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* ACCOUNTANCY DEPARTMENT
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ASSIGNMENT 6
From the following information for the
month of September 2019:
Inflows:
N’000
Import duties 30,000
Export duties 52,500
Excise duties 75,000
Petroleum profits tax 2,400,000
Companies income tax 532,500
PAYE: deductions from the emolument of
the:
Armed Forces 22,500
Police personnel 4,500
Residents of FCT 3,000
Dividend from Federal Government
Investments 9,000
Balance b/f 4,500
Outflows:
Remuneration of Statutory Officers 19,500
Recurrent expenditure 1,125,000
Transfer to: Development Fund 75,000
Contingency Fund 15,000
Note: The revenue
allocation formula is:
Federal Government 52.68%
State Government 26.72%
Local Government 20.60%
Required: Prepare:
(a)
Federation Account
(b) Federal Account
ASSIGNMENT 7
Ajimatanraeje L.G.A has a population of 12 million citizens
of which 9 million are taxable adults who will pay tax at the rate of N1,750
per adult.
It has 30,000 market stalls rented to traders at
N120,000 per annum per stall.
There are 25,000 hawkers who will pay entrances fees
to the market on daily basis at the rate of N250 per day.
There are 28 days in a month and 12 months in a
year.
Required: prepare the
revenue budget of the local Government for the year 2019.
BEST OF LUCK!
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