CAMEROON GCE O LEVEL PAST QUESTION, OHADA FINANCIAL ACCOUNTING

CAMEROON GCE O LEVEL PAST QUESTION, OHADA FINANCIAL ACCOUNTING


GCE O LEVEL PAST QUESTION, OHADA FINANCIAL ACCOUNTING questions without answers . They are 8 questions below for you to solve. Get a pin and paper, solve the questions below. If you face any problems solving, contact us for full solutions.



1.             (a)Mr.kanghi Emmanuel is a worker in the company BIFUNDE Ltd and is in category 6, echelon F.
            During the month of January 2020, the following data was extracted from his Time Card:
1st Week
4 hours and 2 hours on Sunday
2nd Week
50 hours
3rd Week
40 hours and 3 hours at night
4th Week
60 hours
Mr.kanghi Emmanuel earns a monthly Basic Salary of 123,885 FCFA.

Required:
(i) Calculate the hourly rate for Mr.kanghigiven that the statutory monthly duration of work is 173,33 hours.
(2.5marks)
(ii) Calculate the Overtime hours of Mr.kanghi Emmanuel using Appendix 1.                                 (7 marks)
                                                                       
(b) The Time Card of workers in MESSASI Enterprise during the 2nd Week of January 2020 (6th to 11th)
indicated the following:
Workers’ Names
Hourly Rate
Post
Time worked in Hours daily
6th
7th
8th
9th
10th
11th
GEH
2,400
Electrician
8
8
8
8
8
8
DUNG
3,600
Electrician
9
8
-
10
12
10
MANG
3,000
Electrician
7
8
11
8
7
9
KELLU
3,200
Builder
9
   9
8
9
10
10
NENGEH
4,100
Foreman
10
6
8
7
7
10

You are further informed that:
Ø  A normal working week is 40 hours;
Ø  Overtime is paid an hourly rate increased by 20% from the 41st to the 48th hour each and an hourly rate increased by 30% from the 49th hour.

Required:
(iii) Calculate the Overtime remuneration earned by each worker for the week using Appendix 2.    (8 marks)

(iv) Determine the Basic Wages earned by each worker for work using Appendix 3.                         (2.5 marks)
                                                                                              (Total 20marks)

_______________________________________________________________________________________________

2.(a) During the month of December 2019, NJOH Enterprise carried out the following transactions relating          to containers:

Dec. 6, 2019 : Purchase of lost containers by bank cheque; 1,500 plastic bags at 80 FCFA per bag.

Dec.15, 2019 : Purchase of empty drums to be used in facilitating the distribution of palm Oil to customers; 100drums of 50 litres at 3,000 FCFA each. Transport paid amounted to 50,000 FCFA.  Settlements were made by bank cheque.

NB: VAT should not be applied on the transactions.

Required:
Record the transaction in the Journal of NJOH Enterprise using the Periodic Inventory where necessary.
(6 marks)

(b) During the month of January 2020, NJOH Enterprise made available the following informationrelating to the situation of the movement of non-identifiable returnable containers:
      January 1,  2019: In Stock; 625 crates and on consignment; 1,500 crates,
      January 2,  2019: Purchases from suppliers’ supplier keluh; 400 crates,                    
      January 3,  2019: Consignment to customer Buh; 300 crates,
      January 4,  2019: Customer Buh returns 200 crates and keeps the rest,
      January 5,  2019: Sold to customer Beng; 60 crates,
      January 6,  2019: Hired to customer tem; 20 crates.

Required:
Prepare the Quantitative Stock Bin Card using Appendix 4.                                                               (14 marks)
                                                                                                                              (Total 20marks)
_______________________________________________________________________________________________
    3.You are  an employee at FECHOU Enterprise. The enterprise   uses the Centralised System of Accounting.
On  January  30,  2020,  the  Manager  hands  to  you  a  file  containing  the  followingtransactions which took place during the month of January 2020:

January 2  : Credit purchase of goods …………………………………….  100, 000 FCFA
January 4  : Cash purchases of goods ……………………………………..  200,000 FCFA
January 10: Credit sales of goods …………………………………………. 150,000 FCFA
January 13: Cash sales of goods by bank cheque ………………………   .. 170,000 FCFA
January 18: Received from Customers by bank cheque ………………...…   39,000 FCFA
January 30: Paid bank cheque to a supplier ………………………………..   25,000 FCFA

