Tüm alıştırma soruları

Soru 1221Soru →

Kresta Marine Services Plc issued $120,000$ ordinary shares of $\text{₦}1.50$ nominal value each at a premium of $10\%$ . What is the total amount, in naira ( $\text{₦}$ ), to be credited to the Share Premium Account?

Cevabı ve açıklamayı göster

Cevap: 18000

Cevap

The total amount credited to the Share Premium Account is

\text{₦}18,000

.

The nominal value per share is

\text{₦}1.50

. A

10\%

premium means an excess of

\text{₦}0.15

per share above par value (

10\% \times \text{₦}1.50 = \text{₦}0.15

). For

120,000

shares, the total amount credited to the Share Premium Account is

120,000 \times \text{₦}0.15 = \text{₦}18,000

.

Adım Adım Çözüm

1

Calculate the share premium value per share

Premium per share =

10\% \times \text{₦}1.50 = \text{₦}0.15

Share premium is calculated as the specified percentage of the share's nominal (face) value.

2

Determine the total share premium amount to credit to the Share Premium Account

Total Share Premium =

120,000 \times \text{₦}0.15 = \text{₦}18,000

The total premium collected across all issued shares must be credited to the Share Premium Account.

Anahtar Kavram

Accounting treatment and calculation of share premium when shares are issued above par value.

Soru 1222Soru →

The net profits of a partnership firm for the last three years were $\text{₦}70,000$ , $\text{₦}80,000$ , and $\text{₦}90,000$ . If goodwill is to be valued at $2$ years' purchase of the average annual profit of the past three years, what is the total value of the firm's goodwill in Naira?

Cevabı ve açıklamayı göster

Cevap: 160000

Cevap

The total value of the firm's goodwill is

\text{₦}160,000

.

The average annual profit is calculated by taking the total profit of

\text{₦}240,000

and dividing by 3 years, giving

\text{₦}80,000

. Multiplying this average annual profit by 2 years' purchase yields

\text{₦}160,000

.

Adım Adım Çözüm

1

Calculate total profits for the three-year period

Total Profit =

\text{₦}70,000 + \text{₦}80,000 + \text{₦}90,000 = \text{₦}240,000

Summing annual profits is the first step in determining average profit.

2

Calculate the average annual profit

Average Profit =

\frac{\text{₦}240,000}{3} = \text{₦}80,000

Dividing total profits by the number of years gives the mean annual profit.

3

Multiply average profit by the number of years' purchase

Goodwill =

\text{₦}80,000 \times 2 = \text{₦}160,000

Goodwill is agreed to be valued at 2 years' purchase of the average annual profit.

Anahtar Kavram

Valuation of Goodwill using the Average Profit Method

Soru 1223Soru →

The Ministry of Water Resources of a state government recorded the following financial disbursements during the fiscal year:

- Construction of water treatment dams: ₦45,000,000
- Monthly staff salaries and allowances: ₦12,500,000
- Purchase of water testing chemical reagents: ₦3,800,000
- Acquisition of heavy excavators: ₦18,000,000
- Routine repairs and servicing of water pumps: ₦2,200,000
- Laying of new main water pipelines: ₦25,000,000

What is the total recurrent expenditure of the ministry for the fiscal year?

Cevabı ve açıklamayı göster

Cevap: 18500000

Cevap

The total recurrent expenditure of the ministry for the fiscal year is ₦18,500,000.

Recurrent expenditure includes ongoing operational costs such as staff salaries (₦12,500,000), consumable testing chemicals (₦3,800,000), and routine pump servicing (₦2,200,000). Adding these together yields ₦18,500,000. Dam construction, excavator acquisition, and pipeline laying are capital expenditures because they acquire or construct long-term public infrastructure.

Adım Adım Çözüm

1

Classify disbursements into recurrent expenditure (operating costs and maintenance) and capital expenditure (asset creation and major long-term additions).

Recurrent items identified: Staff salaries (₦12,500,000), Chemical reagents (₦3,800,000), and Routine repairs of pumps (₦2,200,000). Capital items excluded: Construction of dams (₦45,000,000), Acquisition of excavators (₦18,000,000), and Laying of new main pipelines (₦25,000,000).

Recurrent expenditures are operational, short-term costs incurred in the daily running and maintenance of government services, whereas capital expenditures create non-current fixed assets or extend their working lifespan.

2

Calculate the total recurrent expenditure by summing all operational and maintenance disbursements.

Total Recurrent Expenditure = ₦12,500,000 + ₦3,800,000 + ₦2,200,000 = ₦18,500,000.

Summing the classified operational costs provides the total recurrent expenditure funded from the Consolidated Revenue Fund.

Anahtar Kavram

Recurrent expenditure in public sector accounting covers operational costs, wages, consumables, and routine maintenance necessary for daily public operations, funded primarily through the Consolidated Revenue Fund.

