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!
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