WEDDING PAPARAZI

PRACTICE QUESTIONS ON ACC 101

1.  Sogbae Nigeria Limited is maintaining a petty cash book with the following analysis

    column: postage, transport, general expenses, advertisement and fuel.

   The cashier is given a cash float of N50,000, reimbursement being made to cashier at the

    end of each week.

   The following transactions took place:

   July 16, 2018  Postage stamps purchased N3,500.

   July 16, 2018  Fare on delivery parcel  N2,500.

   July 17, 2018  Cost of registration letter  N9,500.

   July 18, 2018  Petrol for van  N7,500.

   July 19, 2018  Advertisement on local Newspaper  N10,000.

   July 19, 2018  Paid creditor  N10,000.

   July 20, 2018  Paid for tea and milk for office staff  N5,500.

   July 23, 2018  Petrol and oil for van  N7,500.

   July 23, 2018  Postage on parcel  N2,500.

   July 24, 2018  Traveller`s order book bought  N4,000.

   July 25, 2018  Paid creditor  N10,000.

   July 26, 2018  Transport fare to Ikoyi N5,000.

   July 26, 2018  Paid officer cleaners  N6,000.

   July 27, 2018  Cash count N15,000.

   From the knowledge acquired through the study of petty cash book, you are required

   to :

(a)    Prepare petty cash book from the above information.   

(b)   How much is the reimbursement for:

i.                    Third week of July 2018.                                                

ii.                  Four week of July 2018.                                  

HINTS:

i.                    Third week of July 2018 is from July 16, 2018 to July 22, 2018.

ii.                  Fourth week of July 2018 is from July 23, 2018 to July 29, 2018

2. You are required to prepare a trial balance as at 31st December 2017.

      The following balances were extracted from the books of Aseye Nigeria Limited on

       31^st December, 2017.

                                                                                    N

Premises                                                                      150,000

Motor Vans                                                                   27,810

Capital 1st January, 2016                                            483,720

Advertising                                                                     3,810

Postage                                                                            4,140

Purchases                                                                 2,054,550

Electricity                                                                        2,730

Salaries                                                                          85,110

Tenement Rate                                                                3,030

Telephone                                                                        1,020

Furniture                                                                       33,120

Sales                                                                         2,204,940

Return inwards                                                               1,680                            

Return outwards                                                           11,760

Bad Debts                                                                         780

Insurance                                                                        5,760

Commissions received                                                  52,500

Debtors                                                                       146,460

Creditors                                                                     252,150

Cash in hand                                                                 10,560

Bank                                                                            113,760

Stock 1st January, 2016                                              360,750

                                                                                                                        

3.  Book-Keeping is to Accounting, what ICT is to Computing? Discuss   

4.  Define source documents and list ten source documents that are known to you.

5.   The following information has been given to you about factory plant and machinery of

       Ajimatanraeje Nigeria Limited.

        Cost                     N5 million

        Scrap value          N250,000

        Useful life           5 years

        As a student of Lagos City Computer College, 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                                      

6.  Write short note on the following:

1. Entity Concept                                             
2. Going Concern Concept                                
3. Periodicity                                                    
4. Matching Concept                                       
5. Materiality                                                

Happy Birthday, sweetheart!

Birthdays mean a fresh start; a time for looking back with gratitude at the blessings of another year. It is also a time to look forward with renewed hope for more significant benefits. May you find true bliss as you face your next milestones.

     

                 
Everywhere you go, you fill up the place with smiles. This is why, for your birthday, I wish that life always gives you a reason to smile, for as long as you live. Happy Birthday, sweetheart!

A wife like you is rare. Indeed,
You’re there for me in times of need,
That’s why on this, you’re a special day,
You’re wished the best in every way.
Happy Birthday to My wife, my friend and my babe!

Your birthday is a beautiful occasion all by itself. However, for me, it’s a special day allowing me to thank God for all that your love has meant to me.

We have known each other forever. Every year, I tell you the same things on your birthday, and you make it sound like I’m so original. However, that is just the kind of person you are: sweet, humble and caring. I hope you never get tired of hearing that.

Today is the time of celebration; I hope you have a beautiful day with loads of love and surprises. May your birthday gives you the best memories till the next one, may you have success waiting ahead.

 
My dearest wife, today is your birthday, and I look forward all year to celebrating this day with you. I have planned so many enjoyable activities, and I can’t wait to see your face light up when you look at what I have in store for you.