ACC 111-PRINCIPLES OF ACCOUNTING ASSIGNMENTS FOR SUMMER STUDENTS BOTH FULL TIME AND PART TIME

TOPIC: BANK RECONCILIATION STATEMENTS

QUESTION 1

 Define Bank Reconciliation Statement and state the causes of bank reconciliation statement?

  

QUESTION  2

On 31^st December 2012, Brits cash book showed a debit balance of N29,520.

 His bank statement showed a credit balance of N25,260.

The reasons for the difference were follow:

i.                   A cheque of N1,960 was received and entered in the cash book but was not recorded in the bank statement.

ii.                 Unpresented cheques totalled N3,740.

iii.              The payment side of the cash book had been undercasted by N2,000.

iv.              Standing order for N1,260 appearing in the bank statement was yet to be posted in the cash book.

v.                 A bill of exchange of N1,340 had matured and the bank had paid on Brits` behalf but it had not been recorded in the cash book.

vi.              A withdrawal of N1,440 by Banuso, another customer of the bank had been charged in error to Brits account.

You are required to prepare:

a.                  Adjusted cash book

b.                 Bank Reconciliation Statement.

 

TOPIC: PERFORMANCE REVIEW

QUESTION 3

IMOLE LOKAN 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	975,000		45
2020	585,000	117,000
2019	650,000		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

 

INSTRUCTION: TO BE SUBMITTED ON OR BEFORE THURSDAY JULY 21, 2022(FULL TIME STUDENTS) AND SUNDAY JULY 24, 2022 (PART TIME STUDENTS) AROUND 12 NOON PROMPT.

  

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