gce 2022 intermediate level ohada financial accounting 2

gce 2022 intermediate level ohada financial accounting 2

gce 2022 intermediate level ohada financial accounting 2

You work as an accountant in BOUBA and Co. Ltd (PO BOX 1021 Douala, Tel: 651 36 25 91 A/C No 9875
BICEC Douala). On the 06/09/2020, BOUBA supplied the following goods to CAMI Enterprise (BP 0491,
Dschang, Tel: 695 61 4111, A/C No 5025360 SGBC Dschang)
200 cartons of biscuits at 6,000FCFA each.
220 bags of salt at 2,000FCFA each
30 bags of rice at 612,000FCFA
8S cartons of sugar at 74S,000FCFA
Transport invoiced 84.930FCFA
For more information, see appendix 1
After receiving the goods, CAMI enterprise realized that 100 cartons of biscuits were not of good quality, so he
sent them (100 cartons) back on 10/09/2020, incurring a transportation cost of 16.936FCFA before tax. Upon
reception of the biscuits, BOUBA and Co Ltd prepared the credit note No CN 2014 (see appendix 2).
For commands above 2000 000FCFA, a rebate of 5%, trade discount of 2% and cash discount of 1% to
encourage prompt payments is granted. VAT 19.25%.
On 15/09/20 CAMI enterprise settled invoice no DI 211 by cheque No 00289 (Appendix 3), after subtracting
the value of the credit invoice No CN2014.
1 .
Required:
i. Complete appendices1,2 and 3
ii. Journalize all the documents
(13 marks)
(7 murks)
TOTAL (20 marks)
2. During the month of February 2019, the movement of stock of rice in ETS ALL FOR GOD was as follows:
01/02/2019 – Opening stock 200 bags at 16,000FCFA a bag
05/02/2019 – Purchase 100 bags at 16, 300FCFA a bag
10/02/2019 – Sales 150 bags
12/02/2019 – Purchases 200, bags at 16, 800 FCFA a bag
15/02/2019 – Sales of 120 bags
20/02/2019 – Purchases, 80 bags at 16,250FCFA a bag
22/02/2019 – Purchases 120 bags at 16,200FCFA a bag
25/02/2019 – Sales of 225 bags
27/02/2019 – Purchases of 150 bags at 16 500FCFA a bag
Required:
i. Present the stock situation of rice in MOWUB Ltd, using the weighted average cost after each entry
method (use appendix 4) ( 18 marks)
(2 marks)
TOTAL (20 marks)
u. Name two other methods of stock valuation
3. The transactions of Mr. SENDGE’s enterprise are presentedfor the month of September, 2020 as follows:
September 1 . l ie started a business with bank cheque 8000, 000FCFA and inserted 4000, 000FCFA cash
into the business.
September 2. Bought equipment worth..2,400,000FCFA.
September 3. Purchase of goods by cheque..190, 000FCFA.
September 5. Sales of goods, payment by cheque…100,000FCFA.
September 10. Purchase of goods by cheque….150,000FCFA
September 15. Cash deposit into the bank..70,OOOFCFA
September 19. Cash sales of goods…94,000FCFA
September 23. Cash payment of salaries… 140.000FCFA
September 27. Sales of goods by cheque… 90.000FCFA
September 30. Purchase of office stationery by cheque.. 120,000FCFA