COMPUTERISED FINANCIAL SYSTEM N5

COMPILED BY: MS MM MKHONTO (JUNE 2008 Q3, NOV 2009 Q4)

TEST 1
QUESTION 1 (25)

The following information appears in the books of Ne EBM learners Gift Shop.

There were 20 spring day cards in stock on the 1 June 2009 at an AVERAGE PRICE of R7.55

The following cards were bought during the month of June:

5-Jun 120 cards @ R11.20 each.

9-Jun 80 cards @ R12.00 each.

14-Jun 40 cards @ R15.00 each.

The following cards were sold during the month of June

5-Jun 120 cards were sold @ R5.00

9-Jun 60 cards were sold @ R6.00

14-Jun 40 cards were sold @ 7.00

REQUIRED

4.1 Use the given information to draw up an inventory sheet. Use the average price method
to determine the value of stock during the month.
4.2 Use the following column headings

UNIT UNIT PRICE COST PRICE

DATE PURCHASE SALES ON HAND PURCHASE SOLD ON HAND

4.3 Calculate the units on hand by using applicable formulae.

4.4 Insert vertical and horizontal lines.

4.5 Use applicable formulae to do the necessary calculations

QUESTION 2 (35)

Create a stock sheet for Manana Music Store with the following columns. Use the column
headings given in brackets.

- Stock code (CODE)

- Item description (DESCRIPTION)
- Quantity (QUANTITY)
- Cost price (COST)
- Selling price, vat exclusive (SP EXCL)
- VAT
- Selling price, vat inclusive (SP INCL)
- Stock on hand (ON HAND)

Cost
Stock code Description Quantity Price
Maz 001 Memeza 15 R 79.99
Mam001 Mama Africa 20 R 69.99
Cle001 DJ Cleo Volume 1 18 R 59.99
Kas001 Kase for life 12 R 49.99

There is a mark-up of 35% on Memeza and Kasi for life and on Mama Africa and
DJ Cleo 45% on cost to determine the exclusive selling price. Vat is calculated at 14%.

REQUIRED:

3.1 Provide the stock sheet with a suitable heading: STOCK COSTING SHEET
ON 31 DECEMBER 2009 in bold and large font size.

3.2 Insert formulae into cells to do the necessary calculations.

3.3 Centre headings in the cells.

3.4 Insert vertical lines between columns and horizontal lines underneath heading
and above and underneath totals.

3.5 Display amount columns in currency R

3.6 Display the total stock on hand.