______________________________________________________________________________

QUICKBOOKS PRACTICAL TEST

___________________________________________________________________________________________________________

Name. Index No
INSTRUCTIONS: All questions are compulsory. TIME ALLOWED: 2 Hrs

SECTION A:
1. List the 3 major account balances that you need to have in hand before your start creating a company file in QuickBooks 2. Illustrate a basic business transaction assuming that all factors are in favour of your company to win the job. 3. Differentiate between a financial year and a calendar year. 4. Elaborate what you would classify under cost of goods sold account in the day today running of your business. 5. Under what type of account would you assign a business loan account acquired by your company.

SECTION B:
1. Using QuickBooks guided interview, create a motor vehicle spare parts sales and repair company in the names of Audibat Parts Inc. located at Plot 23 Makerere Hill Road, Level 2 Bethsda Business Park, Kampala, Uganda. The company can be reached on Telephone number 0414234344, Fax 0414234345, Email: info@audibatpart.com, Website: www.audibatpart.com. (Proper typography earns a mark) NOTES IN THE PROCESS OF CREATING COMPANY FILES a) Choose a suitable industry and a suitable beginning of the financial as it is Ugandan company in the process of creating your company file. For A Tax Identification Number, use 1000043551 and for a Business Number, use 10043 b) You will need to keep stock records since the company purchases and sales spare parts out of its go-downs. c) Please create the following Bank Accounts during the interview: Barclays Account. Number 2344456789 which was opened on 1st July 2013 A cash-at-hand account d) Turn off the Miscellaneous Expense Account when you are asked to confirm your chart of accounts THE TASKS i) Create the following stock items that the company sales. Spark Plugs B25 (1x4) Box | Cost price 20,000 | In Stock are 50 pcs | Skip Reorder point.

ii) iii) iv)

v)

vi) vii) viii)

ix)

x)

Toyota Pistons SM 256 | Cost price 50,000 | In Stock are 40 pcs | Skip Reorder point. Piston Rings A45/SM256 | Cost price 50,000 | In Stock are 100 pcs | Skip Reorder point. Make Part Sales account a sub-account of Sales Create Lubricant Sales an income account under the sales group of income accounts. Create the following customers in your company file, all with Due on Receipt terms of payment. Saha (U) Ltd ( Put your own company details) Multiplex International ( Put your own company details) Rabati Inc. ( Put your own company details) Enter the following sales which were made on credit On 1st November 2013 Saha bought 10 boxes of Spark Plugs B25 (1x4), create an invoice for this, please charge VAT On 3rd November 2013 Multiplex bought 10 pieces of Toyota Pistons SM 256, create an invoice for this, please charge VAT On 3rd November 2013 Rabati bought 25 pieces of Toyota Pistons SM 256, create an invoice for this, please charge VAT On 3rd November 2013 Multiplex bought 25 pieces of Piston Rings A45/SM256, create an invoice for this, please charge VAT On 4rd November 2013 Rabati bought 10 boxes of Toyota Pistons SM 256, create an invoice for this, please charge VAT Receive all amounts due in (v) above on 10th November 2013 Deposit All the money to your bank account on 11th November 2013 Every time you deposit money on your bank account, your bank charges a handling fee of 2000. Enter this transaction since you already have a Bank Service Charges account created for you. On 12th November 2013 you paid 120000 the monthly cleaning charges to MoreClean a cleaning company. Please pay this money from your cash at hand account and make sure it remains with a positive balance. Generate a UK Standard Balance Sheet and Networth for your company, print it out on an image writer printer pre-installed on your computer and save it on CD with your company file. ~~~ GOOD LUCK ~~~ By Ssenyondo Bashir ~~~