Soru 1224Soru →

BlueWave Ltd issued $2,500$ , $12\%$ debentures of $\text{₦}200$ each at par on 1st July 2024. Interest is payable semi-annually on 31st December and 30th June. What is the amount of debenture interest payable for the period ending 31st December 2024, in Naira ( $\text{₦}$ )?

Cevabı ve açıklamayı göster

Cevap: 30000

Cevap

The debenture interest payable for the period ending 31st December 2024 is ₦30,000.

The correct answer is obtained by calculating the total nominal value (

2,500 \times \text{₦}200 = \text{₦}500,000

), finding the annual interest (

12\% \times \text{₦}500,000 = \text{₦}60,000

), and then apportioning it for 6 months (July to December), which equals ₦30,000.

Adım Adım Çözüm

1

Determine total nominal value of debentures

₦500,000

Multiply the total number of debentures issued by the nominal value per debenture (

2,500 \times \text{₦}200

).

2

Calculate annual debenture interest

₦60,000

Apply the stated annual coupon rate of 12% to the total nominal value of ₦500,000.

3

Time-apportion interest for the 6-month period

₦30,000

Multiply the annual interest amount by

\frac{6}{12}

to account for the duration from 1st July to 31st December 2024.

Anahtar Kavram

Debenture Interest Time Apportionment

Soru 1225Soru →

Zenith Apex Logistics Plc issued $150,000$ ordinary shares of $\text{₦}2.00$ nominal value each at a premium of $15\%$ . Payments were payable as follows:
- On Application: $\text{₦}0.50$ per share
- On Allotment: $\text{₦}1.00$ per share (including the full premium)
- On First and Final Call: $\text{₦}0.80$ per share

Applications were received for $200,000$ shares. Applications for $20,000$ shares were rejected and money refunded immediately. The surplus application money from the remaining applicants was transferred to offset the amount due on allotment. Calculate the net cash amount (in $\text{₦}$ ) received by the company on allotment.

Cevabı ve açıklamayı göster

Cevap: 135000

Cevap

The net cash amount received by Zenith Apex Logistics Plc on allotment is ₦135,000.

The company offered 150,000 shares. Out of 200,000 applications, 20,000 were rejected (refunded), leaving 180,000 shares for 150,000 issued shares. The excess application money is 30,000 shares × ₦0.50 = ₦15,000. Total allotment due is 150,000 shares × ₦1.00 = ₦150,000. Subtracting the ₦15,000 surplus already received leaves ₦135,000 net cash received on allotment.

Adım Adım Çözüm

1

Determine the number of shares considered for pro-rata allotment after refunds

200,000 applied shares - 20,000 rejected shares = 180,000 shares

Rejected applications are refunded immediately and do not contribute to excess application money.

2

Calculate the excess application money transferred to the allotment stage

(180,000 shares - 150,000 issued shares) × ₦0.50 = 30,000 × ₦0.50 = ₦15,000

Money received on excess shares during the application stage is retained to reduce the cash required on allotment.

3

Calculate the total gross amount receivable on allotment

150,000 shares × ₦1.00 = ₦150,000

Allotment money includes the nominal allotment portion plus the full premium per share.

4

Compute the net cash received on allotment

₦150,000 (total due on allotment) - ₦15,000 (surplus application money) = ₦135,000

Net cash received is the total amount due on allotment less the pre-paid excess application funds applied.

Anahtar Kavram

Pro-rata Allotment and Treatment of Excess Application Money

Tahmini Süre:2m 30s

Soru 1226Soru →

A trader paid $\text{N}85,000$ for electricity during the financial year ended 31 December 2025. Additional records indicate that electricity worth $\text{N}15,000$ was owing at the end of the year. What amount should be charged to the Profit and Loss Account for electricity for the year?

Cevabı ve açıklamayı göster

Cevap: 100000

Cevap

The amount to be charged to the Profit and Loss Account for electricity is N100,000.

According to the accrual concept of accounting, net income for an accounting period must reflect all expenses incurred during that period regardless of whether payment has been made. The electricity consumed but unpaid at year-end (N15,000) must be added to the cash paid (N85,000), giving a total charge of N100,000 to the Profit and Loss Account.

Adım Adım Çözüm

1

Identify cash paid for the expense during the accounting period

N85,000

This is the amount actually disbursed during the financial year.

2

Add the accrued expense at the end of the financial year

N85,000 + N15,000 = N100,000

Under the accruals concept, expenses incurred but not yet paid must be added to the cash paid to determine the true expense for the period.

