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COURSE CODE: ACC 311 CREDIT UNIT: 3
COURSE TITLE: FINANCIAL ACCOUNTING
TIME ALLOWED: 2 1/2 HOURS
Instructions:
1. Attempt question number one (1) and any other three (3).
2. Question number 1 is compulsory and carries 25 marks while the others carry 15 marks
each.
3. Present all your points in coherent and orderly manner.
Question One
Abuja Plc is an established merchandising business making accounts annually to 30th September.
The following is the trial balance of the company as at 30th September, 2017
Dr Cr
N’000 N’000
Ordinary shares of 50k each 300,000
Share premium 460,000
Revaluation surplus 160,000
Retained earnings 621,000
Sales 3,600,000
Purchases s 1,900,000
Inventory at 1st October 2016 600,000
Returns inwards 240,000
Returns outwards 200,000
Salaries and wages 400,000
Directors remunerations 320,000
Insurance and rates 280,000
Land 500,000
Building at cost 800,000
Accumulated depreciation on building 220,000
Plant and equipment at cost 1,700,000
Accumulated depreciation on plant and equipment 440,000
Motor vehicles at cost 700,000
Accumulated depreciation on motor vehicles 260,000
Furniture and fitting at cost 1,100,000
Accumulated depreciation on F&F 400,000
Trade receivables 500,000
Trade payables 620,000
Long term investment 800,000
Short term investment 400,000
Cash in hand 300,000
Long term loan 500,000
Investment income 240,000
Commission received 300,000
Other income 1,020,000
Short term loan 560,000
Loan interest 112,000
Sundry expenses 200,000
Bank overdraft - 951,000
10,852,000 10,852,000
Relevant notes
Land 0% on cost
Building 10% on cost
Plant and equipment 20% on cost
Motor vehicles 25% on reducing balance
Furniture and fittings 15% on reducing balance
Required: Prepare the following statements for internal use:
(Total 25 Marks)
Question Two
On 31st December, 2017, the outline statement of financial position of Diamond, Gold and Silver in partnership sharing profits and losses equally, was
Statement of Financial Position as at 31 December, 2017
N N
ASSETS: Non-Current Assets
Freehold building & land 2,000,000
Plant and Machinery 900,000
Motor vehicles 750,000
3,650,000
Current Assets: Inventory 950,000
Receivables 700,000
Bank 100,000 1,750,000
5,400,000
Capital Accounts:
Diamond 1,600,000
Gold 1,400,000
Silver 800,000
3,800,000
Current accounts: Diamond 35,000
Gold 60,000
Silver (45,000) 50,000
Current Liabilities: Payables 800,000
Bank overdraft 750,000 1,550,000
5,400,000
On 31st December, 2017, the Partnership was dissolved and the asset sold publicly as follows:
N
Freehold building and land 3,000,000
Plant and Equipment 650,000
Motor vehicles 250,000
Inventory 725,000
Receivables realized N680,000. Payables were settled in full and the Bank overdraft was repaid. Black personally took over a vehicle at a valuation of N350,000 and white a vehicle at a valuation of N8,750. Dissolution expenses amounting to N50,000 were paid.
Required:
Prepare the Realisation Account, Bank account and Capital accounts to record the dissolution
(15 Marks)
Question Three
3a) Discuss the two methods of preparing cash flow statements (3 marks)
3b) With respect to classification of cash flow statement, explain the following giving three (3) examples each:
(Total 15 Marks)
Question Four
The following balances were extracted from the books of Best Nig. Ltd for the year ended 31st December, 2017:
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You can now use you matric number to login as your username and password in a lowercase.
https://elearn.nouedu2.net/login/
Note that you are to change your passw...
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