FINANCIAL ACCOUNTING - ACC 419

National Open University of Nigeria, Lagos



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About FINANCIAL ACCOUNTING - ACC 419

1 NATIONAL OPEN UNIVERSITY OF NIGERIA 14-16 AHMADU BELLO WAY, VICTORIA ISLAND LAGOS SCHOOL OF MANAGEMENT SCIENCES OCTOBER/NOVEMBER 2014 EXAMINATION Course Code: ACC 419 Credit Units: 3 Course Title: FINANCIAL ACCOUNTING Time Allowed: 2½ 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. Show all your calculations for appropriate marks

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NATIONAL OPEN UNIVERSITY OF NIGERIA 14-16 AHMADU BELLO WAY, VICTORIA ISLAND LAGOS SCHOOL OF MANAGEMENT SCIENCES OCTOBER/NOVEMBER 2014 EXAMINATION Course Code: ACC 419 Credit Units: 3 Course Title: FINANCIAL ACCOUNTING Time Allowed: 2½ 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. Show all your calculations for appropriate marks 1. General Electric 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 2008. PARTICULARS DR N’000 CR N’000 Freehold land Short term deposits Sundry debtors Cash and bank Furniture and fitting-cost Accumulated depreciation 25,000 50,000 60,820 50,862 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 164,000 27,160 97,280 2,100 6,060 560 2,000 32,800 39,420 25,000 2 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 2,140 2,060 4,100 3,800 76,850 1,580 306,832 24,000 951,924 1,000 640,124 2,400 200,000 951,924 The following adjustments are necessary for the year ended 30/4/2008: (a) The directors recommended that 5% of debtors should be set aside for possible bad debt. (b) Stock w as valued at N28,648,000 as at 30 April, 2008. (c) W ages outstanding at 30 April, 2008 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, 2008. (f) Insurance has been paid in advance amounting to N 285,000. (g) Machinery which stood in the books at 1 May, 2007 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, 2008. (i) Provision for company income tax w as N 35million. 3 Required: Prepare the profit and loss account for the year ended 30 April, 2008 and balance sheet as at 30 April, 2008 in a form suitable for publication. Notes to the accounts are not required but show your workings. 2. a) List any five purposes of the conceptual framework for the preparation and presentation of financial statements put together by the International Financial Standards Board (IFSB). b) What is the scope of the conceptual framework? 3. Set below is the profit and loss account of SALEM plc, a manufacturing company, for the year ended 31 December 2008, together with its comparative figures. 2008 2007 N’000 N’000 Turnover 8,074,458 5,201,750 Cost of sales (5,015,397) (3,021,246) Gross profit 3,059,061 2,180,513 Distribution costs (520,162) (364,475) Administration expenses 1,366,742 (681,787) Trading profit 1,172,157 1,134,251 Interest payable (net) (386,079) (235,739) Profit before exceptional items and taxation 786,078 898,512 Exceptional items 113,169 - 672,909 898,512 Taxation (314,138) (335,520) Profit after taxation 358, 771 562,992 Proposed dividend (351,000) (234,000) Retained profit 7,771 328,992 The following notes are relevant: 1. Included in cost of sales is excise duty amounting to N2,095,631,000 ( 2007 N1,028,900,000) charged on the manufactured goods. 2. Included in distribution and administration costs are staff salaries, wages and fringe benefits totaling N495,872,000 (2007 N306,062,000) and depreciation charged on fixed assets of N200,264,000 (2007 N132,397,000) 3. Taxation comprises 2008 2007 N’000 N’000 Land & Building 34,982 314,479 Plant, machinery & vehicle 17,117 21,041 Goodwill & Patents 262,039 - 314,138 335,520 Required: 4 Prepare the statement of Value added of the company for the year ended 31 December, 2008 as it will appear in its published financial statements. 4 AHMED Ltd decided to issue 1,000,000 shares of N 1.00 each at par, 10kobo payable on application, 40kobo on allotment and 50kobo on first and final call. OKAFOR Ltd, a finance company, agrees to underwrite the whole issue, at a commission of 2.5% and to apply firm for 200,000 shares. OKAFOR Ltd arranged with ADU Ltd that they sub-underwrite 25% of the shares for a commission of 2%. The public applies for and was allotted 400,000 shares and OKAFOR Ltd w as allotted the firm’s application for 200,000 shares. OKAFOR Ltd had deposited cheque designed for the application money on shares underwritten and ADU Ltd in turn, had deposited the relevant cheques and which cleared when the result of the issue became known and commission due was paid. After allotment and before final payment, OKAFOR Ltd sold 100,000 shares at 45k each, having made the final payment. OKAFOR Ltd then sold 250,000 shares at 110k each. At the end of the financial year of OKAFOR Ltd, shares of AHMED Ltd were valued at 120k each. Required: Prepare the Underwriting Account of OKAFOR Ltd reflecting the above transactions. 5) EVUMEFEFE CO-OPERATIVE THRIFT AND CREDIT SOCIETY LIMITED TRIAL BALANCE AS AT 31 DECEMBER 2014 IS AS FOLLOWS DR N CR N Fixed assets (net of depreciation) 196,770 Stocks of recharge card 168,045 Investments- short term deposits -quoted 4,382,510 721,145 Members indebtedness: Loans Others 19,018,339 1,618,326 Bank and cash balances 601,962 Accrued expenses 403,500 Share capital 657,559 Share premium 101,524 Members’ savings 23,045,316 Reserve fund 1,087,710 Education fund 184,182 Interest income: On members’ loans 1,448,402 On investment 817,719 Profit on sale of commodities 463,930 Entrance fees 3,000 Loan forms and processing fees 51,000