Anahtar Kavram

Adjustment for Accrued Expenses

Soru 1227Soru →

The following operational details were extracted from the accounts of Zaria Leathercrafts Enterprise for the financial year:

Operational Item	Amount (₦)
Opening inventory of raw materials	50,000
Purchases of raw materials	240,000
Carriage inwards on raw materials	18,000
Closing inventory of raw materials	38,000
Direct factory wages	160,000
Royalties paid on production	30,000
Factory supervisor salary	75,000
Depreciation of factory machinery	40,000

What is the prime cost of production for the period?

Cevabı ve açıklamayı göster

Cevap: 460000

Cevap

The prime cost of production for the period is ₦460,000.

Prime Cost is the sum of all direct manufacturing costs. It is calculated by adding the cost of raw materials consumed (₦50,000 + ₦240,000 + ₦18,000 - ₦38,000 = ₦270,000), direct factory wages (₦160,000), and direct expenses such as royalties (₦30,000), giving a total of ₦460,000. Indirect expenses like factory supervisor salary and depreciation of machinery are factory overheads and are excluded.

Adım Adım Çözüm

1

Calculate the cost of raw materials consumed

₦270,000

Raw materials consumed is computed as opening stock of raw materials (₦50,000) plus purchases (₦240,000) plus carriage inwards on raw materials (₦18,000) minus closing stock of raw materials (₦38,000).

2

Identify direct cost components

Direct wages = ₦160,000; Direct expenses (royalties) = ₦30,000

Direct costs are expenses directly traceable to the physical unit produced. Royalties and direct wages are direct costs, while supervisor salaries and machinery depreciation are indirect factory overheads.

3

Sum direct materials, direct wages, and direct expenses

₦460,000

Prime Cost = Raw Materials Consumed + Direct Wages + Direct Expenses = ₦270,000 + ₦160,000 + ₦30,000 = ₦460,000.

Anahtar Kavram

Prime Cost Calculation in Manufacturing Accounts

Soru 1228Soru →

At 1 January 2025, Progressive Scholars Club held the following financial positions:

Item	Amount (₦)
Clubhouse building	500,000
Equipment	120,000
Cash at bank	45,000
Subscriptions received in advance	15,000
Accrued electricity bill	10,000

What is the value of the club's accumulated fund at 1 January 2025 in Naira?

Cevabı ve açıklamayı göster

Cevap: 640000

Cevap

The accumulated fund of Progressive Scholars Club at 1 January 2025 is ₦640,000.

The accumulated fund of a non-profit organization equals Total Assets minus Total Liabilities at a given date. Adding the clubhouse building (₦500,000), equipment (₦120,000), and cash at bank (₦45,000) gives total assets of ₦665,000. Adding subscriptions received in advance (₦15,000) and accrued electricity (₦10,000) gives total liabilities of ₦25,000. Subtracting total liabilities from total assets gives ₦665,000 - ₦25,000 = ₦640,000.

Adım Adım Çözüm

1

Identify and calculate total assets

Total Assets = ₦500,000 + ₦120,000 + ₦45,000 = ₦665,000

Clubhouse building, equipment, and cash at bank are all economic resources owned by the club.

2

Identify and calculate total liabilities

Total Liabilities = ₦15,000 + ₦10,000 = ₦25,000

Subscriptions received in advance (unearned income) and accrued electricity bills (amounts owed) are obligations of the club.

3

Subtract total liabilities from total assets to determine the accumulated fund

Accumulated Fund = ₦665,000 - ₦25,000 = ₦640,000

The accumulated fund represents the net surplus of assets over liabilities for a non-profit organization.

Anahtar Kavram

Calculation of Accumulated Fund

Soru 1229Soru →

Obinna and Nneka are in a partnership sharing profits and losses in the ratio $3:2$ . On 1st July 2025, they agreed to revalue their business assets and liabilities. Land and Buildings (book value $\text{₦}500,000$ ) was revalued at $\text{₦}650,000$ , Plant and Machinery (book value $\text{₦}300,000$ ) was reduced to $\text{₦}240,000$ , a provision for doubtful debts of $5\%$ was created on Debtors of $\text{₦}100,000$ , and an unrecorded accrued expense of $\text{₦}15,000$ was recognized. What is Obinna's share of the revaluation profit in Naira ( $\text{₦}$ )?

Cevabı ve açıklamayı göster

Cevap: 42000

Cevap

Obinna's share of the revaluation profit is ₦42,000.

The total appreciation in asset value gives a revaluation gain of ₦150,000 (Land & Buildings). Total decreases and new liabilities create revaluation losses of ₦80,000 (Plant & Machinery ₦60,000 + Provision for Doubtful Debts ₦5,000 + Accrued Expense ₦15,000). The net revaluation profit is ₦70,000 (₦150,000 - ₦80,000). Allocating this profit according to the existing ratio of 3:2 gives Obinna 3/5 × ₦70,000 = ₦42,000.

