cameroon gce A level 2024 corporate accounting 2

cameroon gce A level 2024 corporate accounting 2

cameroon gce A level 2024 corporate accounting 2

SECTION A: COMPANY AND PARTNERSHIP ACCOUNTS
1. A partnership business named K.OL1S was created on the 02/01/2020 between KLEN, DELN and SLEN. 1 he
partners agreed to bring the following elements:
KLEN:
Goodwill
Equipment
Transport equipment
Customers
Impairment for customers
Suppliers
8,000,000
6,500,000
3,200,000
2,600,000\
100,000
6,200,000
DELN:
Commercial building
Equipment and furniture
15,000,000
6,000,000
SLEN:
Contribution in cash 30,000,000 CFAF (20,000,000 CFAF at the creation on the 03/01/2020 by payment
through BICEC bank, 10,000,000 CFAF on the 02/04/2020), the contributions were realised on the
03/01/2020. Creation expenses ( honoraries ) amounting to 48,925CFAF tax inclusive paid by bank cheque.
The balance capital is paid on the 02/04/2020.
Required:
(i) Record all the operations in the classical journal of the Entity.

(ii) Present the opening balance sheet.	(12 marks) (8 marks) (Total: 20 marks)
2. The following information is extracted from the balance sheet of two joint stock companies NON1 Pic. and FHISH Pic. as at 31/12/2021
ASSETS	NON1 Pic FHISH	NONI Pic. (CFAF)	FHISH Pic. (CFAF)	LIABILITIES
(CFAF)	Pic. (CFAF)
Other Fixed Assets
Long Term Securities (2) 500 000	3000 000	1 440 000
Stock of Goods	2 352 000 5 200 000
Debtors	Reserves	2 400 000 2 800 000	1 144 000 2 720 000
Called Capital Uncalled Capital (1)	9 672 000 9 600 000	13 000 000 10 000 000
s/h Uncalled Capital –3000 000
Debts	Available	1 500 000 960 000 16 424 000 2(2000001111)	2 280 000 7 280 000

16 424 000 2(20000101)
(1) Nominal value of NONI Pic. shares: 40 000 CFAF; Nominal Value of FHISH Pic. shares 25 000 CFAF
(2) These securities are constituted as follows:
For NONI Pic.: 100 shares of FHISH Pic
For FHISH Pic.: 180 shares of NONI Pic, wholly paid up *
All other elements, except securities, are evaluated at their accounting value.
Required:
Calculate the mathematical value of a share in NONI and FHISH Pic.
(ii) In 2022 FHISH Pic plans to modify its capital
a) State a legal prerequisite for the modification of capital.
b) Who takes the decision to modify the capital?
c) If new cash shares were issued what would have been the minimum and the maximum issue price?
(i) (10 marks)
(2 marks)
(2 marks)
(6 marks )
(Total: 20 marks)

On 10/02/2021, BAGANA Ltd. decided to increase its capital by 50% through the issue of new cash shares. A
summary of the balance as at that date is presented as follows:
–vis

ASSETS	AMOUNT (CFAF)	LIABILITIES	AMOUNT (CFAF) 54 000 000 4 000 000 2 000 000
Fixed assets Current assets Liquid assets	39 010 000 Owners’ Equity01 16 140 000 Long term liabilities 4 850 000 Current liabilities
TOTAL	60 000 000 TOTAL	60 000 000	( 1)
of which Capital of 2400 shares of 15 000 CFAF each)
The new cash shares were issued at 16 500 CFAF each. At the moment of subscription, priority was given to old
shareholders. The following table summarizes their applications for new shares:
Shareholder	Shares owned	Demand
Bomia	570	350
Tongkoua	670 290 . 390 100	100
Dotan	150
Likound Enongene	500 65 150 . 185 1,500
240 140 2,400	IMipuri Arrey Total

I Upon subscription, shareholders were called to pay–up the legal minimum. All shareholders complied by cash on the
28/01/2021.
Required:
(i) Allocate the new shares for subscription by the old shareholders according to preferential rights of

subscription using appendix 1. (ii) Determine the mathematical value after increase. (iii) Determine the value of the preferential rights of subscription. (iv) How much will LIKOUND disburse in order to have a total of 500 new shares.

(9 marks) (4 marks) (3 marks) (4 marks) (Total: 20 marks)

4. ONNON Entity is a public limited company created on the 1 st of January 2020 with a capital of 480,000,000 CFAF
divided into shares of 20,000 CFAF each. At the end of the 2021 financial year, the net accounting profit was
156,280,000 CFAF. The general assembly of shareholders decided as follows for the appropriation of profits:
• Allocation of legal reserves according to the law
• Allocation of the statutory interest at 8% on the called up and paid up capital
• Statutory reserves to be decided by the general assembly of shareholders
• Gross dividend per share 2,800 CFAF and the balance will be carried forward.
Decision of the general assembly
• Allocation of the statutory reserves 65,000,000 CFAF
• It is indicated that shares in kind represents 1/5 of the shares in cash and all paid at creation. Shares in cash
were paid 80% at the creation of the company the rest was called up and paid up on the lsl of April 2021.
Required
(i) Determine
(2 marks)

(2 marks) (8 marks) (8 marks) (Total: 20 marks)	b) Number of shares in kind Present the table of profit appropriation
(iii)Journalize the profit appropriation given that the dividends were paid on the 31/03/22.
(ii)

a) Number of shares in cash