imputed on the company.
2 To meet up with liquidity problems, the company made use of funds made available by shareholders in
their current accounts above their shareholdings of 40,000,000 CFAF. The amounts were made
available on the 30,05/2023. These shareholders were rewarded with an interest of 16.5% per annum,
niereas the I3EAC rate for 2023 stood at 12.25‘i per annum
| 3. lie comply donated computere 3,W ).mCFA p |
JCT equipment to schools to encourage digitalization for |
| i | t e: y c j r ended i 1/ 12/2022, the company deferred depreciation worth 1,250,000 CFAF |
