ASSIGNMENT ON ACC 121- PRINCIPLES OF ACCOUNTS 2 (FULL TIME)

ASSIGNMENT 1

(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)  Distinction between sales ledger control accounts and purchases ledger control accounts.

ASSIGNMENT 2

(a)  State the similarities between sales ledger control accounts and purchases ledger control 

       accounts.

(b) On January 1, 2017 the sales ledger balance of Fesojaiye 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Discounts received but subsequently withdrawn            145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

INSTRUCTIONS:
(i)USE 40 LEAVE NOTE BOOK FOR YOUR ASSIGNMENT(S), TAKE NOTE !
(ii) QUESTION ON SEPARATE PAGE AND ANSWER ON SEPARATE PAGE.
(iii)TO BE SUBMITTED ON OR BEFORE TUESDAY 7TH MAY, 2019  
(3PM PROMPT).
(iv) SUBMIT BY YOURSELF.
(v) FAILURE TO COMPLY, YOU BLAME YOURSELF FOR THE CONSEQUENCE.
                                          
                                             BEST OF LUCK! 

              PATRIOT ODUNARO B.J ( 08038454008)