Adım Adım Çözüm

1

Determine total revaluation gains

Gain on Land and Buildings = ₦150,000

Land and Buildings increased from ₦500,000 to ₦650,000.

2

Determine total revaluation losses

Total revaluation losses = ₦80,000

Sum of asset reduction (₦60,000), new provision for doubtful debts (₦5,000), and accrued expense liability (₦15,000).

3

Calculate net profit on revaluation

Net profit = ₦70,000

Revaluation gains (₦150,000) exceed revaluation losses (₦80,000) by ₦70,000.

4

Apportion net profit to Obinna using his share of the profit ratio

Obinna's share = ₦42,000

Obinna receives 3/5 of the total revaluation profit (3/5 × ₦70,000).

Anahtar Kavram

Calculation and Division of Net Profit on Partnership Revaluation

Soru 1230Soru →

Apex Manufacturing Enterprise provided the following extract from its financial records for the year ended 31 December 2025:

- Opening stock of raw materials: $\text{₦}45,000$
- Purchases of raw materials: $\text{₦}180,000$
- Carriage inwards on raw materials: $\text{₦}15,000$
- Closing stock of raw materials: $\text{₦}35,000$
- Direct factory wages: $\text{₦}120,000$
- Factory power and fuel: $\text{₦}40,000$
- Depreciation of factory equipment: $\text{₦}25,000$
- Work-in-progress (1 January 2025): $\text{₦}18,000$
- Work-in-progress (31 December 2025): $\text{₦}23,000$

What is the total cost of production for the year?

Cevabı ve açıklamayı göster

Cevap: 385000

Cevap

The total cost of production for the year is ₦385,000.

The correct cost of production is computed by combining raw materials consumed (₦205,000), direct wages (₦120,000), and factory overheads (₦65,000) to arrive at manufacturing costs before WIP adjustments (₦390,000), then adding opening work-in-progress (₦18,000) and deducting closing work-in-progress (₦23,000), yielding exactly ₦385,000.

Adım Adım Çözüm

1

Determine the cost of raw materials consumed

Raw Materials Consumed = ₦45,000 + ₦180,000 + ₦15,000 - ₦35,000 = ₦205,000

Carriage inwards is added to raw materials purchases while closing stock of raw materials is subtracted from total materials available for use.

2

Calculate the Prime Cost

Prime Cost = Direct Materials Consumed (₦205,000) + Direct Factory Wages (₦120,000) = ₦325,000

Prime Cost consists of all direct manufacturing costs including direct raw materials and direct labor.

3

Determine Total Factory Overheads

Factory Overheads = Factory Power and Fuel (₦40,000) + Depreciation of Factory Equipment (₦25,000) = ₦65,000

Factory overheads encompass all indirect expenses incurred within the factory environment.

4

Adjust Prime Cost and Overheads for Work-in-Progress (WIP) to obtain Cost of Production

Cost of Production = Prime Cost (₦325,000) + Factory Overheads (₦65,000) + Opening WIP (₦18,000) - Closing WIP (₦23,000) = ₦385,000

Opening WIP is added because it represents partially finished goods completed in the current period, while closing WIP is deducted because it remains incomplete at year end.

Anahtar Kavram

Preparation of Manufacturing Account and Cost of Production

Soru 1231Soru →

The financial records of Vanguard Industrial Enterprises for the year ended 31 December 2025 reveal the following details:

Item	Amount ( $\text{₦}$ )
Cost of raw materials consumed	180,000
Direct wages paid	62,000
Factory royalties	25,000
Factory overhead costs	50,000
Work-in-progress (1 January 2025)	48,000
Work-in-progress (31 December 2025)	53,000

*Note:* Direct wages of $\text{₦}8,000$ were accrued and unpaid at the end of the year.

What is the total cost of production to be transferred to the Trading Account for the year?

Cevabı ve açıklamayı göster

Cevap: 320000

Cevap

The total cost of production transferred to the Trading Account for the year is 320,000.

The cost of production is determined by calculating the total manufacturing cost incurred during the period (Prime Cost of ₦275,000 plus Factory Overheads of ₦50,000 = ₦325,000), adding the opening work-in-progress (₦48,000), and subtracting the closing work-in-progress (₦53,000). Direct wages paid must first be adjusted for accrued wages (₦62,000 + ₦8,000 = ₦70,000). The final cost of production transferred to the Trading Account is ₦320,000.

Adım Adım Çözüm

1

Adjust direct wages for accruals at the end of the period

Total Direct Wages = 62000 + 8000 = 70000

Accrued direct expenses must be added to direct wages paid to reflect total direct labor cost incurred during the period.

2

Calculate Prime Cost by summing direct costs

Prime Cost = 180000 + 70000 + 25000 = 275000

Prime Cost consists of raw materials consumed, direct wages, and direct factory expenses.

