ASSIGNMENT 1
“Book-Keeping
is to Accounting, as Nursing is to Medicine”. Discuss
To whom: ND1
Accountancy and ND1 Business Admin
OR
“Book-Keeping
is to Accounting, as ICT is to Computing”. Discuss
To whom: ND1
Computer Science and ND2 OTM
ASSIGNMENT 2
1. Efura started a photographic
business under the business name Efura Special Photos in August, 2018. The
following transactions relate to the first month of operation.
2018:
August 1 Paid N200,000 into bank.
August 5 Withdrew cash N90,000 from bank.
August 7 Bought two brand new cameras for N30,000 cash.
August 9 Paid cash for supplies N45,000
August 11 Purchased office equipment with cheque N25,000.
August 13 Received cash
for work done N56,000.
August 15 Bought supplies with cash N10,000
August 18 Paid cash for repair of equipment N15,000.
August 21 Withdrew cash for personal use N12,000.
August 23 Paid telephone bills for the month N6,600 by cheque.
August 25 Delivered 100 pieces of pictures at N200 on credit to customers.
August 27 Received N18,000 cash from customers.
August 28 Bought supplies with cash N5,000.
You are required to prepare the
two-column cash book for Efura for the month of August, 2018.
2. (a)
What do you understand by Accounts Balancing?
(b)
You are required to prepare two column cashbook for June 2018.
June
1 Mr. Famous started business with
#250,000 cash.
June 4
Paid #235 cash for insurance.
June 6 The proprietor put a further #130,000 into
the bank.
June 7
Bought motor van #100,000 paying by cheque.
June 11
Sold goods #650 on credit to David
June 12
Cash drawing #3,500.
June 13
Purchase goods #1,500 on credit from Totland.
June 15
Put cash #75,000 into bank.
June 17
Received loan #120,000 cash from Queen Aaliyat.
June 20
Withdrew #17,500 cash from the bank for office use.
June 23
Goods worth #300 were returned to a supplier-Totland.
June 25
Cash sales #7,500 .
June 26
Cash purchases # 4,750.
June 27
Goods worth #150 were returned to us by David.
June 30
Purchased fixtures and fittings #5,750 by cheque
To whom: ND1 Accountancy, ND1 Business Admin, ND2 OTM and
ND1 Computer Science.
ASSIGNMENT 3
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 31st
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.
ASSIGNMENT 4
FOR
WHOM: ACCOUNTANCY DEPARTMENT:
The following information has been given to you about Ayegbaogbon Nigeria
Limited`s factory plant and machinery.
Cost N5 million
Scrap value N250,000
Useful life 5
years
You are required to
calculate the annual depreciation charges for each year using:
(i) Straight-line Method (ii)
Reducing Balance Method
FOR
WHOM: BUSINESS ADMINISTRATION DEPARTMENT:
The following information has been given to you about Ayefele Nigeria Limited`s
factory plant and machinery.
Cost N25 million
Scrap value N1.25
million
Useful life 5
years
You are required to
calculate the annual depreciation charges for each year using:
(i) Straight-line Method (ii)
Reducing Balance Method
FOR WHOM: OFFICE TECHNOLOGY
AND MANAGEMENT DEPARTMENT:
The
following information has been given to you about Ayegbajeje Nigeria Limited`s
factory plant and machinery.
Cost N 15 million
Scrap value N
750,000
Useful life 5
years
You are required to
calculate the annual depreciation charges for each year using:
(i) Straight-line Method (ii)
Reducing Balance Method
FOR WHOM: COMPUTER
SCIENCE DEPARTMENT:
The
following information has been given to you about Ayedade Nigeria Limited`s
factory plant and machinery.
Cost N 7.5 million
Scrap value N
1.75 million
Useful life 5
years
You are required to
calculate the annual depreciation charges for each year using:
(i) Straight-line Method (ii)
Reducing Balance Method
ASSIGNMENT 5
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
ASSIGNMENT6
“Book-Keeping is to Accounting, what Nursing is to Medicine”.
Discuss
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ACC 111-PRINCIPLES OF ACCOUNTING 1 COURSE OUTLINE:
Assignment 1 and 2 for Full-Time for general knowledge:
Assignment 1 and 2 for Part-Time
Assignment 3 for Full-Time for general knowledge:
Assignment 4 for Full-Time for general knowledge:
Assignment 5:
PILOT ON PRINCIPLES OF ACCOUNTING 1:
https://britstutors.blogspot.com/2019/03/pilot-on-acc-111-principles-of.html
PATRIOT ODUNARO B.J
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