higher education & training Department: Higher Education and Training REPUBLIC OF SOUTH AFRICA N240(E)(M29)H JUNE EXAMINATION NATIONAL CERTIFICATE COMPUTERISED FINANCIAL SYSTEMS N4 (06030154) 29 May 2013 (X-Paper) 09:00-12:00 ‘This question paper consiste of 19 pagee and 1 addendum. Copyright sored Please turnoverHer 2 NzsoqeyMeayH DEPARTMENT OF HIGHER EDUCATION AND TRAINING REPUBLIC OF SOUTH AFRICA NATIONAL CERTIFICATE COMPUTERISED FINANCIAL SYSTEMS N4 TIME: 3 HOURS. MARKS: 200 INSTRUCTIONS AND INFORMATION INSTRUCTIONS TO INVIGILATORS. 1. Only 8 hours are allowed for the completion of this quesion paper. The 3 hours include all input of data, all printing of answers and all written ‘work if required. 2. In the event of a power falure or computer or printer breakdown, the actual time lost must be added on forthe candidates involved. 3. After completion of the examination session, invgilators must ensure that EXAMINATION NUMBERS of candidates appear on all the printostsanswers handed in. No printouvanswer without an EXAMINATION NUMBER will be marked. 4, NO printoutsfanswars are tobe stapled together. 5. Aer completion of the examination session, invigllators must collect all printouts which are not fo be handed in for marking purposes. No printouts whatsoever are allowed to be taken from the examination room by candidates, or thrown into waste paper bins. 6 No examination paper may be removed from the examinatlor room unt ‘hour has elapsed since the start of the last examination session on the day cof the examination, INSTRUCTIONS TO CANDIDATES 1. Answer ALL questions 2. Only 3 hours are allowed forthe examination. The hours include all input of data, all printing of answers and all writen work if raquirad. Ploase note that 1 extra time wil be allowed for printing, 3. Open the account system TIMBER, already loaded onto the computer. Ii you are a network user, make sure that you select the set of accounts loaded for your workstation. Copyright resewves Paso tum overHer s NeAoqeynaay 4, To ensure that your EXAMINATION NUMBER appears on all your printouts, please carry out the following instructions before you start anewering the ‘quastion paper: 44° Select SETUP 42 Select COMPANY PARAMETERS 43 Enter your EXAMINATION NUMBER and workstation number 44 Glick on'OK 5. You may print on ONE SIDE of the paper only 6. Arrange your answersiprintouts in the correct order and hand in what is required ONLY. If you made use of continuous paper, please separate the sheets from one another before handing them in. 7. NO printouts/answers are to be stapled together. PLEASE NOTE: Marks will be deducted if printouts are NOT in the correct order, if you did not separate continuous. paper, oF if you printed on both sides of the paper. Copyright sored Please turnoverbaer SECTION A QUESTION 1 QS Designs manufactures quality sold timber-framed structures since 1992. They are supplying products directly trom the raw resource to the final product ensurhg the best {ualty for the price. The business uses the computerised accounting sysiem Pastel ‘You are the appointed bookkeeper. Th financial year ofthe business runs from 1 March 2013 to 28 February 2014. ‘The business Is registered for VAT purposes and makes two monthly