INSTRUCTIONS: CHECK YOUR NAME TO KNOW YOUR GROUP FOR YOUR
INDIVIDUAL ASSIGNMENTS, TO BE SUBMITTED ON SATURDAY
OCTOBER 23, 2021 AROUND 12NOON.
GROUP A: ACTIVE MEMBERS
This include the following students:
|
NAME |
MATRIC NUMBER |
|
OSENI NURUDEEN FEMI |
BA/H/PT/20673OS |
|
ENYINA ESTHER ESHIET |
BA/H/PT/20679EN |
|
BADMUS OLAWUNMI ZAINAB |
BA/H/PT/20680BA |
GROUP B: PASSIVE MEMBERS
This include the following students:
|
NAME |
MATRIC NUMBER |
|
BALA SUMAILA |
BA/H/PT/20674BA |
|
OYEYEBI LIBART OYEYEMI |
BA/H/PT/20675OY |
|
SAIKI EMMANUEL RAPHAEL |
BA/H/PT/20676SA |
GROUP A: ASSIGNMENTS
1. The following information relate to Ajimatanraeje Economy:
C = N500million + 0.65yd
I = N25million
G = N75million
X = N30million
M = N20million + 0.2y
T = N10million + 0.1y
Required: calculate:
(a) National Income (b) Total Consumption (c) Total Importation
(d) Total Taxation
2. Prepare:
(a) Federation Account
(b) Consolidated Revenue Fund
From the following information for the month of December 2020:
Inflows: N’000
Import duties 20,000
Export duties 35,000
Excise duties 50,000
Petroleum profits tax 1,600,000
Companies income tax 355,000
PAYE: deductions from the emolument of the Armed Forces 15,000
Police personnel 3,000
Residents of Abuja 2,000
Dividend from Federal Government Investments 6,000
Balance b/f 3,000
Outflows:
Remuneration of Statutory Officers 13,000
Recurrent expenditure 750,000
Transfer to: Development Fund 50,000
Contingency Fund 10,000
Note: The revenue allocation formula is:
Federal Government 52.68%
State Government 26.72%
Local Government 20.60%
3. Sogbae purchased a quantity of raw materials at a cost of N7,500 from Aiyegbajeje. Sogbae used the raw materials to produce finished goods which he sold to Bitilaye , a wholesaler, for N9,000. Bitilaye sold the goods to Ajimatanraeje , a retailer, for N10,500.
Ajimatanraeje in turn sold the goods to Fesojaiye, a customer for N12,000.
All the prices quoted are inclusive of VAT (old rate and new rate).
Required: Compute the incidence of VAT.
GROUP B: ASSIGNMENTS
1. The following information relate to Sogbae Economy:
C = 350 + 0.75 Yd
I = N50 Million
G = N150 Million
X = N30 Million
M = 10 + 0.1Y
T = 20 + 0.2Y
Required:
(a) Calculate the National Income.
(b) Calculate the New National Income if consumption increased to N500 Million, Investment increased by N150 Million and Government increased to N200 Million.
2. From the following information for the month of September 2021:
Inflows: N’000
Import duties 30,000
Export duties 52,500
Excise duties 75,000
Petroleum profits tax 2,400,000
Companies income tax 532,500
PAYE: deductions from the emolument of the:
Armed Forces 22,500
Police personnel 4,500
Residents of FCT 3,000
Dividend from Federal Government Investments 9,000
Balance b/f 4,500
Outflows:
Remuneration of Statutory Officers 19,500
Recurrent expenditure 1,125,000
Transfer to: Development Fund 75,000
Contingency Fund 15,000
Note: The revenue allocation formula is:
Federal Government 52.68%
State Government 26.72%
Local Government 20.60%
Required: Prepare:
(a) Federation Account
(b) Federal Account
3. Sogbae purchased a quantity of raw materials at a cost of N7,500 from Aiyegbajeje. Sogbae used the raw materials to produce finished goods which he sold to Bitilaye , a wholesaler, for N9,000. Bitilaye sold the goods to Ajimatanraeje , a retailer, for N10,500.
Ajimatanraeje in turn sold the goods to Fesojaiye, a customer for N12,000.
All the prices quoted are exclusive of VAT (old rate and new rate).
Required: Compute the incidence of VAT.
✍️🕋🇳🇬 Patriot Odunaro Babatunde Jimoh💙💚🖤💜
No comments:
Post a Comment