₦airaland Forum

[quote author=mama-gee link=topic=520992.msg6831708#msg6831708 date=1285609539][color=deeppink]Who nominated Keita? [/color][/quote]Madam MG, why don't you stay in your celebrity section jeje.
Do you know there is a player called Seidu Keita, apart from Naija's Kaita.

Ever heard a road called Ado-Owode-Langbasa road?

For the accounting entries, let's assume we are disposing our Genset, in the above illustration, after one year, to Awoof Plc at a cost of 100,000, treat.
Break down the info:
COST: 210,000
ACCDEP after one year: 1/8 * 210,000= 26,250.00
NBV: Cost - AccDep = 210,000-26,250= 183,750.00
Sold to: Awoof Plc
Proceeds: 100,000

You will retire the asset, which will automatically pull out the asset from your FAR, and generate these entries
CR: Asset a/c (P&M a/c) with historical cost 210,000 pulling out of the asset, since sold
CR: P&L (with proceeds) 100,000 to record proceeds
DR: ACCUMDEP a/c 26,250 to pull out from AccumDep reserve
DR: P&L(with NBV) 183,750 NBV, compares with proceeds in same a/c to generate profit or loss
DR: Proceeds of sale of assets a/c 100,000 temporary recognition of proceeds
NB: Note the net debit of 83,750 in teh P&L is the loss on this disposal

Payment for the disposed asset will generate these entries;
DR: Bank 100,000 proceeds, now in your bank a/c
CR: Proceeds of sale of assets a/c 100,000 nils off your proceeds a/c, with earlier debit

Relevant documents here like approval to dispose/write-off the asset, evidence of payment etc should be kept.

ola olabiy:
^^^^^^Odunnu,
Why is it 'AVERSE'? And not 'AVERSED'?

What is the MAIN reason for this?

Similar here is the common mistake people make using 'awashed', instead of 'awash'.
The media is awash with news of his death, not 'the media is awashed with news of his death'.

the dereba get liver sha

This is a joke. What did Nsofor do this year?
If any Nigerian should make the list it should be Enyeama or Osaze, or even Mikel. In any case, it's straight fight between Drogba and Eto'o again.

ACCOUNTING ENTRIES:
Let me touch on the 3 main accounting areas, which are Acquisition or addition, depreciation and disposal.
Other actvities that may require accounting entries like reclassification

ACQUISITION/ADDITION
Ribadu 2011 Plc acquired a 14KVA Generator to power its Lagos office at Jarus road at the cost of 200,000 ex-VAT, from BakareAAT Enterprises. The Genset was delivered and installed on September 12, 2010. As the Fixed Asset Accountant or Financial Accountant of Ribadu 2011 Plc, treat this.

Solution:
1, Raise the accounting entries
DR: Asset a/c(Plant & Machinery a/c in this case because Genset is a P&M item) 210,000(according to SAS 3 - Accounting for Property, plant & equipment, you are meant to capitalize VAT on fixed assets with the cost)
2, CR: Bank a/c  with 210,000

Your FAR wil be updated as follows:
DESCRIPTION: 14 KVA Genset
SUPPLIER: BakareAAT Ent.
LOCATION: Lagos office, Jarus Road
MAJOR CATEGORY: Plant & machinery
MINOR CATEGORY: Generator
DATE IN SERVICE: 12/09/2010
LIFESPAN IN YEARS: 8 (Depending on company policy)
LIFEPSPAN IN MONTHS: 96
COST: 210,000
DEP METHOD: Straight line
ACCDEP: -
YTD DEP: -
etc

In large, highly automated organization like mine, you imput all these while registering the asset, but the system generates the FAR, which is up  to date. In small organizations, you enter this manually by excel.

You will need to keep hard documents like BakareAAT's invoice,delivery note, payment voucher etc, which teh auditors will review at year-end.

What do you do as per Asset Transactions?

Accounting aspect: Registering when a new asset is acquired, depreciate on monthly basis, write-off from the books when disposed
Non-Accounting: Inspection, maintenance, advice, oversee transfer and movement

When you buy an Asset What documents do you open?