payments to the receiver of revenue according to the invoice basis. fre requested to complete setup parameters as shown under ADDITIONAL PARAMETER SETUP, Process the rest ofthe transactions for March 2012 (Period 1) 1 PARAMETER SETUP 1. Copyright eeowed ENTRY TYPES (already setup) Entry Type: (G81 Payments (Cash Payments Journal) (CB-1 Receipts (Cash Receipts Journal) ‘CB 2 Payments (Petty Cash Payments Journal) (0B 2 Receipts (Patty Cash Receipts Journal) General Journal Customers Joumal ‘Suppliers Journal ‘Customers Allowances Journal Suppliers Allowances Journal Bad Debis Journal Interest Charged Journal ‘Stock JournalHET 1.2 GENERAL LEDGER ACCOUNTS (already setup) “Recount Number Sales 000/000. Purchases "2000/00 ‘Qponing stock, 2010/000 ‘Glosing stock 020/000 ‘Bad Debis Recovered 2850/00 ‘Advertsing & Promotions '3050/000 Bad Debis, '3150/000 Bank Charges '3200/000 ‘Computer Expenses "3300/000 Courier & Postage "3400/00 Depreciation '3450/000 ‘Donations '3600/000 Electricity & Water "3650/00 insurance "3850/00 Inierest Pad "3900/000 Motor Vehicles — Paral & OW -ATSO/010 Printing & Stationa “4200/00 Fant Paid 4300/00 Repairs & Maintenance 450/000 Salaries & Wages 4400/00 ‘Telephone & Fax “4600/000 Share Capital '5100/000 Fletained income 200/000 Drawings 400/000 Motor Vehicles 15200/000 Motor Vahicies Gost 200/010 ‘Motor Vehicles: Accumulated Depreciation | 6200/020. ‘Office Equipment 6300/00 ‘Office Equipment Cost 6300/010 ‘Office Equipment: Acoumulated Depreciation | 6300/020 “Trading Stock "770/000 Customers Control 78000/000 Bank '2400/000 Potty Cash '3410/000 ‘Supplier Control ‘3000/000 VAT Control "9500/00 ‘Opening Balance, '9990/000 Copyright eserves Natoreyosy Pleat tum overover 4.8 SUPPLIERS' SCHEDULE (already setup) ‘Code Supplier, ‘SPROT Springs Office Equipment DHGOT DHC Suppliers MMO M&M Manufacturers 1.4 CUSTOMERS’ SCHEDULE (already setup) Code | Customers: Moot_[N. Mbababa Boot [Lt Bames 709 [Cash Sales 4.5 STOCK AS ON 1 MARCH 2013 (already setup) Naoqe yao} ‘The stock system of the business is dealt with on a continuous basis using the computer program. All stock purchases are made by means of purchase rotes, and al sales by means of the computerised invoice system. ‘Stock has already been set up. The business adds a 125% proft markup 10 the cost price of stock items. Exclusive tax processing is applied to all stock purchases and sales ‘except where indicated otherwise on invoices. ‘The folowing stock codes and prices (VAT exel.) are applicable: Sik | esertion | un | C28 S68 _[SnatBasctea [Each | 200.00 85” est Bese 60d [Fach | 4500 185 [tar BeseBoa | ean | a0800] T1078 sic [SattCostien [aah | 12000] 27000 HOO Meaum Gustin eacn | 180.00) 4050 Tac. [tags Osion [Escr | 2es00| esisNzAoqeyness ADDITIONAL PARAMETER SETUP + Tax invoice message: Contact us should you require any further Information, |+ The supplier lavolea with which input should statis $1001 + The debit note with which input should start is DNO1. ‘= Add the following serviee item: Code: TCK Description: Travaling cost Unit: Prk Soling price: 2.85 per km (exclusive) “Tick: Show quantity and unit, ‘TRANSACTIONS FOR MARCH 2013 (PERIOD 1) 31 You are required to do the bank reconciliation for March 2018. Do not update the cash receipts and cash payments batches unt after you have completed the bank reconciliation. 