ASSIGNMENT ON ACC 111-PRINCIPLES OF ACCOUNTING 1 FOR BOTH FULL TIME AND PART TIME

                    PATRIOT ODUNARO B.J (08038454008)

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ASSIGNMENT 1:

Without Book-Keeping there wouldn`t be Accounting. Discuss

ASSIGNMENT 2:

Sogbae Nigeria Limited provides the following information relating to its accounts for three years as shown in the table below:

Year	Capital	Profit	Returns on Capital
	N	N	%
2018	750,000		45
2017	450,000	90,000
2016	500,000		35

Required:

(i) Calculate profits for year 2016 and 2018.

(ii) Calculate returns on capital for year 2017.

(iii) Calculate percentage increase in profit between year 2017 and 2018.

(iv) Calculate percentage decrease in profit between year 2016 and 2017.

(v)  Calculate increase in capital between year 2017 and 2018.

(vi) Calculate decrease in capital between year 2016 and 2017.

Hints: show all formular and workings

NOTE: TO BE SUBMITTED ON  6TH DECEMBER, 2019 TO THE CLASS GOVERNOR(S) ON OR BEFORE 9A.M.

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TRAIN YOUR BRAIN

Acquiring a photographic memory

A photographic memory is achievable either for great academic attainment or for general great mental performance.

Reaching a great academic height is not impossible. Success is never a herculean task where action is. With diligence, the top is never a mirage. No matter the obstacle on your way, you can become academic celebrated. There are several things that can be done to improve your mental performance.

Areas of your memory you can improve:

1. Ability to recollect information

2. Focus

3. Breaking Speed record

4. Analytical skills

5. Creativity

Becoming a superlearner:

A superlearner is  person who can learn anything faster, easier and effectively in an unusual manner.

Most superlearner use the Pareto principle. The principles states that things are not evenly distributed.

20% of the input produces 80% of results

80% of the input produces 20% the results

Train Your Memory:

Memory, like muscular strength, requires you to “use it or lose it.” The more you work out your brain, the better you’ll be able to process and remember information. But not all activities are equal. Photographic memory is not a day’s journey.  It is a product of constant reading. Success is never cheap. If there is anything cheap, it is failure. 

The future is like a ball. It does not bounce until someone kicks it.

So, my dear readers mind your business (Sogbae).

Pay attention. You can’t remember something if you never learned it, and you can’t learn something—that is, encode it into your brain—if you don’t pay enough attention to it. It takes about eight seconds of intense focus to process a piece of information into your memory. If you’re easily distracted, pick a quiet place where you won’t be

interrupted.   

Involve as many senses as possible. Try to relate information to colors, textures, smells, and tastes. The physical act of rewriting information can help imprint it onto your brain. Even if you’re a visual learner, read out loud what you want to remember. If you can recite it rhythmically, even better.

Relate information to what you already know. Connect new data to information you already remember, whether it’s new material that builds on previous knowledge, or something as simple as an address of someone who lives on a street where you already know someone.

For more complex material, focus on understanding basic ideas rather than memorizing isolated details. Practice explaining the ideas to someone else in your own words.

Rehearse information you’ve already learned. Review what you’ve learned the same day you learn it, and at intervals thereafter. This “spaced rehearsal” is more effective than cramming, especially for retaining what you’ve learned.

The following information may be useful for easy understanding if you believe:

For Christian (pray for divine knowledge, understanding and wisdom from God Almighty):

Recite three times on water and drink on daily basis:

Psalm 51

Psalm 19

Psalm 134

For Muslim (pray for divine knowledge, understanding and wisdom from God Almighty):

Recite 33times on water and drink on daily basis:

Robbil Sidni Ilimon (Meaning God increase my knowledge)

Ayatul-Kurisiyu

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NOTHING IS MORE NOBLE THAN HELPING OTHERS!

 

JUMAH MUBARAK!

