FINANCIAL ACCOUNTING ASSIGNMENT
ASSIGNMENT INSTRUCTION:
1. READ QUESTION CAREFULLY BEFORE ANSWERING
2. ANSWER QUESTIONS CORRECTLY
BEST OF LUCK!!!!
The following balances have been extracted from the books of Ajaloleru Enterprises for the year ended 30th September 2009.
Dr Cr
N N
Capital 71,000
Sales: Hardware 59,000
Electrical 29,500
Purchases: Hardware 20,000
Electrical 10,000
Stock 1/10/98: Hardware 2,320
Electrical 2,136
Salaries and wages: Hardware 20,560
Electrical 15,440
Advertising 615
Discounts allowed 600
Salesmen commission 3,000
Premises 43,000
Equipment: Hardware 18,000
Electrical 7,000
Debtors and creditors 10,200 5,319
Bank 5,600
Rent and Rates 1,580
Canteen expenses 875
Electricity 880
Insurance 940
Administrative salaries and wages 2,073
164,819 164,819
Additional Information:
1. The following amount were owing as at 30/09/99 N
Wages: Hardware 250
Electrical 170
Electricity 20
2. The general administrative salaries and rent and rates included prepayments N33, and N80 respectively.
3. Stock at 30/9/99 were:-
Electrical N2,800
Hardware N2,450
4. Depreciation is to be provided on shop fittings and equipment as 10% of the written down value.
5. Managers of both departments are to be paid a commission of 5% of the net profit (prior to the commission payment) of the respective departments.
6. The expenses are apportioned using the following basis.
Sales: Advertising, discounts allowed, salesmen commission
Area: Electricity, rent and rates, insurance
No of workers: Canteen charges, general administrative salaries
Hardware Electrical
Number of workers 9 6
Floor area (square meters) 4,000 2,000
You are required to prepare:
a. Departmental Statement of Profit and loss account and other comprehensive income for the year ended 30/9/99.