NB:
Ø  Apply VAT at 19.25% on all purchases and sales transactions.
Ø  The enterprise keeps the following auxiliary journals:
·         Purchases Journal              (Appendix 5A)
·         Sales Journal                     (Appendix 5B)
·         Cash Receipt Journal        (Appendix 5C)
·         Cash Payment Journal      (Appendix 5D)
·         Bank Debit Journal           (Appendix 5E)
·         Bank Credit Journal          (Appendix 5F)
Required:
Record the transactions in the Auxiliary Journals (Appendix 5A, 5B, 5C, 5D, 5E, 5F).                 (20 marks)
______________________________________________________________________________________________

4.During the month of December 2019 FEKAH Enterprise had the following stock situation in its books:
December 1  : Initial stock of beer; 300 crates at 3,800 FCFA per crate
December 3  : Purchases of 400 crates of beer at 3,900 FCFA each
December 7  : Sales of 700 crates of beer
December 10: Purchases of 550 crates of beer at 4,000 FCFA each
December 17: Purchases of 600 crates of beer at 4,100 FCFA each
December 20: Sales of 80 crates of beer
December 24: Sales of 300 crates of beer
December 28: Purchases of 120 crates of beer at 4,200 FCFA each
December 31: Sales of 500 creates of beer

Required:
Establish the Stock Slip using the Weighted Average Cost after all entries (Appendix 6).        (10 marks)
                                                                                                                (Total 20marks)



_______________________________________________________________________________________________


5.(a)AKOTSE Enterprise is a small business down town, Buea Road, Kumba.  It holds a bank account with National Financial Credit (NFC), Kumba branch.  During the month of December 2019, the enterprise carried out the following transactions:
December   4: Balance brought forward …………………………………………………  250,000 FCFA (Debit)
December   5: Cheque No. 10; payment to Suppliers…………………………………….  300,000 FCFA
December   7: Remittance of Cheques received from Customers………………………..   800,000 FCFA
December 10:Remittance of Cash from Cash Account………………………………….   500,000 FCFA
December 11: Cheque No. 15; payment for Purchases…………………………………..   460,000 FCFA
December 12: Cheque No. 17; payment of Transport expenses………………………...      30,000 FCFA
December 14: Cheque received from Customers………………………………………...   700,000 FCFA
December 15: Cheque No. 21; payment of Rent………………………………………...      56,000 FCFA
December 20: Bank Charges for the month……………………………………………...      15,000 FCFA
December 28: Cheque No. 801; Loan from Mr. KEM-ATUH………………………….. 1,500,000 FCFA

Required:
(i)Prepare the Bank Account in AKOTSE Enterprise using Appendix 7.(12 marks)

(b)For your recruitment test in AKOTSE Enterprise,you are given a File containing the following information relating
toLiquid Assets for treatment:
January   1, 2020: The Total Debit balance of Liquid Assets was 358,000 FCFA; divided into 92,000 FCFA in
Cash, 150,000 FCFA at the Bank and the balance in the Giro Account.
January   4, 2020: Sales; settlement in Cash 18,000 FCFA and by Postal Cheque 250,000 FCFA.
January   8, 2020: Supplier Ndum was settled by Bank Cheque 73,000 FCFA.
January 15, 2020: Paid expenses by Postal Cheque 400,000 FCFA, in Cash 50,000 FCFA, and by Bank Cheque
                              65,000 FCFA
January 23, 2020: Transferred from Bank to Giro account 25,000 FCFA

Required:
Prepare the Liquid Assets Account using Appendix 8. (8 marks)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
  (Total 20marks)
_______________________________________________________________________________________________