32 Use the REFERENCE RECONCILIATION METHOD for bank reconciliation purposes. 3.3 When processing computerised source documents, select the ‘option to display TAX PERCENTAGES in the line entias on these documents, 34 Once you have completed the input of computersed source ‘documents and journal batches, you must print and upcate them, 35 Refer to the attached ADDENDUM concerning the admissible deductions with regards to INPUT TAX, 3.6 _ IT there is no ledger account to enter a specific transaction, such an ‘account must be created. Apply the account structure as it is sot out ‘TAKE-ON BALANCES, Use the information below to process the opening balances on 28 February 2013 in the relevant joumal. Update the batch. Print the age analysis on 28 Fabruary 2013. Supplier Bodays | SO days | Current | Total Springs Office Equipment | 2000.00 1 500,00] 4 850,00] 8 050,00 DH Suppliers 1750,00[ 3 000,00] 4750.00 M&M Manufacturers 775000 100,00] $250.00] 6 500,00 750,00 | 4760.00 | 10,800.00] 19 300,00 Copyright eserves Please tum overover @ 6. Nosoeyneoy CREDIT INVOICES (PERIOD 1) ie M & M Manufacturers Dont everi7t VAT Peg Nos sotetayt van INVOICE To: a Designs 13 Provincial Road 22 Fore Steet EMALAHLENI 1099 1575 KWATHEMA venta TERMS: 10% discount within 15 days 125% ade discount Description Unit Price [Amount Smal Basie Beds 260] 00 | 2310] 00 Smal Cushions ‘20|00 | 1200/00 Medium Basie Beas 25400 | 2494/00 Meoium Cushions ‘es |o0_| 2256] 00 SubjtaT| 9 600 | 00 THE Discount [1211 [25 Bare | 75 THe VAT] 1 1e7 [os TOTAL] Fo 665 [78 DHC Suppliers 0118718591 VAT Reg. No. 1597596548 HCO & 011 671 8590 "TAX INVOICE TO: QS Designs '5 Launceston Road 32 Fore Street KWATHEMA 1575 KWATHEMA 1575 TERMS: 5% sour win 80 cays me Guantity [Description Unit rics | Anount 3 [Large Cushion Basso] 1257] 50 4 [Large Basie Beds sa4|os|_2370| 76 Subloral] 3507] 26 5% Discount | 180 36 3428 [90 sazevat| 7a 77 Tora. [R306 [67 prt resend Please tum overier NoNHE MoH TAX INVOICE SOER2 are na anaes Cite cats SPRINGS SS fore Srost OFFICE EQUIPMENT 1875 KWATHEMA egping one TERMS: Sticty 30 days DATE. 14032013 Description ‘Amount 3 Slee! 12 compartment locees 75 (96 [54 2 Packets of whiteboare markers #50] 50 3 Ink carvidges (rename account 3350/000 to Consumable goods) eats |e TOTAL RED [T eae arouse VAT GTA ol ‘SME (Pty) Ltd! No. SMEO01 52 Nelson Drive KWATHEMA 0118156473 1575 mor 815 644d TAX INVOICE 25 March 2013, VAT Reg, No: 1926459783 To: a8 Designs 22 Fore Street 41575 KWATHEMA ‘TERMS: 10% dlscount within 20 days 15% overall discount ‘Quantity [Description UnitPrice | Amount 2 [Large Basic Beds 5] 00 | 318] 00 3 | Extra Large Hammocks? 750]00 | 2250] 00 2 |Medum Cushions sea|08 | "309 [96 Sublet] 3567 [96 15% Discount | 53519 3082] 7 tarevat | a2a| 50 Tora. [Bas [36 a3 Designs decided to use a new supplier, namely SME Pty (Ltd). Supplir code: SMEO1. The contact person is Mishca Miller and she can be contacted at (0820820828 and at [email protected]. Copyright reservedbaer 10. Nacogey25y a8 Designs decided to stock a new Extra Large Hammock. Capture the new inventory item using the code ELH. Key in the cost and selling