You keep various documents like PV, supplier invoice, delivery note, etc. Auditors will request for them, especially supplier invoice which serves as evidence of procurement, when audit period comes.

When you sell an Asset What document do you records all this?

You strike it out from asset register and your GL. Keep approval for disposal or writing-off as the case may be, bid documents if disposed by bid process, evidence of payment by the buyer like copy of receipts or teller or cheque. The auditor will vouch all these at the end of the period.

What are the necessary Documents to keep fixed Asset Register(FAR)?

FAR is the master listing of all assets belonging to an organization. It contains info like:
Description of the asset(e.g Honda Accord Nuhu Ribadu 2011),
Major category(e.g Motor Vehicle, Plant & Machinery, Land & Building etc)
Minor category(e.g Jeep, car, Generator, Building, land etc)
Date in service(date you started using it e.g 23rd April 2009)
Lifespan in years (e.g 4 years)
Lifespan in months ( e.g 48 months)
Cost(10,000,000)
Accumulated Depreciation( e.g 6,000,000
NBV( e.g 4,000,000)
Year to date Dep( e.g 1,200,000)
Dep Method (e.g straight line)
etc

Goodday Jarus,

Good day sir.

Please i am interested in your areas of specifics,i mean fixed Asset Accounting

Fixed Assets is just an area of Financial accounting, and in many organizations, you don't have anything as Fixed Assets Units or Fixed Asset Accountant, the Financial Accountant does it, because it's too narrow an aspect of Financial Accounting to have as separate specialization. However, in very large organizations with billion naira worth assets like mine and other large Oil and Gas companies, Fixed Assets unit and Fixed Assets Accountant are created under Financial Control. So it's not an area of specialization in the sense of Tax or a unit in the sense of stock.

What is Fixed Asset Management(FAM) ,Any differences with Asset Management(AM)/

First, FAM is entirely different from AM.
Fixed Asset Management relates to how an organization can optimally make use of it Fixed Assets(tangible assets having more than 1 year lifespan, procured only for business use etc), from procurement to capitalization, depreciation, handling, and disposal. Fixed assets include your lands, buildings, motor vehicles, furniture items, plant and machineries, computer items etc.
AM on the other hand is a branch of investment banking that involves management of funds or wealth. Among other things, it involves pooling of funds, investing, making returns, sharing the returns etc. AM companies abound in Nigeria that float various mutual funds, with products such as IBTC Guarantee fund, IBTC ethical fund, IBTC mutual fund, Lotus Hala fund, Oceanic, ARM etc.

This is serious dilemma for us. Buhari is most popular grass roots political personality in the north, but not acceptable in teh South. Ribadu has SW at least but not accepted in North. Anyway, in days ahead we will work things out.

RENTED CROWD

STACYM:
Incorrect- still yet
Correct -still or yet
Incorrect-toast
Correct-woo

known before

ola olabiy:
Surprise! Surprise!
Before I go to bed, let me surprise you all. Yeah, you all! At least most of you.
Even journalists and teachers/lecturers of English make this mistake.

So, what is the word?
And the word is:

OUTRIGHTLY. Yes, outrightly! Wrong! Very wrong!

Did you know that this is NOT a word?

OUTRIGHT: an adjective
OUTRIGHT: an adverb.
Thus, 'outrightly' is unEnglish.

Incorrect: Neither candidate won outrightly.
Correct version: Neither candidate won outright.

It works exactly like 'fast'. Not 'fastly'.

Got my drift?

I will 'surprise' you with a 'bigger surprise' in the next 24 hours.

Stay glued.

known

ola olabiy:
My people, let's talk about this one:

'Spot'

This is WRONG!
The correct word is 'Sport'.
Consider these sentences:

Incorrect: He was spoting a blue dress.

Correct version: He was sporting a blue dress.

'Sport' means to wear

Just knowing. Thanks

ola olabiy:
Abeg, one more, jare.

And the word is 'RENTED'. Yeah! Very common ooooooooo.

Incorrect: Sounds of gunshots rented the air.
Correct version: Sounds of gunshots rent the air.

