PATRIOT ODUNARO BABATUNDE JIMOH
HAPPY NEW YEAR HAPPY NEW MONTH HAPPY
RESUMPTION HAPPY NEW GROUP ASSIGNMENTS TO YOU ALL ALLAHUMO KUNFAYAKUN AMIN!
GROUP (A-D)
NATURES OF
ACCOUNTING
1. Peter and Paul was contemplating that
book-keeping and accounting are same but their brother enlighten them
that they are different.
As a student of Business and Management
Sciences of Lagos City Polytechnic, you are required to
(a)
State ten contrate factors that
distinguish between book-keeping from accounting.
(b)
Without book keeping, there wouldn’t
be accounting? Discuss
2. Ajimatanraeje
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
|
%
|
|
2024
|
975,000
|
|
45
|
|
2023
|
585,000
|
117,000
|
|
|
2022
|
650,000
|
|
35
|
Required:
(i) Calculate profits for year 2022 and
2024.
(ii) Calculate returns on capital for
year 2023.
(iii) Calculate percentage increase in
profit between year 2023 and 2024.
(iv) Calculate percentage decrease in
profit between year 2022 and 2023.
(v)
Calculate increase in capital between year 2023 and 2024.
(vi) Calculate decrease in capital
between year 2022 and 2023.
Hints: show all
formular and workings
3.
(a) What
do you understand by Accounting Technology? Explain five features of an
Information System.
(b) Define Data Processing and list
three classes of Accounting Technology.
(c) State four each merits and demerits
of various methods of data processing
4. Foyegbe
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
|
%
|
|
2024
|
750,000
|
|
45
|
|
2023
|
450,000
|
90,000
|
|
|
2022
|
500,000
|
|
35
|
Required:
(i) Calculate profits for year 2022 and
2024.
(ii) Calculate returns on capital for
year 2023.
(iii) Calculate percentage increase in
profit between year 2023 and 2024.
(iv) Calculate percentage decrease in
profit between year 2022 and 2023.
(v)
Calculate increase in capital between year 2023 and 2024.
(vi) Calculate decrease in capital
between year 2022 and 2023.
Hints: show all
formular and workings
5.
Ajimatanraeje 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
|
%
|
|
2024
|
487,500
|
|
45
|
|
2023
|
292,500
|
58,500
|
|
|
2021
|
325,000
|
|
35
|
Required:
(i) Calculate profits for year 2022 and
2024.
(ii) Calculate returns on capital for
year 2023.
(iii) Calculate percentage increase in
profit between year 2023 and 2024.
(iv) Calculate percentage decrease in
profit between year 2022 and 2023.
(v)
Calculate increase in capital between year 2023 and 2024.
(vi) Calculate decrease in capital
between year 2022 and 2023.
Hints: show all
formular and workings
TRIAL BALANCE
1. Define a trial
balance and state five reasons for preparing a trial balance.
2.
State
what the Accountant will do if the error still cannot be located in the trial
balance.
3. Sogbae Nigeria Limited provides the following
information:
N`000
Sales 198,000
Purchases 96,600
Property, Plant and Equipment (PPE)-Cost
216,000
PPE-Accumulated Depreciation January 1, 2024 75,000
Inventory as at January 1, 2024 23,400
Interest Expenses 600
Income Tax 1,200
Distribution Expenses 26,700
Administration Expenses 21,000
Retained Earnings
83,100
Dividend paid 3,600
Trade Receivables
27,000
Cash at bank 9,600
8% bank loan repayable in 2024 15,000
10 million Ordinary Share Capital at N1 Each 30,000
Share Premium
15,000
Trade Payables 7,200
You
are required to prepare a trial balance of the company as at 31st December,
2024.
4.
Ajimaronu Nigeria Limited provides
the following informations and you are required to prepare a trial balance as
at 31st December, 2024.
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
bad 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
ACCOUNTS
1. Define depreciation and state reasons
for depreciation account.
2. Enumerate types of depreciation
accounts known to you
3. The following information has been given to you
about Odebeodero Nigeria Limited`s factory plant
and machinery.
Cost N 51.2 million
Scrap value N12.15 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
4. The following information has been given to you
about Aiyegbaogbon 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
5. The following information has been given to you about Emilokan
Nigeria Limited`s factory plant and machinery.
Cost
N12.75 million
Rate of depreciation 15%
Useful life 5 years
You are required to calculate the annual depreciation
charges for each year using:
(a) Straight-line Method up till 4 years.
(b) Reducing Balance Method
(c) Sum of the year Digit Method
SUBMISSION DAY WILL BE ANNOUNCED LATER.
YOU CAN FIND THIS GARMANE, CLICK:
https://objunityonlineclasses.blogspot.com/2022/10/brief-lecture-note-on-accounting.html
ALSO, FIND THESE VITAL, CLICK:
https://objunityonlineclasses.blogspot.com/2022/10/facts-u-didnt-know-about-too-much.html
https://objunityonlineclasses.blogspot.com/2022/10/associate-with-people-that-inspire-you.html
https://objunityonlineclasses.blogspot.com/2022/08/your-brighter-future-depend-on-your.html
HAPPY RESUMPTION TO YOU!
