Question Tag: Journal Entries

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FA – Nov 2024 – L1 – Q3a – Correction of Errors

Identify and correct accounting errors using journal entries, suspense account, and revised profit calculations.

Question

The trial balance for Aboadze Ltd for the year ended 31 December 2022 failed to agree, showing a difference of GH¢3,600, which was credited to the suspense account. The draft account reported a net profit of GH¢435,000.

During 2023, the following errors were identified:

GH¢30,000 received from the sale of old machinery was incorrectly recorded in the sales account.
The purchase day book was overstated by GH¢48,000.
A private purchase by the director worth GH¢36,000 was included in the company’s purchases.
Bank charges of GH¢14,400 were recorded in the cash book but not posted to the bank charges account.
A sale of GH¢207,000 to Kofi was correctly entered in the sales day book but posted as GH¢270,000 in the personal account.
Discount received of GH¢13,500 was incorrectly posted to the debit side of the discount allowed account.
Wages of GH¢120,000 paid were not posted from the cash book.

Required:

i) Show the journal entries to correct the errors.

ii) Write up the suspense account to eliminate the errors.

iii) Prepare a statement to show the revised profit.

Answer

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Tags: Accounting Adjustments, Error Correction, Financial Statements, Journal Entries, Suspense account, Trial Balance
Level: Level 1

Topic: Correction of errors
Series: Nov 2024

CR – May 2016 – L3 – Q3 – Income Taxes (IAS 12)

Discuss and account for deferred taxation arising from temporary differences using IAS 12 for Limelight Plc.

Question

Limelight, a public limited company, is a major player in commodity brokerage and supplies. The following transactions relate to the year ended December 31, 2014.

Profit before taxation for the year was ₦487.5m. Taxable profit for the same period was ₦131.25m.

The balances of non-current assets of the company, at December 31, 2014:

N’000	Amount
Accounting carrying amount	937,500
Tax written down value	637,500

The balances above do not include a freehold building purchased in February 2014 for ₦750m. This building was revalued to ₦985m on December 31, 2014.

Accrued rental income on investment property at December 31, 2014, amounted to ₦9.75m. This income was credited to the statement of profit or loss as at year-end but was not received until three months after. Rental income is taxed by the Federal Inland Revenue Service on an actual basis when it is received.

No other temporary differences exist at December 31, 2014. Income tax and Withholding taxes on rental income are paid at 30% and 10% respectively, six months after the year.

Required:

a) Discuss the conceptual basis for the recognition of deferred taxation by Limelight Plc using the temporary difference approach in accordance with IAS 12, arising from the above transactions.

b (i) Outline how the above transactions should be accounted for using journal entries where appropriate.

b (ii) Calculate the provision for deferred tax after any necessary adjustments to the financial statements at December 31, 2014, and use journal entries.

Answer

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Tags: Deferred Tax, IAS 12, Journal Entries, Taxation, Temporary Differences
Level: Level 3

Topic: Income Taxes (IAS 12)

CR – May 2021 – L3 – Q1c – Property, Plant and Equipment (IAS 16)

Record journal entries for PPE acquisition and related foreign exchange adjustments in the books of Ngono Plc.

Question

c. Ngono Plc. has a financial year end of September 30. The Company buys property, plant and equipment for its office in Nigeria from foreign supplier Omaha Inc. in USA. On June 30, 2020, Ngono Plc. took delivery of PPE from Omaha Inc. with invoice value amounting to $100,000 and is due for settlement in equal instalments on August 30, 2020 and November 30, 2020. Clearing cost and import duty paid on the acquisition of the PPE amounted to N1,250,000. It is the policy of Ngono Plc to depreciate PPE at 20% on cost using the straight –line method. The depreciation is provided in full in the year of acquisition and none in the year of disposal.
Both Ngono Plc. and Omaha Inc. honoured their own part of the agreement in the transaction.
Movement recorded in the exchange rate were as follows:

Required:
Show the journal accounting entries to record the above transaction in the books of Ngono Plc. (10 Marks)

Answer

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Tags: Depreciation, Foreign Exchange, Journal Entries, PPE
Level: Level 3

Topic: Property, Plant, and Equipment (IAS 16)

PSAF – Nov 2023 – L2 – Q3b – Public Procurement and Contract Management

Prepare journal entries to record revenue, expenses, and payments for a healthcare construction project.