The present tense of the correct word is actually 'REND'. Not 'RENT'.
And the past tense of 'REND' is 'RENT'. Not 'RENTED'.

Just knowing this as well.
But how about 'rented crowd', the reigning lexicon in our politics?

ola olabiy:
Hello,
How do we abbreviate this word: Retired?
Rtd?. . . NO. WRONG!
The correct version of this is RET . Or RETD.
Please, check.

Thanks. Known before but I always take it for granted.

ola olabiy:
Helloooooo,
Let's talk about ''grassroots'' as well.

Incorrect: We need to mobilize the grassroots.

Correct version: We need to mobilize the grass roots.

The word 'grass roots' is always written seperately. And always PLURAL.
Check your dictionary.

What do you think?

I used to write this one as the spirit directs me. Sometimes, space, sometimes written together as one word. Henceforth, I'll take note of it.

ola olabiy:
Let's talk about two words today.

EVIDENCES;
SLANGS.

Please note:
The word EVIDENCE has no plural form. It could however be plural when it relates to scientific facts/objects. BUT never plural when it relates to information used in court.

Incorrect: Evidences are legion of unjust arrest and brutalisation of people.
Correct version: Evidence are legion of unjust arrest and brutalisation of people.

Also, the word SLANG has no plural form.

Incorrect: Such slangs are common among students.
Correct version: Such slang is common among students.

You can also say: Slang words/terms/expressions.


What do you think?

Thanks oga, just knowing these too, especially 'slangs'.

ola olabiy:
POSER.

What do you think about this phrase: Comprise of?

Right? Wrong?

Wrong. Either 'consists of' or 'comprises'. The team comprises five male and three female, not 'the team comprises of five male and three female'.

QUESTION
I heard it is now acceptable to write 'everything are'. Na true?

This may continue but we will have official poll as soon as all parties name their candidates

If we can get Gani's Conscience Party and ANPP too, PDP will hear wien

http://www.compassnewspaper.com/NG/index.php?option=com_content&view=article&id=68112:drama-as-ad-fuses-with-acn-&catid=43:news&Itemid=799
“WHEREAS extensive consultations have been made across the country with opinion leaders, political figures, youth activists, business community, women organisations and, above all, ordinary Nigerians, who form the majority of the membership of the Alliance for Democracy (AD), that alliances among progressive political parties have failed to produce victory in states and federal elections in the past and present.

“I, therefore, move a motion that Alliance for Democracy as one of the oldest political parties in the country today should kick-start the process of coming together of all progressive parties nationwide by humbly fusing into Action Congress of Nigeria (ACN).”

These were the words of Alhaji Musa Umar, Deputy National Chairman of the AD and Chairman, Convention Planning Committee, yesterday as the party leadership finally nailed the coffin of the embattled AD, fusing it into the ACN at its national convention in Lagos.

At the convention, which was attended by delegates from across the country and witnessed by representatives of the Independent National Electoral Commission (INEC), the party’s faction, led by Chief Micheal Koleosho, resolved to collapse its structure into that of the ACN and advised its members with intent at seeking elective offices to do so on the platform of the ACN.

The motion for the fusion, which was seconded by Uzorchi Boxy, a lawyer and National Treasurer, was passed through a voice vote, but not before its Kano State chapter’s Secretary, Abdallah Ibrahim, opposed it on the ground that the Northern elements in the party were not carried along.

Ibrahim, who claimed to be moving the motion on behalf of the 19 state chapters of the North, wondered why the fusion could be consummated without their contribution.

Although Ibrahim had no one to second the motion he moved, the Chairman of the Borno State chapter, Muktar Abdallah, who spoke to the Nigerian Compass outside the hall, however, backed the action of Ibrahim, noting that though they did not support his motion, they had their own game plan.

His words: “This is news to us, because we had our NEC meeting on the 1st of September, and we were only briefed; but it was very surprising. However, we will still watch out, because the game is just about to start now. We have been in the struggle since 1999, and I think we will start again.

