JOB RECRUITMENT EXAMS In Public Finance Management (PFM)- Questions and Answers

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This  is  An Accountant Post Exam  done in Local government Entities, at GASABO District.
This exam paper is very most helpful study material in preparing your next job exam for the following job post such as: Public Finance Officers  such as  Public Accountants , Sector Accountants , District Accountants  ,  Revenue Officers, Etc  ,  Across  Government and Privates Institutions.

CORRECTED WRITTEN EXAM OF SECTOR‘S ACCOUNTANT – Questions and Answers/ (50 marks)

QUESTION ONE (15 marks).

Z sector has received the month statement at October 31  from bank of Kigali, and the statement shows an ending balance of rwf  2,050,000.listed on the statement are an electronic funds transfer(EFT) rent collection of 400,000 rwf a service charge of rwf 12,000 two non sufficient fund checks totaling rwf 74,000 and a rwf 9000 charge for printed checks .in reviewing its cash records ,z sector identifies outstanding checks totaling 467,000 and an October 31 deposit in transit of of rwf 1,788,000.during October, it recorded a  rwf 290,000 check by debiting salary expense and crediting cash for rwf  29,000.z sector’s cash account shows an October 31 cash balance of rwf 3,327,000.

You are required to prepare the bank reconciliation at October 31.

ANSWER

The bank reconciliation at October 31.  in  (Rwandan Francs)

 Cash balance                                                                                   3,327,000

   Rent collection                                 400,000

                                                                                                         3,727,000

Less:

Bank charges                                       12,000

NSF                                                      74,000

Printing                                                 9,000

Deposit n transit                                  1788, 000     

                                                                                                        1,883,000

                                                                                                       1,844,000

AddOutstanding order:                  467, 000

                                                                                                        2,311,000

Less: correction errors                    261,000

 Balance as per Bank statement                                                     2,050,000


QUESTION TWO (20 marks)

On April 1, 2010, a building is acquired at the cost of rwf 100,000,000 with 50 years life expectancy. The accounting and tax period ends on every June 30 and there is no expected salvage value at the end life expectancy.

The double declining balance method is applied to depreciate the building, and on September 30, 2012, on administrative committee decision, the building is sold for rwf 90,000,000 cash

Required: provided the depreciation expense is recorded once every accounting period –end with adjusting entries; make necessary records on September 30, 2012.

ANSWER

The depreciation expense is recorded once every accounting period –end with adjusting entries; make necessary records on September 30, 2012.   in  (Rwandan Francs)

Depreciation: 100,000,000  – 90,000,000=10,000,000

3months        2010           30/6/2010 , 10,000,000×3÷30=1,000,000

12months       2011           30/6/2011, 10,000,000×12÷30=4,000,000

  12months     2012           30/6/2012, 10,000,000×12÷30=4,000,000

   3months      2012          30/9/2012  , 10,000,000×3÷30=1,000,000

Total: 30Months

 DR            Building A/C         CR        (at the time of Buying Building)                                

Cash/bank  100,000, 000Bal c/d   100,000,000

  100,000,000         100,000,000  

On 30/6/2010 Cash     100,000,000             On 30/6/2010 depreciation        1,000,000

                                                                      Bal c/d            99,000,000

                                    100,000,000                                                100,000,000

On 30/6/2011 bal b/d    99,000,000              30/6/2011 depreciation       4,000,000

                                                                        Bal c/d                     95,000,000

                                  99,000,000                                                        99,000,000

On 30/6/2012 bal b/d    95,000,000              30/6/2011 depreciation       4,000,000

                                                                        Bal c/d                     91,000,000

                                  95,000,000                                                        95,000,000

30/9/2012   Bal b/f      91,000,000               30/9/2012 depreciation            1,000,000

                                                                         Bal c/d                      90,000,000

                                   91,000,000                                                    91,000,000

   DR                               Disposal A/C                            CR

Cost of Building   100,000,000 depreciation 10,000,000  Disposal of Building    90,000,000

                100,000,000                                                100,000,000


QUESTION THREE (15 marks)

Lucky Corporation has pledged to contribute for the y sector’ development . it has agreed that next year (2016) will sponsor y sector’s activities with its 10% of expected cash collection for April, May and June respectively. The Lucky Corporation has the following budgetary information concerning its credit sales for the mentioned months (in Rwandan francs):

April,2016May,2016June,2016Total,2016
300,000,000500,000,000200,000,0001,000,000,000

From past experience, the Lucky Corporation has learned that 20% of a month’s sales are collected in the month of sale, another%are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored .February and March, 2016 credit sales are expected to be rwf 230,000,000 and 260,000,000 respectively.

REQUIRED

With detailed computations, show how in your sector‘s budget, the lucky corporation’s cash contribution line for April, May, June and the total will lookalike

ANSWER 

The lucky corporation’s cash contribution line for April, May, June and the total will lookalike in  (Rwandan Francs)

Details/ParticularAprilMayJuneTotal
Bal b/f
Pledged contribution
Collected cash in month of
sales(20%)
Collected in the month following sales(70%)
Collected in the second month following sales(10%)% of
sales of Feb collected% of sales of
March’scollected 
300,000,000 60,000,000 

23,000,000 182,000,000
565,000,000
500,000,000
100,000,000 210,000,000  26,000,000

1,401,000,000 200,000,000 40,000,000 350,000,000 1,000,000,000
200,000,000
560,000,000 _
 23,000,000
208,000,000
TOTAL565,000,0001,401,000,0001,991,000,000 

End of Exam!

 

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CHECK  :  WRITTEN TEST FOR SECTOR’S ACCOUNTANT -NYARUGENGE District 

 58 All the time,  1 To day

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