price. © RETURNS TO SUPPLIERS (Period 1) one suPruen Reason owyoa201a] ww Manuacturers | { Mediom Basie Beds —carvas fabric Springs Ofice 125 (VAT induded) ison not 18/03/2013 | Equipment taken into account on steel ockers znareora| SMe Pry (La) 1 Bara Large Harock - 2 canvas STOCK SALES (Period 1) ‘+ Account 299 is used forall Cash sales transactions. ‘+ Cash sales customers receive a 12.5% cash discount on all purchases. * The Names and Addresses of all Cash customers must be indicated on the documents —use the ‘delivery address: field ‘= Message for credit transactions: ‘Look out for new range of products, Seer eats ny) 1 Small Basic Bed 41875 ravelling cost (12 km) er Copyright reserved Please tur overover N2AorEyMeSHH a3 Designs decided to sell to @ new credit customer, namely G. Barty, The contact prson fs Lemley Harris. He can be contacted at lemleyn@amalLcom. Telephone: 011 864.6004, Fax: 011 864.6668. Credit limit: 15 000,00. VAT Reg. No. 2489537510. QS Designs will allow 10% discount within 15 days and 7,5% trade discount on al sales. 8. _ RETURNS BY CUSTOMERS (Period 1) NAME DATE DETAILS OF RETURNS L.Bames | 20/03/2018 | 1 Medium Cushion — incorrect patorn 4 Large Bed side support broker ©. Daries | 25/0372018 | 1 Extra Large Hammock incorrectly invoiced {. CASH RECEIPTS (Period 1) Cash received according to Cash Register Rolls {5 Designs: 12 Fore steet 1875 KWATHEMA, ‘shies Ware: Lay de Gracy RR 159 14:93:33 o4i0a/2013 Cash purchases RS 465,05 less tan your sip as proof of purchase {QS Designs S2Fore Steet 1875 KWATHEMA ‘Gases Name: Geny Dees ‘ORR 160 10:48:24 24oai2013 Cash purchases 5 959,81 Please retain your sp as proof of purchase. Copyright reserved Please turn overver 277 rand P| 2 27? conts For Settlement of the account “at Yostoo wah Ther Copyright esonves Duplicates of receipts issued No. 128 Date: o1es!2018 RECEIVED FROM: OB Sank the sum of Eighty three thousand five hundredrand| 83 500| 00 ‘ulcents ‘was for the Fixed Deposit and the remains For Maturity of Fixed Deposit (Change description of 720/000 to Fixed Deposit: BOB Bank 18% pa). ‘Rs 000 ‘was interest. Mi Vosloo Wh Thanks No. 126 Date: 15/08/2013 RECEIVED FROM: G. Barry the sum of 77? 7? rand Pale Pr cents For Settlement of invoice dated 12 March 2013. i Vostoo Win Thane No. 125 Date: 22/05120°3, RECEIVED FROM: £. Barnes the sum of 227 Nacoqeyanyner 13 Nesore yes No. 126 Date: s0/08/2018 RECEIVED FROM: ‘N. Mbababa the sum of Four thousand nine hundred andsixty four rnd] 4964) 64 and sity fourcents For Payment of account (discount 261,30) Mi Vosloo With Tabs Duplicate of deposit slips OLD RANK DEPOSITSLIP [apsn Gre OS DESTONS Cash | 546505 | tank cap | He fiver [Bank [ Bren 7 BOB Bank —| 808 [Yvathema | 62600 [00 mh B Tovar | aa 365 [05 Pan be [WW ‘OLDNANK DEPOSITSLIF aos Ba erin | ES Erle OS DESIENS. Cash ss [Br 16a ‘OLD [Wet [Fr fly BLBames’ ENE [| Teumeb [ver [7 Tora] 7 Pato [ Woe ‘OLD BANK, DEPOSIT SLIP vos cel GS DESIGNS Cash] 3063 [6 a fe Tora | gee [Pain pare CCopyiht reserved Pe tur overver “4 10. PETTY CASH PAYMENTS (Period 1) Nacofeyany The following is a batch summary of Petty Cash payments made during March 2013. The last petty cash voucher was 251 Day Details ‘Amount [05/09/2013 | Stencils and erasers from