Sage Pastel Partner Draft Exam Paper

First Class Buses was formed in year 2022. The business sells Mobile phones and accessories in
Harare and its surroundings. They also repair fault phones. First Class Buses has been in business and
has decided to convert to Pastel Partner for their transaction processing.

1. Use the Setup Assistant to create Hellenic Investments PBC on Sage Pastel Partner.

 Use the following information (use the default information provided, unless specific
information is given):
• Postal AND Physical Address: 39 Gleneagles Road, Harare

• Date sequence: DMY, with four digits per year, confirm that the Sample Date format is
correct i.e. dd/mm/yyyy;

• Start date of financial year: 01/01/2022, with each period ending on the last day of the
month. First Class Buses uses one period for each month of the year;
• Use the generic Chart of Accounts as the standard chart of accounts for First Class Buses.

• First Class Buses has a current account at ZB Bank. They also use a petty cash account to
pay for smaller, ad-hoc expenses and Eco-cash Merchant;

• has two price lists – Corporate and Individual. The Individual price list is the default to be
used for all customers unless the Corporate price list has been specifically authorized by the
financial manager;

• The default terms for customers are 30 days and the customer accounts are prepared using
open item processing;

• First Class Buses has a fast laser printer for printing all their business documents and
correspondence on plain paper.

2: EDIT THE COMPANY PARAMETERS.

2.1 First Class Buses has three accounts clerks in their accounts department. Separate functions
are allocated to each of the three clerks on Pastel to ensure segregation of duties.

Required: Setup the users listed below with the access rights as indicated:

Designation Debtors Clerk Creditors Clerk Cashbook Clerk

Username Shamiso James Tony
Password itel Iphone samsung
Email shamiso@hellenics.co.zw james@hellenics.co.zw tony@hellenics.co.zw

2.2 . First Class Buses uses only one set of numbers for their company and they have decided to start
the new financial year with the default Pastel document numbers.
REQUIRED
 Setup the VAT Standard Rate at 14.5%
 Setup the Tax Manager’s Tax Reporting Frequency as Category C
 Set Customer Invoices and Credit Notes to update on completion
 Set Supplier Invoices and Debit Notes to update on Completion
3. Edit the Chart of Accounts.

3.1 View the Trial Balance to familiarize yourself with the various general ledger accounts
available in the Generic Chart of Accounts you have selected during setup.

Required: Add the following general ledger accounts:

Report
Main Account Sub-Account Description writer
Number Number Financial Category Category
1000 100 Sales – Cross Border
1000 200 Sales – Local
Long term Long term
5450 NBS Bank Mortgage loan Borrowings Liabilities
8450 Inter Bank Transfers Bank Bank

3.2 Create and enter the Inter Bank Transfers account as the Cash Books Transfer Account.

4. Edit Supplier accounts.

4.1 Required: Create Supplier accounts from the following information;
Description: Kopje Spares
Account code: LE41E
Address: 11 Harare Street
  City Centre
  Harare
Contact name: Jonathan
Telephone: (0242) 775963
E-mail: jonathan@ectronics.co.zw
Credit limit: 10 000 000.00

5. Edit Customer accounts

5.1 Create Customer accounts for the customers listed below and allocate each customer to the
correct customer category:

Description: Vjay Trading (Pvt) Ltd

Account code: SRN765
Address: 31 First Street Avenue
   Harare
Customer Category Smart Phones
Contact name: Loice
Telephone: (024) 2753966
E-mail: info@saren.co.zw
Tax code: VAT standard Rated
Credit limit: 4,000,000.00

6. Edit Inventory categories and items; Create four Inventory categories namely Samsung Smart
Phones, Itel Smart Phones and Nokia Smart Phones and Create the following inventory items
Inventory Corporate Individual
Code Service Description Service Category Cost Price Price-list Price-list
Cross Border
CBT001 Cross Border 55,404.00 80,138.57 84,145.50
Transport Services

7. Process take-on balances; create the sub-accounts required for the take-on of the opening
balances and Process and update the General Journals to take-on the trial balance.

First Class Buses

Statement of Financial Position
1-November-22
Dr Cr
Retained Income 7,039,504.66
Share Capital 2,141,180.64
Share Premium 8,104,565.00
Motor Vehicles @ Cost 5,678,900.00
Motor Vehicles - Accumulated Depreciation 2,354,000.00
Computer Equipment @ Cost 4,250,000.00
Computer Equipment - Accumulated Depreciation 1,115,500.00
Office Equipment @ Cost 1,126,000.00
Office Equipment - Accumulated Depreciation 710,400.00
ZB Bank Current Account 2 500 000.00
Eco-cash Merchant 485 612.00
Petty Cash (float) 155,300.00
NBS Bank Mortgage Loan
Inventory Control 13,182,000.00
Customer Control 6,514,120.11
Supplier Control 6,030,632.12
VAT Control 1,521,149.69
Shareholder Loans 4,875,000.00
33,891,932.11 33,891,932.11

7.1 Process and update the Customer Journals to take-on the customer invoice details in the correct
periods for age analysis purposes.

Hellenics investments PBC

   
The Breakdown of customer balances are made up as follows:  
           
SRN765          
2-Apr-22 INV013 514,120.11      
2-Nov-22 INV034 6 000 000.00      
           

7.2 Process and update the Supplier Journals to take-on the supplier invoice details in the correct
periods for age analysis purposes.
Hellenics investments PBC
The supplier balances are made up as follows:
     
LE41E      
28-Sep-22 Invoice INV155 6,030,632.12  
       

8.3 Process and update the Inventory Journals to take-on the inventory valuation details.

Hellenics investments PBC

Inventory valuation
1-Nov-22
         
Inventory code Description Quantity Unit Cost Total Value
PP675 Pressure Plates-Yutong Bus 238 55,404.00 13,186,152.00
      TOTAL 13,186,152.00