1. The
following balances were extracted from the books of Aiyegbaogbon Enterprises on
31st
December, 2017.
N
Sales ledger, debit balance 1/1/2017 98,260
Sales ledger, credit balance 1/1/2017 2,370
Bought ledger, credit balance 1/1/2017 72,190
Bought ledger, debit balance 1/1/2017 4,210
Credit purchase 513,620
Credit sales 781,540
Accounts settled by contra 6,220
Bills dishonoured 7,500
Bills debts written off 5,260
Bills of exchange drawn on customers 34,730
Returns Inward 7,450
Returns Outwards 8,920
Cash received from debtors
689,230
Cash paid to suppliers 495,140
Discount Received 19,320
Discount Allowed
24,750
Cash refunded to customers 1,270
Sales ledger, credit balance 31/12/2017 2,010
Bought ledger, debit balance 31/12/2017 3,340
You are required to prepare:
(a)
Sales
Ledger Control Account
(b)
Purchases
Ledger Control Account
2. Peter and Paul formed a partnership on 1st
January, 2016. The partnership agreement contains the following:
i. The partners fixed capital are Peter N30,000 and
Paul N24,000.
ii. Paul to receive a salary of N1,800 per year.
iii. Interest on capital to be calculated at 5% per
annum.
iv. Interest is to be charged on drawing at the rate
of 2%.
v. Peter and
Paul to share profit in ratio 2:1 respectively.
During the year to 31st December 2016, drawings were
Peter N2,250 , Paul N1,750 and the net profit was N13,500. The partners decided
to maintain fixed capital account.
You are required to show:
(a)
The
Profit and Loss Appropriation Account for the year ended 31st December 2016.
(b)
The
partners Current Account
(c)
Balance
Sheet ( Extract ) as at 31st December 2016
3. On 1st
April 2017, Banuso purchased a business for N5,770 and paid for it the same day. The assets and
liabilities of the business on that day were as follows with the one on 31st
March 2018.
1st
April, 2017 31st
March, 2018
N N
Freehold Premises 3,000 3,000
Equipment 300 450
Shop Fittings 900 1,100
Stock-In-Trade 1,400 1,600
Debtors 320 640
Creditors 150
90
Cash at Bank - 390
On 1st April, 2017, Banuso opened a business account
into which he paid N350. During the year his drawings were:
Cash N1,100
Goods N140
He also brought in additional cash capital of N700.
You are required to prepare a statement showing the
profit or loss of the business for the year ended 31st March 2018 after taking
into consideration the following:
(i)
Depreciation
of: Shop Fittings N100 and
Equipment N30
(ii)
N80
was written off as bad debts.
4. (a) The following list of balances was extracted
from the records of Motiriri Textile Mills on 31st December, 2017.
N
Stock of raw cotton: 1st January 2017 22,100
Stock of raw cotton: 31st December 2017 23,400
Purchase of raw cotton 234,500
Carriage on raw cotton brought 67,900
Direct wages 111,300
Factory Expenses:
Depreciation on plant and machinery 45,300
Salaries 71,200
Power and heat 66,100
Insurance and maintenance 17,500
Required:
Prepare manufacturing account for the year ended 31st
December, 2017.
(b) Write short note on the following:
i. Prime Cost ii. Direct Labour Cost iii.
Cost of Raw Material Consumed
iv. Production Overhead Expenses v. Work-In-Progress
5. (a) Differentiate between the following terms:
i.
Ordinary Shares and Preference Shares.
ii.
Authorised Share Capital and Issued Share Capital
iii. Called
Share Capital and Paid Up Capital
(b) Fesojaiye Nigeria Limited issued 200,000
ordinary shares of N1.00 each atN1.20 per
share payable as follows:
i.
25k
per share on application.
ii.
40k
per share on allotment (including the premium)
iii.
35k
per share on first call
iv.
20k
per share on second and final call
Required: Show the ledger accounts to record the above transactions.
6. (a) List
six types of non-profit oriented organisation.
(b)
Differentiate between non-profit oriented organisation and profit oriented
organisation.
(c ) List
three accounting records and financial statements of social clubs.
7. (a) List
six types of non-profit oriented organisation.
(b)
Differentiate between non-profit oriented organisation and profit oriented
organisation.
(c ) List
three accounting records and financial statements of social clubs.
8. (a) Define
control Account and list five reasons for control accounts.
(b) Mention five each items to be found in sales
ledger control account and purchases
ledger control account.
(c ) On
January 1, 2017 the sales ledger balance of Foyegbe was N2,400 debit while the
bought ledger balance was N970 credit.
The
following transactions took place in the month of January 2017.
N
Credit sales 35,180
Bad
debt 845
Dishonoured
cheque 1,250
Credit
purchases 18,060
Returns
inwards 1,570
Bills receivable 4,500
Cash received from debtors 15,600
Cash
paid to creditors 11,400
Discount
allowed 450
Discount
received 945
Cheques from debtors 7,500
Bills
payable 2,150
Debit balance in bought ledger
transferred
to sales ledger 260
Discounts allowed but
subsequently disallowed 150
Discounts received but
subsequently withdrawn 145
Prepare:
(i)
Total
Debtors Account
(ii)
Total
Creditors Account
For more questions and enquiries call Patriot Odunaro B.J on 08038454008
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