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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
NOVEMBER 2018 EXAMINATION
Course Code: ACC812
Credit Unit: 3
Course Title: INTRODUCTION TO ACCOUNTING
Time Allowed: 3 HOURS
Instructions:
1. Attempt Question 1 and any other three (3) Questions.
2. Question 1 is compulsory and carries 25 marks while the other 3 Questions carry 15 marks each.
3. Present all your points in a coherent and orderly manner.
QUESTION 1
- i) Explain the entity concept (2 marks)
ii) Define and distinguish between assets and liabilities (3 marks)
- The following Trial Balance was extracted from the books of Elizabeth a sole proprietor, whose business is known as Lizzy Enterprise as at 31st December, 2011.
|
|
DR |
CR |
|
|
|
|
|
Capital |
|
112,000 |
|
Motor Van |
40,000 |
|
|
Inventories |
32,800 |
|
|
|
Balance at bank |
24,800 |
|
|
|
Purchases |
320,000 |
|
|
|
Sales |
|
446,000 |
|
|
Trade receivables |
58,000 |
|
|
|
Trade payables |
|
33,120 |
|
|
Rent and rates |
11,216 |
|
|
|
Salaries |
70,080 |
|
|
|
General expenses |
8,944 |
|
|
|
Motor expenses |
5,120 |
|
|
|
Discount allowed |
8,080 |
|
|
|
Discount received |
7,920 |
|
|
|
Insurance |
3,920 |
|
|
|
Bad debts |
6,080 |
|
|
|
Drawings |
|
10,000 |
|
|
|
599,040 |
599,040 |
|
The following matters are to be taken into account:
a) Inventories in trade as at 31st December 2011 was N40,320,000
b) Salaries and wages outstanding as at 31/12/11 amounted to N24,000,000.
c) Insurance paid in advance was N1,400,000
One fourth of the general expenses was for private purposes.
Required:
Prepare an Income statement for the year ended 31st December, 2011 and a Statement of financial position as at that date. (20 marks).
QUESTION 2
- Define a cash book and differentiate stating its purpose (5 marks)
- Using the following transactions, prepare a 2-column cash book and balance the cash book at the end of the month.
|
March 2 |
Cash sales, |
|
March 3 |
Received cheque from Amadin & Co |
|
March 5 |
Purchased goods for cash, |
|
March 6 |
Cash sales, |
|
March 7 |
Paid to E. Nelson |
|
March 9 |
Paid cash into bank, |
|
March 11 |
Paid E. Faith cheque |
|
March 12 |
Received from A. Osarobo , cash |
|
March 13 |
Received from E. Oluwaseun , |
|
March 15 |
Sold goods and received cheque, |
|
March 16 |
Withdrew cash from bank, |
|
March 17 |
Purchased goods for cash, |
|
March 19 |
Received cheque from B. Olumide |
|
March 21 |
Sold goods for cash |
|
March 22 |
Paid cash into bank |
|
March 25 |
Paid Aminu , cheque |
|
March 26 |
Paid cheque to Chinedu Obina, |
|
March 26 |
Purchased goods and paid cheque, |
|
March 27 |
Cheque received from B. Olumide was dishonoured by bankers |
|
March 28 |
Paid vehicle insurance by cheque
|
|
|
|
|
|
|
QUESTION 3
- Define a cash flow statement stating the different classification (5 Marks)
|
|
||||||||
|
Balance Sheet as at 31st December |
||||||||
|
|
2008 |
2009 |
||||||
|
|
|
|
|
|
||||
|
Fixed Asset at cost |
|
8,300 |
|
5,600 |
||||
|
Less Depreciation |
|
3,150 |
|
2,300 |
||||
|
|
|
5,150 |
|
3,300 |
||||
|
|
|
|
|
|
||||
|
Current Assets: |
|
|
|
|
||||
|
Stock |
|
5,516 |
|
7,204 |
||||
|
|
|
3,994 |
|
3,120 |
||||
|
|
180 |
3,814 |
210 |
2,910 |
||||
|
|
|
90 |
|
60 |
||||
|
Cash |
|
9,420 |
|
10,174 |
||||
|
|
|
|
|
|
||||
|
Current Liabilities due within one year: |
|
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