Question

Based on the budget of Azare Federal Ministry of Health and Wellbeing (AFMHW), a contract to construct 5 units of Primary Healthcare Centres (PHC) in each of the six (6) geo-political zones to address malaria, infant deaths, and years of neglect in prioritizing primary healthcare and well-being of the citizens was signed with Alaafia Construction Company. This contract was at the cost of N12,250,200 per unit, with a 2-year contract duration and no variation clause.

A valuation certificate was submitted at the end of year one, which showed that over 60% of the contract has been executed, while N294,004,800 has been estimated to have been spent on the project since inception. There were also indications that the office of AFMHW has paid the contractor a total sum of N244,100,000.

Required:

Prepare journal entries to record the above transactions. (4 Marks)

Answer

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Tags: Contract Expenses, Healthcare Construction, Journal Entries, Revenue Recognition
Level: Level 2

Topic: Public Procurement and Contract Management

FR – Nov 2022 – L2 – Q4d – Amortisation Schedule for Bond

Prepare amortisation schedule for Lagos State Government Bond and record journal entries on maturity date.

Question

On January 1, 2020, an entity bought Lagos State Government Bond in the capital market for N575,000,000. The principal amount of the bond is
N500,000,000 and it is redeemable at par on December 31, 2025. The bond has a stated interest rate of 15% payable annually and an effective interest rate of 12%. Draft an amortisation schedule to indicate the amortised cost at the end of each year and the journal entries at the end of December 31, 2025

Answer

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Tags: Amortisation, Bond, Effective Interest Rate, Journal Entries, Lagos State Government Bond
Level: Level 2

Topic: Financial Instruments (IAS 32, IFRS 9)
Series: NOV 2022

PSAF – May 2021 – L2 – Q1 – Public Sector Financial Statements

Apply IPSAS standards to adjust and analyze financial information for Okuku State University.

Question

Okuku State University is a parastatal under Okuku State, not classified as a Government Business Enterprise (GBE). The following is the statement of financial position for the University as of December 31, 2018:

Statement of Financial Position (as at Dec 31, 2018)

Item	Cost (₦’million)	Accumulated Depreciation (₦’million)	Carrying Amount (₦’million)
Land and Buildings	15,000	250	14,750
Equipment	1,000	100	900
Furniture	800	80	720
Plant & Machinery	550	50	500
Motor Vehicles	450	45	405
Total Non-Current Assets	17,800	525	17,275
Inventories	11,000	–	–
Receivables	15,000	–	–
Bank	3,000	–	–
Total Current Assets	–	–	29,000
Total Assets	–	–	46,275
Non-Current Liabilities	–	–	30,000
Current Liabilities	–	–	8,000
Total Liabilities	–	–	38,000
Net Assets	–	–	8,275
Reserves	–	–	8,275

Additional Information:

Office equipment was purchased for ₦150,000,000 from Joko Nigeria Limited, with installation and transportation costing ₦3,000,000. Half was paid during the year, with the remainder in January 2019. The University also acquired a building valued at ₦500,000,000 from a defunct State College.
The University Teaching Hospital received motor vehicles and laboratory equipment donations worth ₦20,000,000 and ₦50,000,000, respectively, from a UK-based research institute.
A motor vehicle bought on January 1, 2017, for ₦8,000,000 with a five-year life was sold for ₦4,000,000 at year-end.
Computers bought in 2017 for ₦1,000,000, with an expected five-year lifespan, were damaged in a fire and written off.
Land was bought for ₦50,000,000 for constructing a plaza valued at ₦250,000,000, with an estimated 25-year life.
One building, valued at ₦160,000,000, was damaged by fire, with a post-fire valuation of ₦130,000,000.
A motor vehicle was acquired on January 1, 2018, for ₦150,000,000.
The University’s depreciation policy includes full-year depreciation with rates: Motor Vehicle 20%, Building 4%, Furniture 10%, Equipment (including Lab and Computers) 20%, and Plant and Machinery 15%.

