NECO EXAM Verified ACCOUNT FROM 9JAPOWER
(1i) Sales Day Book
USES
This is a book of original entry in which
credit sales are recorded before posting to
the ledgers. in the sales day book, cash
transaction must not be recorded.
illustration
Sold goods to Roger Milla on credit
(1ii) Purchase Day Book
USES
This is the book for recording goods bought
on credit from the suppliers and are done
monthly or weekly.
Illustration
Goods brought from Coca cola
(1iii) Purchase Returns Book
USES
This is the book for recording goods returned
to the suppliers as a result of one reason or
another.
Illustration
Returned Goods to Coca Cola
(1iv) Sales Return Journal
USES
This is used to record goods returned by
customers. it maybe due to wrong color,
wrong type, inferior quality or breakage
Illustration
Returned Goods from Roger Milla(2a)
-Preference Share are shares which have
preference right to some reasonable level of
profit before other share While Ordinary
shares are shares which carry the remaining
profit after other shares have been paid
-Preference share have no voting right While
ordinary share have voting right
-Preference share have redemption right
While Ordinary share have no redemption
right
-Preference share have fixed dividend rate
While ordinary share received dividend last.
(2bi) When shares are issued at par: This is
a situation whereby shares are quoted at the
nominal price, i.e. the nominal value is equal
to the issuing price.The company will be able
to obtain adequate capital
(2bii) When share are issued at premium:
This is a situation whereby shares are
quoted above the nominal value. i.e. the
issue price is greater than the nominal value.
The company will be able to use the money
to offset upcoming loss
(2biii) When shares are issued at discount:
this is a situation whereby shares are issued
below the nominal value. The company will
be able to use it to raise excess capital
5)
tabulate:
Income & expenditure A/C
Debit side:
rent(7200)
Dep(3510)
salaries(48000)
exps(6570)
lecture(9000)
surplus(35700)
109980
Credit side:
profit(27540)
subscription(70 470)
interest on investment(2160 )
receipt(9810)
109980
Balance sheet as at 30/4/2006
debit side:
Accumulated fund(104430)
surplus(35700)
rent(600)
subscription(25
20)
143250
credit side:
furniture(31590
)
stock(5040)
investment(5400
0)
cash(52620)
143250
working:
Rent(600+7200-6
00)=7200
furniture(31500 +3600-3510)= N31590
subscription
(3750+66690+252
0-2520)=70470 (6)
Statement of Affairs
Tabulate
Debit (DR)
Opening Capital 10,500
Creditors 5,250=
total 15,750
Credit (CR)
Motor 6,000
Stock 3,000
Debtors 6,300
Cash 450=
total 15,750
Statement of Affairs
Tabulate
Debit(Dr)
Closing Capital 15,450
Creditor 5,700
Loan 1,500
Bills payable 900=
Total 23,550
Credit (Cr)
Motor 6,000
Stock 3,750
Debtors 10,200
Cash 600
Investment 3,000=
Total 23,550
Statement of Profit
Closing capital 15,450
Add Drawings 1,500=
Total 16,950
Less: opening Capital 10,500
Add Capital 600=
Total 11,100
Net Profit (16,950-11,100)
=5850
=============== =============== ===
(8)
Application and Allotment A/C
Tabulate
Debit(Dr)
Ordinary share 800000
Ordinary Share 600000=
Total 1400000
Credit (cr)
Cash 14,000000=
Total 14,000000
First call A/C
Tabulate
Debit(Dr)
Ordinary share 400000
Credit(Cr)
Cash 400000
Final Call A/c
Tabulate
Debit (Dr)
Ordinary share 200000
Credit (cr)
Cash 200000
Cash Book
Tabulate
Debit(Dr)
Application and allotment 1,400,000
First call 400,000
Final call 200,000=
Total 2,000,000
Credit(Cr)
Balance 2,000,000= TOTAL 2,000,000
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