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

ASSIGNMENT 1

(a)  Define control Account and list five reasons for control accounts.

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

       accounts.

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

ASSIGNMENT 2

(a)  Mention five each items to be found in sales ledger control account and purchases

      ledger control account.

(b) On January 1, 2018 the sales ledger balance of Ji Ma Su was N12,000 debit while the

      bought ledger balance was N4,850 credit.

       The following transactions took place in the month of January 2018.

                                                                                                    N

            Credit sales                                                                 175,900

            Bad debt                                                                         4,225

            Dishonoured cheque                                                      6,250

            Credit purchases                                                          90,300

            Returns inwards                                                             7,850

            Bills receivable                                                            22,500

            Cash received from debtors                                        78,000

            Cash paid to creditors                                                 57,000

            Discount allowed                                                          2,250

            Discount received                                                         4,725

            Cheques from debtors                                                 37,500

            Bills payable                                                               10,750

            Debit balance in bought ledger transferred

to sales ledger                                                               1,300

Discounts allowed but subsequently disallowed             750

Discounts received but subsequently withdrawn            725

Prepare:

(i)                 Sales Ledger Control Account

(ii)               Purchases Ledger Control 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 SATURDAY 11TH 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)