3

Add factory overheads to Prime Cost to get total manufacturing cost incurred

Total Manufacturing Cost = 275000 + 50000 = 325000

Factory overheads represent indirect costs incurred during production.

4

Apply Work-in-Progress (WIP) adjustments to find Cost of Production

Cost of Production = 325000 + 48000 - 53000 = 320000

Opening WIP is added because it was completed during this financial year, while Closing WIP is deducted because it remains uncompleted at year-end.

Anahtar Kavram

Valuation and Adjustment for Work-in-Progress in Manufacturing Accounts

Soru 1232Soru →

On 1 March 2026, a business established a petty cash imprest float of $₦60,000$ . During the month of March, total cash disbursements paid out of the petty cash box amounted to $₦43,500$ . In addition, $₦5,000$ cash was received from the sale of old office newspapers and recorded on the receipts side of the petty cash book. Upon audit, it was discovered that a $₦3,500$ payment for office stationery had been entered twice in the analysis columns, though cash was paid out only once. Management decided to permanently increase the imprest float by $20\%$ effective 1 April 2026. Calculate the exact amount of cash required from the main cashier at the end of March to restore and set the petty cash float to its new level.

Cevabı ve açıklamayı göster

Cevap: 50500

Cevap

The total cash required from the main cashier to restore and establish the new imprest float is

₦50,500

.

To restore and adjust the imprest float under the imprest system, the main cashier must provide enough cash to top up the remaining physical balance to the new float level. The new float is

120\%

of

₦60,000 = ₦72,000

. The actual cash remaining in the box equals the starting float (

₦60,000

) plus sundry cash received (

₦5,000

) minus actual cash paid out (

₦43,500

), which leaves

₦21,500

. Subtracting

₦21,500

from

₦72,000

gives the required reimbursement of

₦50,500

.

Adım Adım Çözüm

1

Determine the new required imprest float for April.

New Float =

₦60,000 + (20\% \times ₦60,000) = ₦72,000

Management decided to permanently increase the float by 20% starting 1 April.

2

Calculate the actual cash remaining in the petty cash box at the end of March.

Cash Balance =

₦60,000 \text{ (Initial Float)} + ₦5,000 \text{ (Receipts)} - ₦43,500 \text{ (Actual Cash Spent)} = ₦21,500

The duplicate entry of

₦3,500

occurred only in the analysis columns and did not reduce the actual physical cash beyond the

₦43,500

spent.

3

Calculate the total cash reimbursement required from the main cashier.

Reimbursement =

₦72,000 \text{ (New Float)} - ₦21,500 \text{ (Remaining Cash)} = ₦50,500

Under the imprest system, the reimbursement must equal the amount needed to bring the physical cash balance up to the new imprest float.

Anahtar Kavram

Petty Cash Imprest Restoration and Float Adjustment

Soru 1233Soru →

Zainab, Chinedu, and Dele are partners in a firm sharing profits and losses in the ratio $5:3:2$ respectively. On 31st March 2026, they agreed to revalue the firm's assets and liabilities upon restructuring. The book values and revaluation terms are given below:

Asset / Liability	Book Value (₦)	Agreed Revaluation Term
Freehold Premises	450,000	Revalued at ₦620,000
Plant & Machinery	300,000	Reduced by 10% write-down
Motor Vehicles	180,000	Revalued downwards by 15%
Trade Debtors	120,000	Provision for doubtful debts created at 5%
Inventory	95,000	Revalued at ₦84,000
Accounts Payable & Accruals	80,000	Discount of ₦2,000 expected from creditors; unrecorded accrued expense of ₦14,000 discovered

What is the net amount, in Naira (₦), to be credited to Zainab's capital account as her share of the revaluation profit?

Cevabı ve açıklamayı göster

Cevap: 42000

Cevap

The net amount to be credited to Zainab's capital account is ₦42,000.

Total revaluation gains equal ₦172,000 (Premises appreciation of ₦170,000 + Creditors discount of ₦2,000). Total revaluation losses equal ₦88,000 (Plant write-down ₦30,000 + Motor vehicles loss ₦27,000 + Doubtful debts provision ₦6,000 + Inventory reduction ₦11,000 + Unrecorded liability ₦14,000). The net profit on revaluation is ₦172,000 - ₦88,000 = ₦84,000. Allocating this to Zainab using her ratio fraction of 5/10 yields ₦42,000 credited to her capital account.

Adım Adım Çözüm

1

Calculate Total Revaluation Gains

₦172,000

Revaluation gains arise from increase in asset values (Premises appreciation of ₦170,000) and decrease in liabilities (Creditors discount of ₦2,000).