About National Open University of Nigeria, Lagos

National Open University of Nigeria (NOUN) 




 Overview: 




The National Open University of Nigeria (NOUN) is Nigeria's foremost open and distance learning institution. Established in 1983 but suspended until 2002, NOUN was re-launched with a mission to provide flexible, accessible, and quality education to Nigerians. It operates under the auspices of the National Universities Commission (NUC) and offers a wide range of undergraduate and postgraduate programs across various disciplines. 




Mission and Vision: 




 Mission: To provide affordable, flexible, and high-quality education to all Nigerians, leveraging open and distance learning methodologies.
Vision: To be the foremost institution providing accessible and quality education through open and distance learning in Nigeria and beyond. 


Key Features and Distinctions:


Open and Distance Learning (ODL) Model: NOUN operates primarily through distance learning methods, allowing students to study from any location and at their own pace. This flexibility caters to working professionals, adults seeking education, and individuals unable to attend traditional on-campus programs. 


Programs and Accreditation: NOUN offers a wide array of undergraduate and postgraduate programs in fields such as Arts, Social Sciences, Management Sciences, Health Sciences, Education, Law, and Agricultural Sciences. All programs are accredited by the NUC, ensuring they meet national educational standards.

Admission and Enrollment: Admission into NOUN is open to all qualified individuals, irrespective of their educational background or location. Prospective students apply online and are admitted based on the fulfillment of specified entry requirements for each program. 


 Learning Resources and Support: The university provides robust learning resources and support services tailored for distance learners. This includes online course materials, virtual classrooms, academic counseling, and access to physical study centers across Nigeria.

Examinations and Assessment: Students participate in periodic examinations conducted at designated centers nationwide. Assessments may include assignments, quizzes, and final examinations, all designed to evaluate students' understanding and mastery of course materials. 


Research and Development: NOUN promotes research and scholarly activities among its faculty and students, contributing to knowledge creation and dissemination in various academic disciplines.

Community and Outreach: Beyond academic pursuits, NOUN is committed to community engagement and outreach initiatives aimed at promoting educational opportunities and societal development. 


Accolades and Recognition:
NOUN has earned recognition both nationally and internationally for its pioneering efforts in open and distance learning, contributing significantly to the democratization of education in Nigeria. 


Future Directions:
Moving forward, NOUN continues to expand its program offerings, enhance its learning technologies, and strengthen its academic partnerships to further its mission of providing accessible and quality education to Nigerians. 


Conclusion:
The National Open University of Nigeria (NOUN) stands as a beacon of open and distance learning in Nigeria, offering flexible educational opportunities that cater to the diverse needs of its student population. With its commitment to quality, accessibility, and innovation, NOUN plays a vital role in shaping the educational landscape of Nigeria and beyond.

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