ACC 111(PRINCIPLES OF ACCOUNTING 1)- ASSIGNMENT 3 FOR FULL TIME

1. (a) Define a trial balance and state six types of errors which do not affect the agreement of

          trial balance.

    (b) You are required to prepare a trial balance.

          The following balances were extracted from the books of Foyegbe and sons on 31^st

          December, 2017.

                                                                                                      N

Premises                                                                      150,000

Motor Vans                                                                   27,810

Capital                                                                         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

Sales Returns                                                                 1,680                            

Purchases Returns                                                         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                                                                           360,750

2. The following balances were extracted from the books of Sogbae and Son on 31st August 2018.

                                                                        N`000

Purchases                                                     100,250

Capital                                                             41,000

Returns Outwards                                               340

Land and Building                                         14,000

Loan                                                               32,000

Stationery                                                        1,260

Drawings                                                             180

Insurance                                                             940

Advertisement                                                    420

Debtors                                                          10,000

Carriage Outwards                                              220

Motor Van                                                      2,050

Machinery                                                      24,280

Creditors                                                        14,000

Fixtures and Fittings                                      39,830

Returns Inwards                                                 730

Discounts Allowed                                             160

Rent                                                                    260

Commission Receivable                                  1,400

General Expenses                                            2,260

Sales                                                             141,000

Equipment                                                      32,000

Discount Received                                              600

Salaries                                                             1,500

Required: Prepare a trial balance as at 31st August, 2018 for Sogbae and Sons.

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ACC 111-PRINCIPLES OF ACCOUNTING 1 COURSE OUTLINE: 
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Assignment  1 and 2 for Full-Time:

https://britstutors.blogspot.com/2018/12/assignment-on-acc-111-principles-of.html

ACC 111 Lecture Notes: 

https://britstutors.blogspot.com/2018/11/introduction-to-accounting-note.html

ACC 101 Lecture Notes:

https://britstutors.blogspot.com/2018/11/acc-101-introduction-to-accounting.html 

Financial Statements:

https://britstutors.blogspot.com/2018/11/financial-statements.html 

Text Book by Patriot Odunaro B.J:

https://britstutors.blogspot.com/2018/10/principles-of-accounting-1-textbook-by.html 

13 Review Questions:

https://britstutors.blogspot.com/2018/10/tutorial-questions-on-principles-of.html

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