ASSIGNMENTS FOR FULL TIME STUDENTS:
1. The following information is available about the transactions made by a trader with his three debtors during October 2021:
|
Debtors |
Oloko Shadia |
Omonipele Ruth |
Mogbi Susan |
TOTAL |
|
|
N |
N |
N |
N |
|
Dr. Balance B/f |
2120 |
2100 |
1250 |
5470 |
|
Credit Sales |
5680 |
5500 |
3500 |
14680 |
|
Sales Returns |
180 |
280 |
150 |
610 |
|
Bills Receivable |
560 |
610 |
400 |
1570 |
|
Debit Note Issued |
450 |
350 |
230 |
1030 |
|
Carriage Outwards |
320 |
220 |
300 |
840 |
|
Cash Receivable |
3500 |
1500 |
2350 |
7350 |
|
Credit Note Issued |
560 |
460 |
600 |
1620 |
|
Discount Allowed |
230 |
530 |
450 |
1210 |
|
Interest Charged |
140 |
340 |
90 |
570 |
|
Bad Debt Written Off |
200 |
320 |
350 |
870 |
|
Dr. Balance C/f |
3480 |
4810 |
1070 |
9360 |
Required:
(a) Draw up a personal account for each of the debtors
(b) A Control Account
(c) A trial balance as at 31st October, 2021 from the sales ledger
2. Peter and Paul formed a partnership on 1st January, 2020. The partnership agreement contains the following:
i. The partners fixed capital are Peter N30,000 and Paul N24,000.
ii. Paul to receive a salary of N1,800 per year.
iii. Interest on capital to be calculated at 5% per annum.
iv. Interest is to be charged on drawing at the rate of 2%.
v. Peter and Paul to share profit in ratio 3:2 respectively.
During the year to 31st December 2020, drawings were Peter N2,250 , Paul N1,750 and the net profit was N13,500. The partners decided to maintain fixed capital account.
You are required to show:
(a) The Profit and Loss Appropriation Account for the year ended 31st December 2020.
(b) The partners Current Account
3. (a) Differentiate between the following terms:
i. Ordinary Shares and Preference Shares.
ii. Authorised Share Capital and Issued Share Capital
iii. Called Share Capital and Paid Up Capital
(b) Fesojaiye Nigeria Limited issued 200,000 ordinary shares of N1.00 each atN1.20 per
share payable as follows:
i. 25k per share on application.
ii. 40k per share on allotment (including the premium)
iii. 35k per share on first call
iv. 20k per share on second and final call
Required: Show the ledger accounts to record the above transactions.
4. (a) State six types of non-profit oriented organisation.
(b) Differentiate between non-profit oriented organisation and profit oriented organisation.
(c ) Enumerate three accounting records and financial statements of social clubs.
5. (a) The following list of balances was extracted from the records of Owonikoko Textile Mills on 31st December, 2020.
N
Stock of raw cotton: 1st January 2020 22,100
Stock of raw cotton: 31st December 2020 23,400
Purchase of raw cotton 234,500
Carriage on raw cotton brought 67,900
Direct wages 111,300
Factory Expenses:
Depreciation on plant and machinery 45,300
Salaries 71,200
Power and heat 66,100
Insurance and maintenance 17,500
Required:
Prepare manufacturing account for the year ended 31st December, 2020.
(b) Write short note on the following:
i. Prime Cost ii. Direct Labour Cost iii. Cost of Raw Material Consumed
iv. Production Overhead Expenses v. Work-In-Progress
ASSIGNMENTS FOR PART TIME STUDENTS:
1. The following information is available about the transactions made by a supplier with his three creditors during October 2021:
|
Creditors |
Quazeem Toyibat |
Olaboye Titus |
Omoregie Esosa |
TOTAL |
|
|
N |
N |
N |
N |
|
Cr. Balance B/f |
2120 |
2100 |
1250 |
5470 |
|
Credit Purchases |
5680 |
5500 |
3500 |
14680 |
|
Purchases Returns |
180 |
280 |
150 |
610 |
|
Bills Payable |
560 |
610 |
400 |
1570 |
|
Debit Note Received |
450 |
350 |
230 |
1030 |
|
Carriage Inwards |
320 |
220 |
300 |
840 |
|
Cash Payable |
3500 |
1500 |
2350 |
7350 |
|
Credit Note received |
560 |
460 |
600 |
1620 |
|
Discount Received |
230 |
530 |
450 |
1210 |
|
Discount Received Withdrew |
140 |
340 |
90 |
570 |
|
Cheque to creditors |
200 |
320 |
350 |
870 |
|
Cr. Balance C/f |
3480 |
4810 |
1070 |
9360 |
Required:
(a) Draw up a personal account for each of the creditors
(b) A Control Account
(c) A trial balance as at 31st October, 2021 from the purchases ledger
2. (a) Define partnership and state the contents of partnership deed.
(b) In the absence of an agreement by the partners, Section 24 of the Partnership Act 1890 shall apply. State the provisions.
3. (a) Differentiate between the following terms:
i. Ordinary Shares and Preference Shares.
ii. Authorised Share Capital and Issued Share Capital
iii. Called Share Capital and Paid Up Capital
(b) Fesojaiye Nigeria Limited issued 200,000 ordinary shares of N1.00 each atN1.20 per
share payable as follows:
i. 25k per share on application.
ii. 40k per share on allotment (including the premium)
iii. 35k per share on first call
iv. 20k per share on second and final call
Required: Show the ledger accounts to record the above transactions.
4. (a) State six types of non-profit oriented organisation.
(b) Differentiate between non-profit oriented organisation and profit oriented organisation.
(c ) Enumerate three accounting records and financial statements of social clubs.
5. (a) The following list of balances was extracted from the records of Owonikoko Textile Mills on 31st December, 2020.
N
Stock of raw cotton: 1st January 2020 22,100
Stock of raw cotton: 31st December 2020 23,400
Purchase of raw cotton 234,500
Carriage on raw cotton brought 67,900
Direct wages 111,300
Factory Expenses:
Depreciation on plant and machinery 45,300
Salaries 71,200
Power and heat 66,100
Insurance and maintenance 17,500
Required:
Prepare manufacturing account for the year ended 31st December, 2020.
(b) Write short note on the following:
i. Prime Cost ii. Direct Labour Cost iii. Cost of Raw Material Consumed
iv. Production Overhead Expenses v. Work-In-Progress
Instructions:
For Full Time: To be submitted 10a.m prompt on or before Thursday October 21, 2021
For Part Time: To be submitted 10a.m prompt on or before Saturday October 23, 2021
✍️🕋🇳🇬 Patriot Odunaro Babatunde Jimoh💙💚🖤💜
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