How to login to NOUN Elearn Portal
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...
Course Code: ACC 311
Course Unit: 3
Course Title: FINANCIAL ACCOUNTING
Time Allowed: 3 Hours
Instructions: i). Attempt question one (1) and any other three (3) questions.
ii). Question one (1) carries 25 marks, while the other three (3) questions carry 15 marks each.
iii). Present all your points in coherent and orderly manner
Question 1
Andrew and Ben are partners sharing profits or losses equally. Chris and Dan are partners in another firm. They also share profits or losses equally. The two firms are to amalgamate with Andrew, Ben, Chris and Dan sharing profits or losses in the ratio of 3:3:2:2. The statement prior to the amalgamation and before any of the necessary amalgamation adjustment was as follows:
|
Andy/Ben ( |
Chris/Dan( |
Non-current assets |
1,100,000 |
962,500 |
Current assets |
550,000 |
440,000 |
Total |
1,650,000 |
1,402,500 |
Capital: |
|
|
Andy |
660,000 |
-------------- |
Ben |
660,000 |
-------------- |
Chris |
-------------- |
550,000 |
Dan |
-------------- |
550,000 |
Current Liabilities: Payables |
330,000 |
302,500 |
Total |
1,650,000 |
1,402,500 |
The goodwill of Andy/Ben & Co was agreed to be N550,000 and its Non-current assets were to be revalued by N275,000. The goodwill of Chris/Dan & Co was agreed at N440,000 and its Non-current assets were also to be revalued by N275,000. The partners in the new firm have decided that the assets will be carried forward at their revalued amounts in the general ledger of the new firm but goodwill is to be eliminated.
You are required to:
a) Prepare partner’s capital account in columnar form, recording these transactions.
b) The opening statement of financial position (25 marks)
Question 2. Define the terms: i) Departmental Accounting
ii) Independent Departments
iii) Dependent Departments
iv) Dependent Branch
v) Head Office Current Account
(15 marks)
Question 3. Differentiate between Dependent and Independent branches and their characteristics. (15 marks)
Question 4. List the various types of transfer prices of goods from the head office to the branches known to you and explain them. (15 marks)
Question 5 (a) Describe the types of:
5(b) What are the differences between types of companies? (15 marks)
Question 6
Distinguish between Stock and Shares. State the difference between Ordinary shares and preference shares. (15 marks)
Select NOUN Past Questions & Answers by Faculties
National Open University of Nigeria (NOUN) Faculty of Sciences Past Questions and Answers.
National Open University of Nigeria (NOUN) Faculty of Education Past Questions and Answers.
National Open University of Nigeria (NOUN) Faculty of Arts and Social Sciences Past Questions and Answers.
National Open University of Nigeria (NOUN) Faculty of Law Past Questions and Answers.
National Open University of Nigeria (NOUN) Faculty of Management Sciences Past Questions and Answers.
National Open University of Nigeria (NOUN) Faculty of Health Sciences Past Questions and Answers.
National Open University of Nigeria (NOUN) Faculty of Agricultural Sciences Past Questions and Answers.
Select Project Topics & Materials by Categories
Universities, Polytechnic's and Colleges of Education Accounting Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Biology Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Business Education Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Chemistry Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Computer Science Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Criminology & Security Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Economics Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Education Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education English/Linguistic Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Entrepreneurship Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Environmental Science Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Law Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Marketing Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Physics Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Political Science Project Topics and Materials.
Universities, Polytechnic's and Colleges of Education Public Administration Project Topics and Materials.
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...
The Flemish Ministry of Education and Training awards scholarships to highly talented international students who want to study a master's programme at a Flemish university, a school of arts or ...
Universities of the Coimbra Group offer short-term visits (generally 1 to maximum 3 months) to young African researchers from higher education institutions from Sub-Saharan Africa. The main aim of ...