2

Calculate Total Revaluation Losses

₦88,000

Revaluation losses arise from reductions in asset values (Plant ₦30,000, Vehicles ₦27,000, Inventory ₦11,000), creation of provisions (Doubtful debts ₦6,000), and increase in liabilities (Accrued expenses ₦14,000).

3

Compute Net Revaluation Profit

₦84,000

Subtracting total revaluation losses (₦88,000) from total revaluation gains (₦172,000) yields a net gain of ₦84,000.

4

Apportion Net Profit to Zainab's Capital Account

₦42,000

Revaluation profit must be shared among existing partners in their old profit-sharing ratio (5:3:2). Zainab's share is 5/10 of ₦84,000.

Anahtar Kavram

Partnership Revaluation Profit Distribution

Soru 1234Soru →

Mr. Chukwuma operates a retail business with incomplete accounting records. The following financial details were extracted regarding his cash transactions for the year ended 31 December 2025:

Transaction / Account Detail	Amount ( $\text{N}$ )
Cash balance as at 1 January 2025	$15,400$
Cash balance as at 31 December 2025	$22,100$
Cash banked from daily receipts	$385,000$
Operating expenses paid directly from cash receipts	$32,600$
Proprietor's cash drawings taken before banking	$24,000$
Cash paid to trade creditors	$48,500$
Cash received from sale of old equipment	$18,000$
Cash discounts allowed to trade debtors	$5,000$

Based on the cash summary analysis, what is the total cash receipts from sales for the year ended 31 December 2025?

Cevabı ve açıklamayı göster

Cevap: 478800

Cevap

The total cash receipts from sales for the year ended 31 December 2025 is ₦478,800.

To find the missing cash receipts from sales, reconstruct the Cash Summary Account by balancing debit and credit entries. The total credit side comprises all cash payments (banked takings of ₦385,000, operating expenses of ₦32,600, drawings of ₦24,000, payments to creditors of ₦48,500) plus the closing cash balance (₦22,100), totaling ₦512,200. Subtracting the opening cash balance (₦15,400) and the non-sales cash receipt from selling old equipment (₦18,000) gives the missing cash sales of ₦478,800. Discounts allowed are non-cash items and must be omitted entirely.

Adım Adım Çözüm

1

Summarize total cash payments and closing cash balance

Cash Banked (₦385,000) + Operating Expenses (₦32,600) + Cash Drawings (₦24,000) + Payments to Creditors (₦48,500) + Closing Cash Balance (₦22,100) = ₦512,200

All cash usages and ending cash on hand represent the total credit side of the cash summary account.

2

Identify non-cash items to exclude from the cash summary

Discount allowed of ₦5,000 is excluded.

Discounts allowed do not involve actual movement of cash and must not be posted into the cash account.

3

Summarize known cash receipts and opening cash balance

Opening Cash Balance (₦15,400) + Cash from Sale of Equipment (₦18,000) = ₦33,400

These items represent non-sales debit entries in the cash summary.

4

Calculate missing cash receipts from sales

₦512,200 - ₦33,400 = ₦478,800

By double-entry balance, total cash outflows and closing balance minus opening cash and non-trading cash receipts equals trading cash sales.

Anahtar Kavram

Cash Summary Analysis for Missing Figures in Incomplete Records

Soru 1235Soru →

Danladi Commercial Enterprises operates two departments: Restaurant and Bakery. For the year ended 31 December 2025, the following financial details were extracted for the Restaurant department:

- Opening stock: $₦15,000$
- Purchases: $₦85,000$
- Sales: $₦150,000$
- Closing stock: $₦20,000$
- Direct departmental expenses: $₦8,000$

Total rent and rates for the entire business amounted to $₦24,000$ , which is to be apportioned between the Restaurant and Bakery departments in the ratio of floor space occupied ( $600\text{ m}^2$ and $400\text{ m}^2$ , respectively).

What is the net profit of the Restaurant department for the year ended 31 December 2025?

Cevabı ve açıklamayı göster

Cevap: 47600

Cevap

The net profit of the Restaurant department is

₦47,600

.

To find the departmental net profit, first determine the gross profit by deducting Cost of Goods Sold (

₦15,000 + ₦85,000 - ₦20,000 = ₦80,000

) from Sales (

₦150,000

), yielding

₦70,000

. Next, apportion rent using floor space ratio (

600/1000 \times ₦24,000 = ₦14,400

) and add direct expenses (

₦8,000

) to get total expenses of

₦22,400

. Subtracting total expenses from gross profit yields a net profit of

₦47,600

.

Adım Adım Çözüm

1

Calculate the Cost of Goods Sold (COGS) for the Restaurant department

\text{COGS} = ₦15,000 + ₦85,000 - ₦20,000 = ₦80,000

Cost of Goods Sold is determined by adding opening stock to purchases and subtracting closing stock.