“I am not comfortable at all with what happened today. We will team up again. We have done it before and we will do it again. I am sure at the end of the day, we will succeed. We do not support this; it is only a clique of some members, those that have an agenda to accomplish.”

However, with the objection and several other motions later, the National Secretary of the party, Alhaji Mogaji Kwaranga, moved that with the fusion into ACN, the name of the party, its logo and symbol should cease to appear on the ballot papers henceforth. The motion was seconded by its Lagos State Chairman, Lateef Raji.


http://www.dailytrust.dailytrust.com/index.php?option=com_content&view=article&id=1463:dpp-ready-to-fuse-into-acn-dpp-youth-leader-&catid=18:inside-politics&Itemid=19
The alliance and the merger talks between the Democratic People’s Party (DPP) and the Action Congress of Nigeria (ACN) has been concluded and DPP members should be ready to obtain the ACN membership cards, National Youth Leader of DPP, AbdurRahman Baffa Yola has said.
He told our reporter in a telephone interview that the nation has not witnessed anything close to the landmark that is about to be achieved by the two political parties in coming together to strengthen the nation’s democracy.

“As it is now, before the end of this month, there would be a massive registration of our members in the new ACN and we are urging our members to register wherever they are,” the youth leader said.

“Ideally we would have gone for merger, but due to time constraint we agreed that AC should apply for some changes including the name [to ACN] with some adjustments to the constitution and the logo and some other modalities. The flag of the DPP has been adopted with an addition of black on top of the flag and the broom has been maintained as the logo,” he added.

He said a technical committee is working out the leadership structure, stressing that the DPP executives from the national chairman Gen. JT Useni down are not in the alliance for position.
http://www.dailytrust.dailytrust.com/index.php?option=com_content&view=article&id=1463:dpp-ready-to-fuse-into-acn-dpp-youth-leader-&catid=18:inside-politics&Itemid=19

Jossyroyal1:
where about jonathan? isn't he running for the primaries too??

which village are you from that you don't know GEJ=Jonathan

I come from a very extended family and I enjoy it. We are all united, closely knit. Although there used to be a little friction, gossips once in a while, over all it's an experience I enjoy. I enjoy it more because of my own nature of mixing with people, merrying etc

Some people, of course, have nasty tale to tell, but I personally don't have any regrets raised in an extended family environment, i

Juma'at mubarak

Jarus signing . .

jamace:
Hmmnn. Na wa o. The way some people are using bigger font sizes to pass their message aggressively here scares me. Thank God these people are not promoting their candidates physically, otherwise, chairs and punches would have been flying from both camps.

that is e-operation wetie

Its never been this entertaining and I'm enjoying it. Reminds of all those high-level politicking I read about 1st republic.

Can all Ribadu fans volunteer to change their signature to Nuhu Ribadu 2011?

ifyalways:
Sallams Muhsin.
All our thirst wud not go in vain and may Allah(swt) purify our Islam.
For lagosboy,My prayer for him daily is that Allah(swt) count him and his family among those that wud enter the gate of Rayyan in paradise.

Salam hajia, wow, u dey try o . . can we begin to call you 'scholaress' now or 'sheikhat'

Bishopking:
@ jarus
Your story was rather interesting. The last bit indicated that if not for the nysc dg, they would have physically assaulted you. Stories like that are abundant in nigeria.
I don't support character assassination on the pages of the dailies. But no matter what concern someone might raise, some people in the corridor of power usually take things personally.
Sss or whatever they are called are some boys of whoever is in the power. They are just there to do the bidding of who calls the shot at the moment.

It was strange how a governor or his men can use SSS for an 'offence' against the governor, not against the state, moreso as the 'offence' was not a criminal offence.
I only expressed an opinion. Although one of the things I mentioned in the article, which I didnt confirm, came out to be untrue; other things were true, the state govt were absolutely wrong to use

It's a long story sha, but I came out stronger, and fired them with more articles in papers after collecting my NYSC certificate

They once quizzed me when I wrote an article critical of Sokoto state government in 2007 during my service. Let me recount my experience.

Plain clothed, did not introduce himself as SSS, asking all sorts of tricky questions, to get useful info from you



Background: I wrote an article in Sun Newspaper against Sokoto State Governor on August 19, 2007 and it generated controversies across teh state government and political circle. The governor thought I was sponsored by opposition party(DPP), with whom they were having fierce political war. After series of meetings with Sokoto NYSC, I met NYSC, commissioner for education and PDP Chairman etc:

The SSS Quiz
I was taken into one of the NYSC offices and one man, clad in suit, came to me. Here went the interview

SSS(did not introduce himself): I just to ask a few questions from you and I hope you will cooperate
Me: No problems
SSS: What is your name?
Me: My name is *******
SSS: Which state are you from?
Me: Kwara
SSS: Which school did you finish from?
Me: Obafemi Awolowo University
SSS: What course did you read?
Me: Economics
SSS: Did you say Economic?
Me: Economics
NB: Probably he overheard Economic, and thought that was what he said: If I had said My course was economic, that would be enough to nail me and have evidence that I was not the one that wrote that article, only sponsored by Gov's political enemies; somebody who doesn't know Economics, and not Economic, is teh course, obviously could not have written that article
SSS: Which party do you belong to? What's your political affiliation?
Me: I don't belong to any party. I vote for candidate I feel is good
SSS: What's your religion?
Me: I'm a Muslim
SSS: What sect?
Me: I don't belong to any sect
SSS: ok, where do you worship?
Me: For my 5 daily prayers, I pray at the nearest mosque; I don't have a specific mosque
SSS: What of Jum'at prayers?
Me: I pray at nearest Jumaat too. When I'm in Rabah(actual village I was posted to), I pray at central mosque; when I'm in Sokoto, I pray at Ansar -ud deen mosque, sometimes in Sheikh Gunmi College mosque, just in any near juma'at mosque
SSS: Okay, do you belong to any Islamic organization?
Me: No
SSS: So who are your Muslim friends?
Me: Well in Rabah, Kola and I are the only Muslims
SSS: Which sect does he belong?
Me: I don't know
NB: In Sokoto politics, the Shiites have some kind of sympathy for ex-Governor Bafarawa and dislike Governor Wamakko, so they were trying to establish whether I wrote that critical article because I was a Shii. After all those indirect questions couldn't get them something, they came out direct
SSS: Are you Shiite or Sunni?
Me: I'm just a Muslim that tries to follow Qur'an and Sunnah. I don't believe in sectarianism.
SSS: Are you a shiite?
Me: No
SSS: Do you have any Shiite friend? Are your Muslim friends in Rabah shiite?
Me: I don't know but I don't think so
SSS: Do you know former governor Bafarawa or DPP?
Me: I don't know anybody. I'm just a corper here. I have never been to the North in my life.
SSS: Ok, why did you write that article?
Me: We corpers were just having discussions on the new Sokoto state governor and comparing with the former governor. I just decided to put it up as an article in the newspaper. I like writing. I have been writing since my 200 level days in the university. I just express my opinions in papers. That's all. It was an innocent write-up. I was not sponsored by anybody.

The interview continued, but at the end of the day  they were not able to establish that I was sponsored by anybody to discredit the governor. Thankfully, I had known that they were SSS because a top NYSC staff(now late) had hinted me before. But the NYSC state DG had warned them never to touch me while the quiz lasted.

ok. tanx

I think it should start from registration of voters. Apathy has gone so deep in many people that they have believed their votes wont count and they dont register in the first place. Start by mobilizing people to register.

Please anyone know if there are and where I can get the following:
- Ribadu T-Shirt(I learnt there is a 'Camp Ribadu' T-Shirt')
- Ribadu Car sticker

Or an organized Ribadu Campaign office in Lagos

Nyako and Atiku have since reconciled

ola olabiy:
good idea.
do you know the mod there?
we will need to keep the topic conspicuous (so we need the mod).
thanks.

Open teh thread. I will ask the Mod there to sticky it, and if possible, ask Supermod or Admin too to send it to homepage.

"To defeat PDP is a task that must be done" Sonala Olumhese