"IN ALL YOUR GETTING GET WISDOM".
NOTICE: STUDENTS JUST BE YOURSELF AND START PRACTISING THE REVIEW QUESTIONS. IT IS WELL WITH OUR SOUL ALLAHUMO KUNFAYAKUN AMIN.
For Brain Development visit:
https://britstutors.blogspot.com/search?q=brain
https://britstutors.blogspot.com/search?q=brain
TUTORIAL QUESTIONS
1. Write short note on the following:
(a) Periodicity
(b) Materiality
(c) Matching Concept
(d) Going Concern Concept
(e) Entity Concept
2. What do you understand by source
document? State ten source documents known to you.
3. Briefly discuss the role of
Accountants and types of Accountants you know.
4. List ten users of Financial Statement.
5.
What is Double Entry Book-Keeping? State the basic Principle of Double
Entry Book-Keeping according to Luca
Pacioli.
6.
Explain with examples of each , what is meant by:
i. Nominal Accounts ii. Real Accounts iii. Personal Accounts
7. Without Book-Keeping there wouldn`t be
Accounting. Discuss
8.
Define a Journal and state its components.
9.
What are the uses of Journal Proper?
10. List advantages of the Journal.
11. 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
|
%
|
|
2019
|
750,000
|
45
|
|
2018
|
450,000
|
90,000
|
|
2017
|
500,000
|
35
|
Required:
(i) Calculate profits for year 2017 and
2019.
(ii) Calculate returns on capital for
year 2018.
(iii) Calculate percentage increase in
profit between year 2018 and 2019.
(iv) Calculate percentage decrease in
profit between year 2017 and 2018.
(v)
Calculate increase in capital between year 2018 and 2019.
(vi) Calculate decrease in capital
between year 2017 and 2018.
Hints: show all
formular and workings
12.
Classify the underlisted ledger
accounts into capital and recurrent.
i.
Depreciation Account vi.
Interest Paid Account
ii. Salaries and Wages Account vii. Discount Received
iii. Furniture and Fittings Account viii. Patent and Trade Marks Account
iv. Rent of Warehouse Account ix. Goodwill Account
v. Office Building Account x. Purchase Account
13. Ajimatanraeje
Nigeria 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
14. The following information has been given to
you about factory plant and machinery of
Ajikawe
Nigeria Limited.
Cost N25
million
Scrap value N1,250,000
Useful life 5years
You are required to calculate the annual
depreciation charges for each year using:
(a) Reducing Balance Method
(b)
Sum of the year Digit Method
15. The
following information has been given to you about Aiyegbaogbon Nigeria Limited`s
factory plant and machinery.
Cost N 15 million
Scrap value N0.75 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
(iii) Sum of the year Digit Method
(ii) Reducing Balance Method
(iii) Sum of the year Digit Method
16. The following information has been given to you about Aiyele Nigeria
Limited`s factory plant and machinery.
Cost N 7.5 million
Scrap value N 0.375 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
(iii) Sum of the year Digit Method
(ii) Reducing Balance Method
(iii) Sum of the year Digit Method
17. (a) What do you understand by a Trial Balance?
(b) Fesojaiye
Nigeria Limited provides the following informations and you are required to
prepare a trial balance as at 31st December, 2019.
N
Purchases 921,000.00
Revenue 3,621,000.00
Drawing
352,500.00
Return Inwards 182,500.00
Return Outwards 155,000.00
Discount Allowed 255,000.00
Discount Received 210,000.00
Trade Receivables
1,125,000.00
Trade Payables 1,427,500.00
Inventory 857,500.00
Land
115,000.00
Motor at cost 300,000.00
Furniture at cost 62,500.00
Accumulated depreciation on motor 112,500.00
Accumulated depreciation on furniture 25,000.00
Cash at bank 125,000.00
Cash in hand 47,500.00
Salaries
1,015,000.00
Carriage Inwards 555,000.00
Carriage Outwards 257,500.00
Printing and Stationery 90,000.00
Electricity and water 370,000.00
Insurance 170,000.00
General Expenses 870,000.00
Provision for bade debt 5,000.00
Bad debt already written off 10,000.00
Capital
1,750,000.00
Rent Received 95,000.00
Commission Received 280,000.00
18.. (a) Assignment Won Wa Die Limited provides the following information as
at 31st December, 2019.
