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ACCOUNT OBJ:
1-10: BCBABCDBCC
11-20: CAACCCCCBB
21-30: CAABCADBCD
31-40: BACBAACDAB
41-50: ADDBCCDADB (3a)
the journal is used for the
purpose of recording
transactions, which because
of their nature cannot
be entered in any other book of prime entry. it is
also
used for opening and
closing entries, transfer of
items or correction of
errors (3b)
-sales day book
-purchase day book
-sales returns or retuns
inwards
-Purchase Returns (3c)
Sales day book:
-particulars
-detail
Purchases day book:
-date -folio
Sales returns:
-particulars
-folio
Purchase Returns:
-Particular -date (4a)
-Private limited liability
companies;-This is defined
by
section 28 of the
company’s act 1948 as a company
which by its articles
restrict the right to
transfer its
shares,limit the numbers of
its members to fifty,prohibit any invitation
to the public to subscribe
to its shares and also ends
the of their names with
limited e.g Vigeo ltd
-Public limited liability companies;-These are
companies which invite the
public to subscribe to its
shares.The minimum number
of shareholders
requires to form a public limited company is
seven.There is no
restriction on the maximum
number of share
holders.The shares are
transferable to the other person
without informing other
shareholders.The name of
the company must end
with public liability company
e.g lever brothers PLC (4b)
-Authorized capital;-This sis
the total amount stated
int the memorandum of the
association and
approved by the registrar of companies which a
company can issue out
-Issued capital;-This is the
total amount that the
directors decide to issue to
the public for subscription
-Loan capital;-This sis the
alternative name for
debenture
-Called up capital;-This is
the total amount asked for on al shares
-Paidup capital;-This is the
total amount paid up or
credited as paid up on the
issued share capital ( 8 )
Trading and profit loss
Debit side:
Stock(110,000)
Purchases(680,000)
790000 Gross(695000)
205000
900000
provision for double debt
(500)
bad debt(1200) sundry exp(50000)
discount(900)
wages& salaries
(24000+6000)30000
Rent & rate(800-1500)6500
dep motor 5% of 90000(4500)
F&F 10% of 100000 (10000)
N.P (102055)
int on capital
EZE (5%* 150000) 7500
kuti (5%* 100000) 5000 share of profit:
EZE (3/5 * 94300) 56580
Kuti(2/5 * 94300) 37720
106800
Credit Side:
Sales 900000 900000
G.p b/d 205000
discount received 650
205650
interest on drawings:
Eze(5/100 * 50000) 2500 Kuti (5/10 * 4500)
106800 (7)
Income & Expenditure
Account for the year end
30/6/2014
Debit side:
treasures allowance(18960) Electricity(38000+12600)
50600
Dep: Furniture (20% of
147400) 29480
M.v (55% of 150000) 7500
club house 10% of 245600 Donation 38750
Dance 27000
wages 15860
gen expenses
(47300-29000) 18300
surplus 120760 total 351770
Credit side:
dance 160970
subscription 145000
rent 45800
351770 Balance sheet as at
30/6/2014
Liability side
Ace fund 509800
120760
Accrued 12600 bank old 100000
total 743160
Asset side:
club house (245600-24560)
221040
Motor van (150000-7500) 142500
Furniture (147400- 29480)
117920
investment 197400
prepaid 29000
cash 35300 total 743160

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07066531599