BRITS TUTORS LINKS: 02/04/19

Monday, February 4, 2019

ACC 111-PRINCIPLES OF ACCOUNTING 1- ASSIGNMENT 5 FOR FULL TIME

FeyinkogbonNigeria 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

NOTICE: TO BE SUBMITTED ON FRIDAY 8 FEBRUARY, 2019 ON OR BEFORE 9A.M

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ACC 111-PRINCIPLES OF ACCOUNTING 1 COURSE OUTLINE:

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

Assignment 1 and 2 for Full-Time:

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

Assignment 3 for Full-Time:

https://britstutors.blogspot.com/2019/01/acc-111principles-of-accounting-1.html

Assignment 4:

https://britstutors.blogspot.com/2019/01/acc-111principles-of-accounting-1_28.html

ACC 111 TEST(04022019:2-4PM)

https://britstutors.blogspot.com/2019/02/acc-111-principles-of-accounting-1-test.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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ACC 111- PRINCIPLES OF ACCOUNTING 1 TEST (04022019:2-4PM) FOR FULL TIME

FOR WHOM: ACCOUNTANCY DEPARTMENT:
(a)The following information has been given to you about Aiyefele Nigeria Limited`s factory plant and machinery.

Cost N6 million

Residual value N720,000

Useful life 6 years

You are required to calculate the annual depreciation charges for each year using:

(i) Sum of the year digit Method (ii) Diminishing Method

(b) List twenty source documents you are familiar with.

FOR WHOM: BUSINESS ADMINISTRATION DEPARTMENT:
The following information has been given to you about Aiyegbajeje Nigeria Limited`s factory plant and machinery.

Cost N7.5 million

Scrap value N2,750,000

Useful life 6years

You are required to calculate the annual depreciation charges for each year using:

(i) Reducing Balance Method (ii) Sum of the year digit Method

(b) List twenty source documents you are familiar with.

FOR WHOM: OFFICE TECHNOLOGY AND MANAGEMENT DEPARTMENT:

The following information has been given to you about Aiyele Nigeria Limited`s factory plant and machinery.

Cost N 5 million

Salvage value N 625,000

Useful life 6 years

You are required to calculate the annual depreciation charges for each year using: