TRIAL BALANCE ASSIGNMENTS:
1. (a) Define a trial balance and state five reasons for preparing a trial balance.
(b) Olowonishaye Nigeria Limited provides the following informations and you are required to prepare a trial balance as at 31st December, 2020.
N
|
Advertising |
1,143 |
|
Postage |
1,242 |
|
Purchases |
366,365 |
|
Accumulated depreciation on motor |
95,000 |
|
Accumulated depreciation on furniture |
55,082 |
|
Electricity |
819 |
|
Salaries |
25,533 |
|
Tenement Rate |
909 |
|
Telephone |
306 |
|
Furniture |
9,936 |
|
Revenue |
511,400 |
|
Sales Returns |
504 |
|
Purchases Returns |
3,528 |
|
Bad Debts |
234 |
|
Insurance |
1,728 |
|
Commissions received |
15,750 |
|
Trade Receivables |
43,938 |
|
Trade Payables |
75,645 |
|
Cash in hand |
3,168 |
|
Bank |
34,128 |
|
Stock |
108,225 |
|
Premises |
45,000 |
|
Motor Vans |
8,343 |
|
Capital |
145,116 |
|
Motor at cost |
150,000 |
|
Furniture at cost |
100,000 |
2. (a) State what the Accountant will do if the error still cannot be located in the trial balance.
(b) Ajikawo Nigeria Limited provides the following informations and you are required to prepare a trial balance as at 31st December, 2020.
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
DEPRECIATION ASSIGNMENTS:
1. The following information has been given to you about Fesojaiye Nigeria Limited`s factory plant and machinery.
Cost N 7.5 million
Scrap value N 1.75 million
Useful life 5 years
You are required to calculate the annual depreciation charges for each year using:
(a) Straight-line Method
(b) Reducing Balance Method
(c) Sum of the year Digit Method
2. The following information has been given to you about Banuso Nigeria Limited`s factory plant and machinery.
Cost N 15 million
Scrap value N0.75 million
Useful life 5 years
You are required to calculate the annual depreciation charges for each year using:
(a) Straight-line Method
(b) Reducing Balance Method
(c) Sum of the year Digit Method
Instruction:To be submitted 10a.m prompt on or before Saturday October 23, 2021.
✍️🕋🇳🇬 Patriot Odunaro Babatunde Jimoh💙💚🖤💜
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