6.You have just been recruited as Accounts Clerk in the company Active Commerce. The company specializes in
the buying and selling of assorted goods.  It has its headquarter in MUYUKA, PMB 70, Tel 333 22 25 13,
Bank a/c No. 012, SGBC Limbe.  The Chief Accountant handed the following Files to you for treatment:5
File No. 1:  Order placed by “Jude” on January 10, 2020 to “Active Commerce
50 cartons of Perfume Avon at 17,000 FCFA each.
10 cartons Lander at 15,000 FCFA each.
File No. 2:  Order No. 006
Invoice No. 002 sent to  “Jude” on January 22, 2020                   
50 cartons of Perfume Avon at 17,000 FCFA each.
                    10 cartons Lander at 15,000 FCFA each at the following conditions:
                     -   Trade discount 10% and 5%
                     -   Cash discount 1%
                     -   VAT 19.25% (Round to the nearest unit)
                     -   Mode of payment:   Half by Cash (Voucher No. 006) and the rest by Bank Cheque No. 0047 on
                         January 25, 2020.
                     -   Margin  Rate is 25% 
 Required:
(i) Establish the Invoice No. 002 using Appendix 9.                                                                            (8 marks)
(ii)Draw up the Bank Cheque No. 0047 using Appendix 10.                                                               (6 marks)
(iii) Make the Journal entries in the books of “Active Commerce”.                                                      (6 marks)
(Total 20marks)

_______________________________________________________________________________________________


7.The expenses incurred by YAYA Enterprise, P.O. Box 32 MAROUA for the month of January 2020 were as follows:
Ø  Purchase Price of goods bought (600 units) ……………………………………… 1,200,000 FCFA
Ø  Direct Purchase and Supply expenses …………………………………………….      80,000 FCFA
Ø  Direct Distribution and Supply expenses …………………………………………    300,000 FCFA
Ø  Indirect Administration expenses …………………………………………………    180,000 FCFA
Ø  Indirect Financial expenses ……………………………………………………….      20,000 FCFA
A careful study and a breakdown of these expenses show that 30,000 FCFA of the Administrative expenses had to do with purchases while 150,000 FCFA were related to sales.

As regards Financial expenses, 4,000 FCFA of the amount had to do with Purchases while the remaining 16,000 FCFA had to do with Sales.  The sales of 520 units for the period amounted to 1,750,000 FCFA.  There was however no opening stock.  

Required:
(i) Show the reclassification of expenses using Appendix 11A.                                                 (6 marks)
(ii)Calculate the PURCHASE COST and the Purchase Cost per unit of the goods bought using Appendix 11B.                                                                                                                             (6 marks)
(iii) Calculate the TOTAL COST and unit Cost Price of the goods sold using Appendix 11C.    (6 marks)
(iv)Calculate the GROSS PROFIT of the Month of January using Appendix 11D.                            (2 marks)                                        
(Total 20marks)
_______________________________________________________________________________________________
8.     The Manager of FOKOU Enterprise handed the following documents arranged in a File by the Cashier for you to do the necessary Accounting treatment:

SUMMARY  OF  CASH  R     ECEIPTS
Cash Receipt No. 457                                                         Cash Receipt No. 458
On:  14/01/2020             Amount: 2,000,000 FCFA                  On:  16/01/2020         Amount: 500,000 FCFA
  Received from: LUCKY-GUY          Received from: TONY-BOY
  Being: Cash-down Sales of goods  Being: Cash-down Sales of goods

Cash Receipt No. 459                                                           Cash Receipt No. 460                              
  On:  18/01/2020             Amount: 1,000,000 FCFA              On:  20/01/2020        Amount: 1,200,000 FCFA
  Received from: Customer NKWAIN                                     Received from: Customer NDUKONG
Being: Settlement of goods supplied to him on 02/01/2020Being: Advances and payment on account received

BANK CHEQUE  COUNTERFOILS
Serial No.AB              Cheque No.1 234                           Serial No.XH              Cheque No.   8 790
Order:  FOKOU Enterprise                                                   Order:  Ourselves
Reason: Goods Sold                                                               Reason: Withdrawal for Office use
Sum of:1,560,000  FCFADate: 06/01/2020               Sum of:  1,840,000  FCFA          Date: 25/01/2020

CASH  VOUCHERS
                          Cash Voucher No. 360                                              Cash Voucher No. 361
  On:  17/01/2020             Amount: 150,000 FCFA                On:  26/01/2020             Amount: 60,000 FCFA 
  Object: Settlement of Electricity Bill                                    To: PUBLIC TREASURY
                                                                        Object: Purchase of Fiscal Stamps


Cash Voucher No. 362                       Cash Voucher No. 363
  On:  27/01/2020             Amount: 40,000 FCFA                    On:  31/01/2020             Amount: 50,000 FCFA
To: PRESSBOOK                                                                    Object: Settlement of Rent
  Object: Purchase of Office Stationeries

Required
Record the transactions in the Classical Journal of FOKOU Enterprise (Use Periodic Inventory).   (20 marks)

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