Monday, December 3, 2018

ASSIGNMENT ON ACC 111-PRINCIPLES OF ACCOUNTS


                                              ASSIGNMENT  1


“Book-Keeping is to Accounting, as Nursing is to Medicine”. Discuss
To whom:  ND1 Accountancy and  ND1 Business Admin

OR

“Book-Keeping is to Accounting, as ICT is to Computing”. Discuss
To whom:  ND1 Computer Science  and ND2 OTM




                                             ASSIGNMENT 2

1. Efura started a photographic business under the business name Efura Special Photos in August, 2018. The following transactions relate to the first month of operation.
2018:
August 1     Paid N200,000 into bank.
August 5     Withdrew cash N90,000 from bank.
August 7     Bought two brand new cameras for N30,000 cash.
August 9     Paid cash for supplies N45,000
August 11   Purchased office equipment with cheque N25,000.
August        13     Received cash for work done N56,000.
August 15   Bought supplies with cash N10,000
August 18   Paid cash for repair of equipment N15,000.
August 21   Withdrew cash for personal use N12,000.
August 23   Paid telephone bills for the month N6,600 by cheque.
August 25   Delivered 100 pieces of pictures at N200 on credit to customers.
August 27   Received N18,000 cash from customers.
August 28   Bought supplies with cash N5,000.
You are required to prepare the two-column cash book for Efura for the month of August, 2018.


2.       (a)  What do you understand by Accounts Balancing?
          (b)  You are required to prepare two column cashbook  for June 2018.
June 1  Mr. Famous started business with #250,000 cash.                      
June 4 Paid #235 cash for insurance.                        
June  6 The proprietor put a further #130,000 into the bank.
June 7 Bought motor van #100,000 paying by cheque.
June 11 Sold goods #650 on credit to David
June 12 Cash drawing #3,500.
June 13 Purchase goods #1,500 on credit from Totland.
June 15 Put cash #75,000 into bank.
June 17 Received loan #120,000 cash from Queen Aaliyat.
June 20 Withdrew #17,500 cash from the bank for office use.
June 23 Goods worth #300 were returned to a supplier-Totland.
June 25 Cash sales #7,500 .
June 26 Cash purchases # 4,750.
June 27 Goods worth #150 were returned to us by David.
June 30 Purchased fixtures and fittings #5,750 by cheque

To whom: ND1 Accountancy, ND1 Business Admin, ND2 OTM and ND1 Computer Science. 

COURSE OUTLINE
https://britstutors.blogspot.com/2018/11/acc-111-principles-of-accounts-1-course.html 

 LCP! FIRST AND THE BEST!
 

BEST OF LUCK!

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