2

Calculate the Gross Profit for the Restaurant department

\text{Gross Profit} = ₦150,000 - ₦80,000 = ₦70,000

Gross Profit is calculated by subtracting Cost of Goods Sold from total Sales.

3

Apportion the common rent expense to the Restaurant department based on floor area

\text{Apportioned Rent} = \frac{600}{1,000} \times ₦24,000 = ₦14,400

Rent expense is divided according to the proportion of total floor space used by the department.

4

Determine total departmental expenses for the Restaurant department

\text{Total Expenses} = ₦8,000 + ₦14,400 = ₦22,400

Total expenses equal direct departmental expenses plus allocated common overheads.

5

Deduct total expenses from gross profit to find the net profit

\text{Net Profit} = ₦70,000 - ₦22,400 = ₦47,600

Net Profit is the residual amount after deducting all departmental overheads and direct expenses from gross profit.

Anahtar Kavram

Preparation of Departmental Trading, Profit and Loss Accounts

Soru 1236Soru →

Meridian Engineering Plc offered for public subscription $250,000$ ordinary shares of $\text{₦}2.50$ nominal value each at an issue price of $\text{₦}3.00$ per share. All the shares were fully subscribed and paid for in full. What is the total amount, in Naira ( $\text{₦}$ ), to be credited to the Share Premium Account?

Cevabı ve açıklamayı göster

Cevap: 125000

Cevap

The total amount credited to the Share Premium Account is ₦125,000.

When shares are issued at a price above nominal value, the nominal value (250,000 × ₦2.50 = ₦625,000) is credited to Ordinary Share Capital, while the excess price of ₦0.50 per share (250,000 × ₦0.50 = ₦125,000) is credited to the Share Premium Account.

Adım Adım Çözüm

1

Determine the share premium per share

Premium per share = ₦0.50

Share premium is the excess of the issue price over the nominal (par) value of a share (₦3.00 - ₦2.50).

2

Calculate total share premium

Total Share Premium = ₦125,000

Total premium equals number of shares issued multiplied by the premium per share (250,000 × ₦0.50).

Anahtar Kavram

Accounting for Share Issue at a Premium

Soru 1237Soru →

Oluwaseun Stores maintains incomplete records for its business operations. For the year ended 31 December 2025, the following details were available:
- Trade debtors at 1 January 2025: ₦40,000
- Trade debtors at 31 December 2025: ₦60,000
- Cash received from trade debtors during the year: ₦320,000
- Cash sales made during the year: ₦150,000

What is the value of total sales for the year ended 31 December 2025?

Cevabı ve açıklamayı göster

Cevap: 490000

Cevap

The total sales for the year ended 31 December 2025 is ₦490,000.

Total sales is derived by adding cash sales (₦150,000) to credit sales (₦340,000). Credit sales are calculated using the Total Debtors Account formula: Cash Received (₦320,000) + Closing Debtors (₦60,000) - Opening Debtors (₦40,000) = ₦340,000. Adding cash sales of ₦150,000 gives ₦490,000.

Adım Adım Çözüm

1

Determine the credit sales for the period using Total Debtors Control Account reconstruction

Credit Sales = ₦320,000 + ₦60,000 - ₦40,000 = ₦340,000

Closing debtors represent unpaid credit sales at year end, while opening debtors represent unpaid credit sales from the prior period.

2

Calculate Total Sales by summing cash sales and derived credit sales

Total Sales = ₦150,000 + ₦340,000 = ₦490,000

Total sales consists of both cash sales and credit sales during the accounting year.

Anahtar Kavram

Calculation of Total Sales from Incomplete Records

Soru 1238Soru →

Alhaji Haruna operates a building materials store and keeps incomplete accounting records. On 1 January 2025, his cash in hand balance was $\text{₦}25,000$ . During the year ended 31 December 2025, his recorded cash book transactions showed: cash banked $\text{₦}520,000$ , cash paid for trade expenses $\text{₦}84,000$ , cash paid to trade creditors $\text{₦}160,000$ , cash purchases $\text{₦}110,000$ , and proprietor's cash drawings recorded in the cash book $\text{₦}45,000$ . In addition, before banking daily cash takings, the proprietor paid $\text{₦}22,000$ for carriage inwards and took $\text{₦}15,000$ for personal living expenses directly out of cash receipts. At 31 December 2025, the cash in hand balance was $\text{₦}32,000$ . What is the total cash sales amount for the year?

Cevabı ve açıklamayı göster

Cevap: 963000

Cevap

The total cash receipts from sales for the year is ₦963,000.