Springs Stationers 56,25 11/03/2018 [Bought soap for dishwashors at MuliSave 725.99) 18/08/2018 | Ragistoring letter atthe Post Ofice 25.50 [25/08/2013 [Fine for the owner atthe Trafic Department 250,00 [20/08/2013 [Repcomp for repairs toa computer 350,00, Copyrint resorved Plse tu overbaer 4S. Nacocey20)4 11, CHEQUE PAYMENTS (Period 1) ca wT o1vasr2013 o4oar2013 TO/AAN. Maas Properties TO/AAN. M&M Manufacturers FORMVI: Monthly rent FORWI: Seitle account on 1 March 2013, AMOUNT/ AMOUNT BEDRAG:_R7 500,00 BEDRAG:_A6 000.00 ae we 08/03/2013 oaoai2013, TO/AAN. Spring Fun TO/AAN. KSP Municpality FORMIR: Filing cabinet FORMVIR: Water and Electricity (Owner: 755,75 AMOUNT! AMOUNT! BEDRAG: Fe 125,45 BEDRAG: 93.25.55, 330 Sar 121032013 saoai2013, TO/AAN. DHC Suppliers TO/AAN. mpi Insurers FORMVI. Settle of account FORWIR. Insurance premium ‘AMOUNT ‘AMOUNT BEDRAG: 6 461,32 BEDRAG: At $00.00 SE 38 16/03/2013 2010/2013 TO/AAN: KK Marketers TO/AAN. Gash FORMIR: Advertsing FORMVIR: Relund on sash sale of 21/08/2013, AMOUNT! AMOUNT! BEDRAG: 937,50 BEDRAG: 277 3 335 26/03/2013 28/03/2013 TO/AAN. M&M TO/AAN. Cash Manufacturers FORIVIR. Sottioment of FORWIR, Restore patty cash - account Imprest amount AMOUNT/ AMOUNT/ BEDRAG: 777 BEDRAG: 777 cad ig 29roar2013 ‘0/09/2013 TO/AAN: Springs Office TO/AAN. SME Pty (Lid) Equipment FORMVIR: Settlomentof invoice |_| FOR/VIR: Settle acccunt ‘SOE2 AMOUNT/ AMOUNT) BEDRAG: AS 784,57 BEDRAG: 777 Conyiatt reserved Please tum overover ‘6 Noe M20) 12. BANK STATEMENT RECEIVED (Period 1) NOTE: The amounts inthe Bank Statements coneet. OLD BANK oS bags ‘Statement 76 Sore Soa fate oe ee Nos sso peas OAT DETALS Dear) T eaLance 0170312018 | Transfer OLD Bank | 25000.00 | 25,000.00 a2j0at2013 | D0 ATES 56.56-] 24 940.46 os/oa2013 | sose1 28 065.05 | 119 308.49 cowoa2013. | cheque s20 3255.55-| 11005294 owrar20%2 | Cheque 226 750000-| 102 552.94 cnr0a2010 | service foe 198.2 | 102 954.05 ra0s!2013 | cheque 328 2152.64. | 100 20151 110312013 | cheque 331 1 500.00-| 98 70151 103!2013 | cheque 27 6000.00-| 9270151 ‘oyoa72019 | cheque book 75.00-| 92.6551 22002013 | Cheque 330 e41.22.| 4165.19 2510372013 | Cheque 332 29750-| 6922769 20/032013 | Taxlevy a75-| 9322394 201032013 | cheque 996 s7easr-| 7748037 anvoaora | apsza 49e464 | 0242401 cnvoa201a | nerst zoses| 277 awoazo1a | EMP 31 1575000] 272 ‘Additional information 424 122 123 124 Copyright reserved Record the bank charges and interest. Debit order RTBS4 Is In favour of KWS municipal for rates and taxes, EMP 81 Is the salary of HH Patterson for March 2013, Transfer OLD Bank is for a loan at OLD Bank @ 17,5% interest per annum (account 556/000}, Plese turn overHer a7 NaoENNOOHH 13, SUNDRY TRANSACTIONS FOR MARCH 2013 (Period 1) ‘QS DESIGNS an OFFICE MEMO TO: Bookkeeper DATE: 3170072013 Balances Office Equipment: Cost Fi184.000.00 Office Equipment: Accumulated Depreciation R61 762.12 ‘Motor Vehicles: Cost R373 000.00 Motor Vehicles: Accumulated Depreciation 1124 000.00 Calculate the depreciation as folows: Office Equipment: 20% per annum on the book value Motor Vehicles: 12.5% on cost price QS DESIGNS = OFFICE MEMO 70: Bookkeeper DATE: 170872013, “The owner took the following stock items atthe current average cost price: 2 Medium