Click this link for the previous review questions (Topic 1 & 2) :
https://objunityonlineclasses.blogspot.com/2022/03/revision-questions-on-final-account-and.html
TOPIC 3: DEPRECIATION ACCOUNTS
1. (a) Define depreciation and state five causes for depreciation.
(b) State six methods of depreciation.
( c) The following information has been given to you about factory plant and machinery of
Koduro Nigeria Limited.
Cost N1 million
Scrap value N50,000
Useful life 4 years
As a student, you are required to calculate the annual depreciation charges for each year using:
(i) Straight-line Method
(ii) Reducing Balance Method
(iii) Sum of the year Digit Method
2. The following information has been given to you about Sogbae 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
TOPIC 4: PERFORMANCE REVIEW
1. Oniduro 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 |
% |
|
2021 |
487,500 |
|
45 |
|
2020 |
292,500 |
58,500 |
|
|
2019 |
325,000 |
|
35 |
Required:
(i) Calculate profits for year 2019 and 2021.
(ii) Calculate returns on capital for year 2020.
(iii) Calculate percentage increase in profit between year 2020 and 2021.
(iv) Calculate percentage decrease in profit between year 2019 and 2020.
(v) Calculate increase in capital between year 2020 and 2021.
(vi) Calculate decrease in capital between year 2019 and 2020.
Hints: show all formular and workings
TOPIC 5: JOURNAL ENTRIES
1. The following errors were discovered in the Books of Brits and Co. in the month
of February 2022.
i. Sales day book was understated by N5,000.
ii. Cash sales of N40,000 was not recorded in the books at all.
iii. Sales of N60,000 for motor vehicle was recorded in the sales account of the company.
iv. A figure of N753 was posted into the debit of Ajironu`s account as N735.
v. Amount of N5,000 discount allowed was posted to the credit side of discount received
account.
You are required to use Journal entries to correct the above errors.
ORDER FOR MYCHOCO FOR BRAIN ENHANCEMENT CLICK:
https://britstutors.blogspot.com/2019/11/order-for-mychoco-for-brain-enhancement.html
TRAIN YOUR BRAIN, CLICK:
https://britstutors.blogspot.com/2018/10/train-your-brain.html
OTHER VITAL INFORMATION, CLICK:
https://britstutors.blogspot.com/2018/11/financial-statements.html
BE POSITIVE:
https://britstutors.blogspot.com/2018/10/be-positive.html
NICE MEETING YOU GUYS:
https://britstutors.blogspot.com/2018/10/nice-meeting-you-guys.html
EXECUTIVE TRAINING ON SAGE ACCOUNTING
https://britstutors.blogspot.com/2018/10/executive-training-on-sage-peachtree.html
YOU ARE ALL WELCOME!
LCP! FIRST AND THE BEST
When
a man prays, two things happen
:
1. He gets charged.
2. He takes
charge.
No competition in destiny so be yourself!
Nothing is more noble than helping others!!
LECTURER-IN CHARGE: PATRIOT ODUNARO BABATUNDE JIMOH
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