Monday, October 29, 2018
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
31st
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:
- Entity Concept
- Going Concern Concept
- Periodicity
- Matching Concept
- Materiality
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