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Accounting Obj and Theory Now Available Here




ACCOUNT OBJ

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theory loading

(1)
(i) Sales Day Book
USES
This is a book of original entry in which credit sales are
recorded before posting to the ledgers. in the sales day
book, cash trasaction must not be recorded.
illustration
Sold goods to Roger Milla on creditt
(ii) Purchase Day Book
USES
This is the book for recording goods bought on credit
from the suppliers and are done monthly or weekly.
Illustration
Goods brought from Coca cola
(iii) Purchase Returns Book
USES
This is the book for recording goods returned to the
suppliers as a result of one reason or another.
Illustration
Returned Goods to Coca Cola
(iv) Sales Return Journal
USES
This is used to record goods returned by customers. it
maybe due to wrong color, wrong type, inferior
quality or breakage
Illustration
Returned Goods from Roger Milla
(v) Cash Book
USES
This is used to record cash transactions and also
transactions with the bank
Illustration
Bought goods on credit from S. Ojo


(2a)
- Preference Share are shares which have prefrence
right to some reasonable level of profit before other
share While Ordinary shares are shares which carry
the remaining profit after other shares have been paid
- Preference share have no voting right While ordinary
share have voting right
- Preference share have redemption right While
Ordinary share have no redemption right
- Preference share have fixed dividend rate While
ordinary share received dividend last.

(2bi)
When shares are issued at par: This is a situation
whereby shares are quoted at the nominal price, i.e.
the nominal value is equal to the issuing price.The
company will be able to obtain adquate capital

(2bii)
When share are issued at premium: This is a
situation whereby shares are quoted above the
nominal value. i.e. the issue price is greater than the
nominal value. The company will be able to use the
money to ffset upcoming loss

(2biii)
When shares are issued at discount: this is a
situation whereby shares are issued below the
nominal value. The company will be able to use it to
raise excess capital


(5)
tabulate:
Income & expenditure A/C
Debit side:
rent(7200)
Dep(3510)
salaries(48000)
exps(6570)
lecture(9000)
surplus(35700)
109980
Credit side:
profit(27540)
subscription(70470)
interest on investment(2160)
receipt(9810)
109980
Balance sheet as at 30/4/2006
debit side:
Accumulated fund(104430)
surplus(35700)
rent(600)
subscription(2520)
143250
credit side:
furniture(31590)
stock(5040)
investment(54000)
cash(52620)
143250
working:
Rent(600+7200-600)=7200
furniture(31500+3600-3510)= N31590
subscription(3750+66690+2520-2520)=70470


(6)
Statement of Affairs
Tabulate
Debit (DR)
Opening Capital 10,500
Creditors 5,250=
total 15,750
Credit (CR)
Motor 6,000
Stock 3,000
Debtors 6,300
Cash 450=
total 15,750
Statement of Affairs
Tabulate
Debit(Dr)
Closing Capital 15,450
Creditor 5,700
Loan 1,500
Bills payable 900=
Total 23,550
Credit (Cr)
Motor 6,000
Stock 3,750
Debtors 10,200
Cash 600
Investment 3,000=
Total 23,550
Statement of Profit
Closing capital 15,450
Add Drawings 1,500=
Total 16,950
Less: opening Capital 10,500
Add Capital 600=
Total 11,100
Net Profit (16,950-11,100)=5850






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Posted By naijabams.com On 06:09 Mon, 23 Jun 2014

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