Total cash receipts from sales are derived using the cash summary equation: Total Outflows (including unbanked payments) + Closing Cash Balance - Opening Cash Balance. Summing all outflows gives

\text{₦}956,000

. Adding the closing cash balance of

\text{₦}32,000

yields

\text{₦}988,000

. Deducting the opening cash balance of

\text{₦}25,000

leaves

\text{₦}963,000

as total cash sales.

Adım Adım Çözüm

1

Calculate total cash outflows during the year

₦956,000

Total outflows include recorded payments from the cash book (₦520,000 banked + ₦84,000 expenses + ₦160,000 creditors + ₦110,000 purchases + ₦45,000 recorded drawings) plus unbanked cash takings spent directly (₦22,000 carriage + ₦15,000 unbanked drawings).

2

Add closing cash in hand balance

₦988,000

The total accounted cash requirement is the sum of all cash outflows and the remaining cash in hand at the end of the year.

3

Deduct opening cash in hand balance to find cash sales

₦963,000

Total cash received from sales equals total accounted cash requirement minus the opening cash balance brought forward.

Anahtar Kavram

Cash Summary Analysis for Missing Cash Receipts

Tahmini Süre:2m 0s

Soru 1239Soru →

The trial balance of Bello Traders as at 31 December 2024 showed Trade Debtors of $₦340,000$ and an existing Provision for Doubtful Debts of $₦12,000$ . At the end of the financial year, an additional bad debt of $₦40,000$ is to be written off, and the provision for doubtful debts is to be adjusted to $5\%$ of trade debtors. What is the total net charge (in $₦$ ) to the Profit and Loss Account for bad and doubtful debts for the year?

Cevabı ve açıklamayı göster

Cevap: 43000

Cevap

The total net charge to the Profit and Loss Account for bad and doubtful debts for the year is

₦43,000

.

The total net charge to the Profit and Loss Account is

₦43,000

, obtained by adding the additional bad debt written off (

₦40,000

) to the net increase in the provision for doubtful debts (

₦15,000 - ₦12,000 = ₦3,000

).

Adım Adım Çözüm

1

Deduct additional bad debt written off from gross trade debtors

Adjusted trade debtors =

₦340,000 - ��40,000 = ₦300,000

Bad debts identified at year-end must be written off from gross debtors before determining the provision for doubtful debts.

2

Calculate the closing provision for doubtful debts

New provision =

5\% \times ₦300,000 = ₦15,000

The provision percentage is applied strictly to the recoverable net trade debtors figure.

3

Determine the net increase in provision for doubtful debts

Increase in provision =

₦15,000 - ₦12,000 = ₦3,000

Only the net change between the closing required provision and opening existing provision affects the current year's Profit and Loss Account.

4

Calculate total expenses charged to the Profit and Loss Account

Total P&L charge =

₦40,000 + ₦3,000 = ₦43,000

The total expense comprises both the irrecoverable debt written off directly and the incremental provision created.

Anahtar Kavram

Accounting treatment of bad debts written off and provision for doubtful debts adjustments in sole trader final accounts.

Soru 1240Soru →

On 1 January 2023, Ibadan Logistics Enterprise acquired plant machinery costing $₦10,000,000$ . The policy of the enterprise is to provide for depreciation at a rate of $20\%$ per annum using the reducing balance method. Calculate the credit balance of the Provision for Depreciation Account as at 31 December 2024.

Cevabı ve açıklamayı göster

Cevap: 3600000

Cevap

The credit balance of the Provision for Depreciation Account as at 31 December 2024 is ₦3,600,000.

The Provision for Depreciation Account represents the cumulative total of all depreciation charged against an asset. For 2023, the depreciation is

20\%

of

₦10,000,000 = ₦2,000,000

. For 2024, using the reducing balance method, the charge is

20\%

of

(₦10,000,000 - ₦2,000,000) = ₦1,600,000

. Adding these two charges yields a total credit balance of

₦3,600,000

as at 31 December 2024.

Adım Adım Çözüm

1

Calculate depreciation for Year 1 (2023)

₦2,000,000

Depreciation under reducing balance in the first year is based on initial cost:

20\% \times ₦10,000,000 = ₦2,000,000

.

2

Determine Net Book Value at the end of Year 1

₦8,000,000

Net Book Value is Cost minus Accumulated Depreciation:

₦10,000,000 - ₦2,000,000 = ₦8,000,000

.

3

Calculate depreciation for Year 2 (2024)

₦1,600,000

Depreciation in Year 2 applies the rate to the reduced book value:

20\% \times ₦8,000,000 = ₦1,600,000

.

4

Sum total provision for depreciation through 31 December 2024

₦3,600,000

The Provision for Depreciation Account accumulates total depreciation charged across all years (

₦2,000,000 + ₦1,600,000 = ₦3,600,000

).

Anahtar Kavram

Accounting Treatment of Provision for Depreciation using Reducing Balance Method

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