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...
NATIONAL OPEN UNIVERSITY OF NIGERIA
UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
FACULTY OF MANAGEMENT SCIENCES
JUNE/JULY 2018 EXAMINATION
COURSE CODE: ACC407/ACC405 CREDIT UNIT: 3
COURSE TITLE: ACCOUNTING AND AUDITING FOR CO-OPERATIVES
TIME ALLOWED: 3 HOURS
Instructions:
- Question number 1 is compulsory and carries 25 marks while the other 3 questions carry 15 marks each. Present all your points in coherent and orderly manner.
- Attempt question number one (1) and any other three (3).
Q1
ENEMA the Financial Secretary of NOUN Cooperative Society keeps his books so that a Sales Ledger Control Account and a Purchases Ledger Control Account are shown in his general ledger and balanced at the end of the month. At December, 2017.
N
Dr. Balances in the sales ledger 54,000
Dr. Balances in the purchases ledger 1,660
Cr. Balances in the sales ledger 1200
Cr. Balances in the purchases ledger 48,000
For the month of December, 2017
Total credit purchases 70,000
Total credit sales 80,000
Sales returns and allowances 1440
Purchase returns and allowances 800
Cash received from trade debtors 30,000
Cheques received from trade debtors 60,000
Discounts received from creditors 480
Payments made to trade creditors 65,600
Discounts allowed to trade debtors 1,440
Bad debts written-off 200
Provision for doubtful debts 800
Bills of exchange accepted by trade Receivables of NOUN co. 17,200
Sales ledger credit balances transferred to purchases ledger 320
Cash purchases 12,000
Dishonoured bills payable 560
Dishonoured bills receivable 600
Cr. balances in the sales ledger 780
Dr.balances in the purchases ledger 720
Requirements:
From the above details, show how these two control accounts will appear in the general ledger for the month of December, 2017. (25 Marks)
Q2(a) Define Accounting and argue whether it is a science or an art.
(b) What are the stages for reporting in accounting? (15 Marks)
Q3
- Define book-keeping and its objectives.
- What are the basic rules that guide the accounting profession and the preparation of accounting information? (15 Marks)
Q4
Write short note on the following:
- Capital receipts
- Revenue receipts
- Bank reconciliation
- Capital expenditure
- Revenue expenditure (15 marks)
Q5 (a) What are the duties of a cooperative auditor with regards to fraud and error?(7 Marks)
b) What are the responsibilities of a Director of Co-operatives? (8 Marks)
Q6
|
ABUJA COOPERATIVE SOCIETY (ACS) Transactions of ACS for the year ended 31/12/2016
|
|
|
|
Accumulated fund as at 1st January 2016 |
88,320 |
|
|
Cash in hand |
1200 |
|
|
Cash at bank |
22,080 |
|
|
Equipments |
81,600 |
|
|
Postages &stationery |
2880 |
|
|
Sale of tickets |
77,520 |
|
|
Hiring of equipment |
7,920 |
|
|
Members contributions – 2016 |
23,760 |
|
|
Members contributions – 2017 |
960 |
|
|
Donations received |
3,600 |
|
|
Royalties paid |
5,040 |
|
|
Rent of Hall |
73,440 |
|
Provisions are expected to be made for the following items, which have not passed through the books of the Cooperative.
i. Outstanding contributions for 2016 amount to N1440.
ii. 10% depreciation should be provided on Equipment.
iii. Rent paid in Advance amounted to N960.
Requirements: Prepare
a. Income & Expenditure Account for the year ended 31st December 2016.
b. Statement of Financial Position as at 31st December 2016. (15 Marks)