No one makes a lock without a key.
As from now on, Almighty Allah shall begin to provide immediate solutions to all your challenges. You will continue to make steady progress without unnecessary stress and delay.
Life shall continue to favour you at all times.
You will continue to enjoy a perfect health system coupled with peace of mind. Aameen

                                             PATRIOT ODUNARO B.J ( 08038454008)
AMEN AAAMEN AAAMEEEN AMEN!
Humility is a treasure.It makes us Honest.
It removes Self-deception and Falsehood.
May Almighty Allah fill our Hearts with Humility,Purify our Words and Deeds.
May HE rank us and our Family among His Chosen Servants who Enjoy His Protection & Guidance for the Rest of our Lives and  Beyond. Allahumo Amin Kunfayakun! Juma'at Toyyibah

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ASSIGNMENT ON ACC 212- COST ACCOUNTING 1 FOR BOTH FULL TIME AND PART TIME

ASSIGNMENT 2

Alatise Manufacturing Company provides the following information relating its cost

    function  as given below:

    TC =  3 p³  +  15p²  - 15p  + 100

    Where P = N50   and Q = 100 units

     Required: Calculate:

     (a)  i.  Fixed Cost     ii.  Variable Cost     iii. Mixed Cost    iv. Variable Cost per unit

           v.  Average Fixed Cost    vi.  Average Cost  

     (b)  Use the information in “a” above to prove that:

            Average Fixed Cost = Average Cost   -  Variable Cost per unit

                    PATRIOT ODUNARO B.J (08038454008)

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UNDERTANDING DELIVERY CHALLANS

What Are Delivery Challans?

As a businessperson, is this question placing you in a dilemma? Well, this article contains all your answers!
Also known as a dispatch challan or a delivery slip, a delivery challan is a document that contains the description, condition, and quantity of goods delivered.
The paper outlines the recipient of the products, their locations and the date of delivery. The main purpose of a delivery challan is the indication that goods are delivered and that the customer has acknowledged their receipt.
Doesn’t sound so complicated, does it? I hope not!
A minimum of four copies of a delivery challan must be prepared for transaction purposes. The four copies serve the following four functions:

1. The first copy is sent to the accounts department.
2. The second goes to the sales department.
3. The third copy is issued to the customer.
4. The store department must retain the last copy for the purpose of record keeping.

It is imperative to note that a delivery challan is sent along with the shipped goods and it might, in some cases, not result in sales.
However, it is prepared with the hope that purchases will be made. A delivery challan is a central piece that is used by almost every organization in everyday transactions.

The Difference Between an Invoice and A Delivery Challan

As a seasoned person in business, you could be wondering what difference exists between an invoice and a delivery challan since their functions look alike!
Well, here is the difference!
An invoice is a document which the customers use to show legal proof of ownership of the goods. With an invoice, the customer has accepted the full ownership of goods, with all the rights, risks and liabilities that they carry along.
This is not the case with a mere delivery challan.
As highlighted above, a delivery challan serves the sole purpose of showing that the customer has acknowledged the receipt of goods, but not their legal ownership or responsibilities.
Another slight difference between these two documents is that an invoice indicates the actual value of goods delivered while a delivery challan does not. However, in some cases, a delivery challan may include the value of goods, but it never shows the tax charged to a customer.
Also, it is worth noting that an invoice and a delivery challan can be merged to result in something referred to as a “Tax invoice cum delivery challan.”

The Format of a Delivery Challan

With this kind of information on your fingertips, you must be eager to learn about the formatting of a delivery challan. That’s what a shrewd businessman does, isn’t it? Well, here is what goes into creating a delivery challan.

• The date and the number of the delivery challan
• The serial number of the delivery challan
• The name and the address of a registered supplier
• The name and the specific identity of the buyer
• The quantity and the description of the goods, including their HSN code
• The name and address of the transporter, otherwise known as the consigner
• The place where the delivery is to be made
• Signature

These are the most critical aspects that must be included in a delivery challan.
To make a challan more efficient, be keen on capturing the fine details of the goods such as the HSN code, their taxable value, and their description.
It is also important to note that the inclusion of a serial number in a delivery challan is compulsory. This is because a serial number identifies a challan and makes it easy to refer to a particular challan. Moreover, in cases where the recipient of goods is not registered, the location of a business must be mentioned in a delivery challan.

 

When Is A Delivery Challan Issued?

You are probably struggling over finding an answer to this question. These are the circumstances that compel you to issue a delivery challan:

• When you need to determine the number of goods at the time of dispatch
• In the case where the supplier’s business location is undisclosed to the recipient of goods
• When you are supplying goods upon approval
• When you are transporting goods for job work

Under any of these circumstances, a delivery challan can be issued.

 

The Bottom Line

Record keeping is a vital culture worth being cultivated by any successful business organization. In record keeping, books of account and other relevant documents must be maintained. One such document is the delivery challan.
Using an inventory management software like Profit Books can help you systemize this process. With Profit Books, you can record inventory purchases and sales very easily. Creating a sales order and delivery challan is a matter of few clicks.
If you deal with inventory in your business, you should try Profit Books

                               PATRIOT ODUNARO B.J (08038454008)
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