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NATIONAL OPEN UNIVERSITY OF NIGERIA

UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
FACULTY OF MANAGEMENT SCIENCES
JULY 2018 EXAMINATION

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 (N)

Chris/Dan(N)

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:

  1. companies,
  2. limited companies, and
  3. characteristics of limited companies known to you.

 

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)


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