gce 2022 intermediate level ohada financial reporting 2

gce 2022 intermediate level ohada financial reporting 2

gce 2022 intermediate level ohada financial reporting 2

Required:

Determine the original values of the building and the office equipment.
Present the depreciation table of building using appendix 2.
Calculate and record the depreciation expenses on the fixed assets on 31/12/2020.

TOTAL (20 marks)
3. On the 31/12/2020 the following information are presented to you for adjustment before the preparation of the
annual financial statements:
> Postage stamps bought for 75 000F had not yet been used
> A six (6) months ‘Rent of 900 000F was paid on the 1/11/2020
> Telephone bill estimated at 29650F of which the bill has not been received.
> An invoice for goods delivered to ABA worth 238 500F VAT inclusive was not yet established
> On the 01/09/2020the company received 450 000F being rent for 6 months from her tenant
> Interest on a long tenn loan from the bank amounting to 600,000 FCFA has …
> A bonus of 800,000 FCFA ( before VAT) is to be granted to a customer, but the credit note is yet to be
established.
> A warranty of 2,000,000 FCFA is to be provided for repairs to made to customers.
> A case with a worker was conducted in June. Legal Adviser of the company made a provision of 8000,000
FCFA as compensation to this worker.
> Due to the construction of a new road, a piece of land owned by the company shall be reduced by 500 m ‘, with
a nrf estimated to the cost 10,000 FCFA.
Required:
Record the adjustment entries in the classical journal. (20 marks)
You are provided with information concerning the situation of customers in Nchams Entity for the accounting
period ended Dec 31, 2020 before adjustments (exclusive VAT).
4.
Names of customers Debts (FCFA) Impairment 2019(FCFA)
NGWA 5 100 000 3 060 000
NJECK 6 000 000 1 800 000
BOBE 1 500 000 150 000
ENOW 3 000 000 600 000
AWEY 10 080 000 3 000 000
The following settlements were made in the course of the year 2020:
NGWA 2 10 000FCFA
NJECK 3 000 000FCFA
AWELY 540 OOOFCFA
•J
Observations as at the 31/12/2020;
– A new customer Mbela owing 4 800 OOOFCFA ( before VAT) is completely bankrupt
– Ngwa, probable loss of 40% of the balance
– Njeck, we expect to recover 30%
– Bobe’s debt is completely irrecoverable
– Enow’s where about is unknown.
– Awey is bankrupt . the situation of his balance sheet is as follows:
i.
Elements AMOUNT FCFA
Net Assets 18 000 000
privileged creditors 12 000 000
Ordinary creditors 24 000 000

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