Basie Beds and 2 Medium Cushions. (QS DESIGNS OFFICE MENO a TO: Books DATE: 31/002013, ‘According tothe stock taking the following stock quanttios ware revealed: ‘Small Cushion 6 Small Basio Bed z Medium Cushion 10 Medium Basic Bed 3 Large Cushion 3 Large Basic Bed 4 Extra Large Hammock 4 Feecord the stock taking quantities and the closing stock, ‘OS DESIGNS =a OFFICE MEMO. TO: Bookkeeper DATE: o1/as2013 Joumnalise the interest on the outstanding balance of Springs O'ice Equipment at 15% per annum, Copyright reserved Please turn overover 1 Naso yN2O}4 14, PRINTOUTS (Period 1) ‘The following printouts must be handed in, in the order as shown below. “The computerised documents must be sorted in the correct numerical order. 14.1 Supplier age analysis on 28 February 2013. 6 142 Computerised source documents (March 2013} Supplier invoices an Debit notes Go) Tax invoices, (38) Credit notes (13) 149 Batch listings with generated entries (March 2013) ‘Supplier Journal ® Supplier Allowance Journal 6) General Journal (adjustments) @ Inventory Journal @ ‘Stock Journal @) Cash Payments Journal (after Bank Reconciliation) (25) Gash Receipts Journal (alter Bank Reconcillation) (8) 44.4 Bank Reconeliation Statement as at 30 March 2013, @ 145 Entry Type detalis of Petty Cash Payments (March 2018) © 146 Customer detalled ledger ofall the customers (March 2013) @ 147 Supplier Remittance Advice for Ml & M Manufacturers and Springs Office Equipment (March 2013) @ 14.8 Inventory Valuation on 31 March 2013 ) 14.9 Cash movement statement for Cash Book 2 (March 20°3) a) 14.10 Income Statement (March 2013). Do not print zero items. @ (180) it roseres Please tum overner “19 are yas SECTION B ‘Make use of the Note facity to answer the following question. Print the note. 1, What does the abbreviation VAT stand for? @ 2 IS VAT a direct or indirect tax? a 3s milk powder a zero-rated or exempt supply? a 4. Atax invoice for Fé 321 was issued to a customer. What is the VAT amount that the dealer must pay to the receiver of revenue if the VAT rate is 14%, Show the calculation. ) 5, Acustomer has been declared insolvent, R3 210, 5.1 Inwhich entry type wil this transaction been entered? o 5.2 Whalis the VAT called? a 5.3 Which account will be debited and creclted and with which amount? © 6. Whats the meaning of capital goods? @ 7 "Tax Type Report aa at SY/GR010 fort poviog back input Tax Hen Ta Tex [inetwaive | Tex | tnoluaive Sanaa | So1am | svesr2a| zeae] 25 1a68s| r0sasa| e 71048 Capital 1505 | 12500] e2so4| soosos| tose | 4714 Tora | aeeres| soezze) seas] on2aa77| asen0| 270050 7.1 Isthe VAT payable or refundable? a 7.2 Whatls the VAT amount payable or refundable? 2 (20) TOTAL: 200 Contig sewedADMISSIBLE DEDUCTIONS WITH REGARD TO INPUT TAX. ie VAT charged | Input VAT deductible Yes [No | Yes | No Advertisements x x Bank charges: Senice foes x x Cash handling feos x x Cheque book x x Taxtevy x compu expenses x x Consumable Stores x x Courier and Postage x x Depreciation x Eleteiy & Water x x Fixed Deposit x insurance x x intrest PaidReceWved x Office Equipment x x Packing Material x x Printing & Stationery x x Rates & Taxes x Refreshments x x ent Paid eosived x x Salaries & Wages x Telephone x x Vehicles x x Copyright resaned