PATRIOT ODUNARO BABATUNDE JIMOH (080384540008)
ASSIGNMENT 1
(a) Accounting is both an art and science. Briefly discuss
(b) State five each quantitative and qualitative nature of accounting.
(c) Without Book-Keeping there wouldn`t be Accounting. Discuss
ASSIGNMENT 2
Ayefele Nigeria Limited provides the following information relating to its accounts for three years as shown in the table below:
|
Year |
Capital |
Profit |
Returns on Capital |
|
|
N |
N |
% |
|
2019 |
975,000 |
|
45 |
|
2018 |
585,000 |
117,000 |
|
|
2017 |
650,000 |
|
35 |
Required:
(i) Calculate profits for year 2017 and 2019.
(ii) Calculate returns on capital for year 2018.
(iii) Calculate percentage increase in profit between year 2018 and 2019.
(iv) Calculate percentage decrease in profit between year 2017 and 2018.
(v) Calculate increase in capital between year 2018 and 2019.
(vi) Calculate decrease in capital between year 2017 and 2018.
Hints: show all formular and workings
ASSIGNMENT3
Ajimatanraeje Nigeria Limited provides the following information relating to its accounts for three years as shown in the table below:
|
Year |
Capital |
Profit |
Returns on Capital |
|
|
N |
N |
% |
|
2019 |
48,750 |
|
45 |
|
2018 |
29,250 |
5,850 |
|
|
2017 |
32,500 |
|
35 |
Required:
(a) Calculate profits for year 2017 and 2019.
(b) Calculate returns on capital for year 2018.
(c) Calculate percentage increase in profit between year 2018 and 2019.
(d) Calculate percentage decrease in profit between year 2017 and 2018.
(e) Calculate increase in capital between year 2018 and 2019.
(fi) Calculate decrease in capital between year 2017 and 2018.
Hints: show all formular and workings
ASSIGNMENT 4
(a) State what the Accountant will do if the error still cannot be located in the trial balance.
(b) Ajepeaiye Nigeria Limited provides the following informations and you are required to prepare a trial balance as at 31st December, 2019.
N
Purchases 184,200.00
Revenue 724,200.00
Drawing 70,500.00
Return Inwards 36,500.00
Return Outwards 31,000.00
Discount Allowed 51,000.00
Discount Received 42,000.00
Trade Receivables 225,000.00
Trade Payables 285,500.00
Inventory 171,500.00
Land 23,000.00
Motor at cost 60,000.00
Furniture at cost 12,500.00
Accumulated depreciation on motor 22,500.00
Accumulated depreciation on furniture 5,000.00
Cash at bank 25,000.00
Cash in hand 9,500.00
Salaries 203,000.00
Carriage Inwards 111,000.00
Carriage Outwards 51,500.00
Printing and Stationery 18,000.00
Electricity and water 74,000.00
Insurance 34,000.00
General Expenses 174,000.00
Provision for bade debt 1,000.00
Bad debt already written off 2,000.00
Capital 350,000.00
Rent Received 19,000.00
Commission Received 56,000.00
ASSIGNMENT 5
(a) Define a trial balance and state five reasons for preparing a trial balance.
(b) Fesojaiye Nigeria Limited provides the following informations and you are required to prepare a trial balance as at 31st December, 2019.
N
|
Premises |
2,250,000 |
|
Motor Vans |
417,150 |
|
Capital |
7,255,800 |
|
Motor at cost |
7,500,000 |
|
Furniture at cost |
5,000,000 |
|
Advertising |
57,150 |
|
Postage |
62,100 |
|
Purchases |
18,318,250 |
|
Accumulated depreciation on motor |
4,750,000 |
|
Accumulated depreciation on furniture |
2,754,100 |
|
Electricity |
40,950 |
|
Salaries |
1,276,650 |
|
Tenement Rate |
45,450 |
|
Telephone |
15,300 |
|
Furniture |
496,800 |
|
Revenue |
25,570,000 |
|
Sales Returns |
25,200 |
|
Purchases Returns |
176,400 |
|
Bad Debts |
11700 |
|
Insurance |
86,400 |
|
Commissions received |
787,500 |
|
Trade Receivables |
2,196,900 |
|
Trade Payables |
3,782,250 |
|
Cash in hand |
158,400 |
|
Bank |
1,706,400 |
|
Stock |
5,411,250 |
BEST OF LUCK!
FUTURE BELONGS TO THOSE WHO PREPARE FOR IT!!-PATRIOT ODUNARO B.J
INSTRUCTION:
FOR FULL TIME : TO BE SUBMITTED ON OR BEFORE FRIDAY NOVEMBER 6, 2020 AROUND 9A.M
FOR PART-TIME:TO BE SUBMITTED ON OR BEFORE SATURDAY NOVEMBER 7, 2020 AROUND 9A.M
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