N
|
|
Purchases
|
2,763,000.00
|
Revenue
|
10,863,000.00
|
Drawing
|
1,057,500.00
|
Return Inwards
|
547,500.00
|
Return Outwards
|
465,000.00
|
Discount Allowed
|
765,000.00
|
Discount Received
|
630,000.00
|
Trade Receivables
|
3,375,000.00
|
Trade Payables
|
4,282,500.00
|
Inventory
|
2,572,500.00
|
Land
|
345,000.00
|
Motor at cost
|
900,000.00
|
Furniture at cost
|
187,500.00
|
Accumulated depreciation on motor
|
337,500.00
|
Accumulated depreciation on furniture
|
75,000.00
|
Cash at bank
|
375,000.00
|
Cash in hand
|
142,500.00
|
Salaries
|
3,045,000.00
|
Carriage Inwards
|
1,665,000.00
|
Carriage Outwards
|
772,500.00
|
Printing and Stationery
|
270,000.00
|
Electricity and water
|
1,110,000.00
|
Insurance
|
510,000.00
|
General Expenses
|
2,610,000.00
|
Provision for bade debt
|
15,000.00
|
Bad debt already written off
|
30,000.00
|
Capital
|
5,250,000.00
|
Rent Received
|
285,000.00
|
Commission Received
|
840,000.00
|
(b) State what the Accountant will do if
the error still cannot be located in the trial balance.
19. Define
Bank Reconciliation Statement and state the causes of bank reconciliation
statement?
20. On 31st December 2019, Brits cash
book showed a debit balance of N29,520.
His
bank statement showed a credit balance of N25,260.
The
reasons for the difference were follow:
i.
A
cheque of N1,960 was received and entered in the cash book but was not recorded
in the bank statement.
ii.
Unpresented
cheques totalled N3,740.
iii.
The
payment side of the cash book had been undercasted by N2,000.
iv.
Standing
order for N1,260 appearing in the bank statement was yet to be posted in the
cash book.
v.
A
bill of exchange of N1,340 had matured and the bank had paid on Brits` behalf
but it had not been recorded in the cash book.
vi.
A
withdrawal of N1,440 by Banuso, another customer of the bank had been charged
in error to Brits account.
You are required to prepare:
i.
Adjusted
cash book
ii.
Bank
Reconciliation Statement.
21. Foyegbe Nigeria Limited has
the following transactions in its cashbook and bank statements for September
2017.
CASHBOOK
|
|||
Lodgements:
|
N
|
Payments:
|
N
|
CHQ. 6789
|
28,000
|
CHQ. 123456
|
8,000
|
CHQ. 4591
|
24,000
|
CHQ.123457
|
12,000
|
CHQ. 4826
|
19,000
|
CHQ. 123458
|
15,000
|
CHQ. 4725
|
38,000
|
CHQ. 123459
|
25,000
|
CHQ.4228
|
18,000
|
CHQ. 123460
|
16,000
|
Cash
|
132,000
|
CHQ. 123461
|
3,000
|
Balance C/d
|
180,000
|
||
259,000
|
259,000
|
||
Balance B/d
|
180,000
|
||
BANK STATEMENT
|
|||
DR
N
|
CR
N
|
BALANCE
N
|
|
CHQ.123459
|
25,000
|
25,000
|
|
CHQ. 123458
|
15,000
|
40,000
|
|
CHQ. 4826
|
19,000
|
21,000
|
|
CHQ. 6789
|
28,000
|
7,000
|
|
CHQ. 123460
|
16,000
|
9,000
|
|
CHQ.4826 CONTRA
|
19,000
|
28,000
|
|
ICAN
|
500
|
28,500
|
|
COT
|
1,000
|
29,500
|
|
Commission
|
3,500
|
33,000
|
|
CHQ. 4228
|
18,000
|
15,000
|
|
CHQ. 123457
|
12,000
|
27,000
|
|
Cash
|
132,000
|
105,000
|
|
You are required to:
(a) Prepare an adjusted cash book
(b) Reconcile the adjusted cash book
balance with the bank statement.
BEST OF LUCK!
Click on the link below to move back the home page of BRITS TUTORS:
FOR MORE QUESTIONS VISIT:
www.britstutors.blogspot.com OR
Whatapp Patriot Odunaro Babatunde Jimoh on 08038454008
Thank you sir
ReplyDelete