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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
OCTOBER/NOVEMBER 2016 EXAMINATION
COURSE CODE: ACC419
COURSE TITLE: ADVANCED FINANCIAL ACCOUNTING
CREDIT UNIT: 3
TIME ALLOWED: 3 HOURS
Instructions:
- Attempt question number one (1) and any other three (3).
- Question number 1 is compulsory and carries 25 marks while others carry 15 marks each.
- Present all your points in coherent and orderly manner.
QUESTION ONE
- Favour Electrical Concept Plc has authorised and issued share capital of N200 million, made up of 400 million ordinary shares of 50 kobo each. The following is the company’s trial balance as at 30 April 2006.
|
PARTICULARS |
DR N’000 |
CR N’000 |
|
Freehold land Short term deposits Sundry debtors Cash and bank Furniture and fitting-cost Accumulated depreciation |
50,000 50,000 60,820 100,862 44,720 |
11,180 |
|
Machinery and equipment-cost Accumulated depreciation Stock at 1 may 2003 Sundry creditors Bank overdraft Wages Postages and telephone General expenses Bad debts written off Auditors remuneration Distribution expenses Insurance Bank interest paid and received Electricity Salaries (including directors remuneration N2m) Rates Purchases Sales Dividends(interim) Profit and loss account Share capital |
189,000
27,160
97,280 2,100 6,060 560 2,000 2,140 2,060 4,100
3,800 76,850
1,580 306,832
24,000
1,051,924 |
32,800
39,420 25,000
1,000
740,124
2,400 200,000 1,051,924 |
The following adjustments are necessary for the year ended 30/4/2006:
(a) The directors recommended that 5% of debtors should be set aside for possible bad debt.
(b) Stock was valued at N58,648,000 as at 30 April, 2006.
(c) Wages outstanding at 30 April, 2006 amounted to N 2,400,000 and electricity accrued w as N280,000.
(d) Depreciation is to be written off machinery and equipment at 10% per annum and Furniture and Fittings at 5% per annum.
(e) The Sales Manager is entitled to sales commission of 2% of gross profit. The commission is payable on 1 May, 2006.
(f) Insurance has been paid in advance amounting to N 285,000.
(g) Machinery which stood in the books at 1 May, 2005 at N 8million has been sold for N6 million in part exchange for a new machinery costing N 12 million. A net invoice for N6 million has been posted into the Purchases account. No other entry has been made in respect of this transaction. The original cost of the old machinery was N 10million. It is the company’s policy to charge a full year’s depreciation in the year of purchase and none in the year of sale.
(h) The Directors proposed a final dividend of 8%, making a total of 20% dividend in respect of the year to 30 April, 2006.
(i) Provision for company income tax w as N 35million.
Required: Prepare the income statement for the year ended 30 April, 2006 and statement of financial position as at 30 April, 2006 in a form suitable for publication. Notes to the accounts are not required but show your workings.
2. Set below is the income statement of Maphacy Plc, a manufacturing company, for the year ended 31 December 2012, together with its comparative figures.
2012 2011
N’000 N’000
Turnover 12,000,500 8,500,000
Cost of sales (7,000,500) (5,400,000)
Gross profit 5,000,000 3,100,000
Distribution costs (820,100) (400,500)
Administration expenses 2,100,000 (1,600,000)
Trading profit 2,079,900 1,099,500
Interest payable (net) (450,000) (280,000)
Profit before exceptional items and taxation 1,629,900 819,500
Exceptional items 230,000 -
1,399,900 819,500
Taxation (460,000) (230,000)
Profit after taxation 939,900 589,500
Proposed dividend (550,000) (250,000)
Retained profit 389,900 339,500
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The following notes are relevant:
2012 2011 Land & Building 34,982 200,000 Plant, machinery & vehicle 17,117 30,000 Goodwill & Patents 407,901 - 460,000 230,000
Required: Prepare the statement of Value added of the company for the year ended 31 December, 2012 as it will appear in its published financial statements.
3. Farmers’ Co-operative Thrift and Credit Society trial balance as at 31 December 2014 is as follows Dr Cr N N Fixed asset (net depreciation) 300,770 Stocks of recharge cards 270,045 Investment: - short term deposit 5,382,510 - quoted shares 821,145 Members indebtedness:
Bank 601,962 Accrued expenses 503,500 Share capital 1,657,559 Share premium 101,524 Members savings 28,045,298 Reserve fund 2,087,710 Education fund 184,182 Interest income: On members loans 1,454,402 On investment 917,719 Profit on sales commission 5,463,930 Entrance fees 3,000 Loan forms and processing &n
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