Required:
a. Identify FOUR characteristics of Government Business Enterprises (GBEs) as
stated in IPSAS 1 on presentation of financial statements. (2 Marks)
b. Prepare the necessary journal entries to record the above transactions for
the year ended December 31, 2018. (10 Marks)
c. Prepare the adjusted statement of financial position as at December 31,
2018. (20 Marks)
d. Identify and explain FOUR qualitative characteristics of financial reporting as
required by appendix 2 of IPSAS 1 on presentation of financial statements.
(8 Marks)

Answer

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Tags: Financial Position Adjustments, Government Business Enterprises, IPSAS Standards, Journal Entries, Qualitative Characteristics
Level: Level 2

Topic: Public Sector Financial Statements
Series: MAY 2021

FA – May 2012 – L1 – SB – Q5 – Accounting for Property, Plant, and Equipment (PPE) in Accordance with IAS 16

Recording journal entries for three trade-in options for machinery and selecting the most viable option.

Question

Fancy Enterprises has machinery that cost N750,000 with an accumulated depreciation of N510,000. The firm is contemplating acquiring new machinery to replace the old one. The new machinery has a catalog price of N1,290,000 and attracts a 12% trade discount. The following options are available:

(i) Trade in the old machinery and add cash of N895,200.
(ii) Trade in the old machinery and add cash of N600,000.
(iii) Trade in the old machinery and add cash of N1,080,000.

You are required to:

(a) Record journal entries for each of the options, considering the information provided above.
(b) Which of the options is economically viable for the firm to acquire the new machinery?
(14 Marks)

Answer

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Tags: Depreciation, Journal Entries, Machinery Trade-In
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: MAY 2012

FA – May 2012 – L1 – SA – Q3 – Trial Balance

Identifying how a trial balance helps disclose errors.

Question

In which of the following circumstances will the preparation of a Trial Balance assist in disclosing an error?

A. Failure to post an entry journal
B. Posting rent expenses to motor running account
C. Failure to post part of a journal entry
D. Posting the debit of a journal entry as a credit and vice versa
E. Failure to record an entry in the journal

Answer

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Tags: Error Detection, Journal Entries, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: MAY 2012

FR – Nov 2020 – L2 – Q5c – Impairment of Assets (IAS 36)

Explain disposal group and rules of recognition under IFRS 5, determine impairment loss, and allocate impairment on the assets.

Question

The Board of directors of Adamu Limited has decided to dispose of a group of held-for-sale assets. The extracts of carrying amounts of the assets immediately before classification as held-for-sale were stated as follows:

Assets	N’000
Goodwill	80,000
PPE at revalued amounts	208,000
PPE at cost	320,000
Inventory	84,000
Financial asset	68,000

Total: 760,000

The Board estimated that the fair value of the disposal group is N650,000,000 gross, with selling costs amounting to N10,000,000.

Required:
i. Explain what is meant by disposal group and the rules of recognition under IFRS 5 – Non-current assets held for sale and discontinued operations. (2 Marks)

ii. Determine and allocate the impairments on the disposed-off asset under IFRS 5. (4 Marks)

iii. Prepare necessary journal entries to record the transactions. (1 Mark)

iv. Identify THREE applicable criteria under IFRS 5 for classifying an asset or disposal group as held for sale in the financial statements. (3 Marks)

Answer

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Tags: Disposal group, IFRS 5, Impairment Loss, Journal Entries, Recognition Criteria
Level: Level 2

Topic: Impairment of Assets (IAS 36)
Series: NOV 2020

FA – Nov 2011 – L1 – SB – Q6 – Recording Financial Transactions

This question requires the journal entries to record consignment transactions.

Question

The following transactions were recorded in the books of Fadep Enterprises:

(i) On 1 October 2010, Fadep Enterprises sent goods worth N160,000 on consignment to Associate Enterprises and incurred expenses on transportation and loading of N4,800 and N1,200 respectively.
(ii) On 7 October 2010, Associate Enterprises received the consignment and paid N80,000 into the bank account of Fadep Enterprises.
(iii) On 31 October 2010, Associate Enterprises prepared and sent an Account Sales to Fadep Enterprises having made sales of N180,000. The remaining goods on hand were valued at N16,000 at original cost.
(iv) Associate Enterprises deducted 2.5% as commission and off-loading expenses of N2,000.
(v) On 5 November 2010, Associate Enterprises sold the remaining goods for N20,000.

You are required to:
(a) Prepare the journal entries with narration to record the above transactions in the books of Fadep Enterprises. (13 marks)
(b) State TWO principal differences between goods on consignment and sale of goods. (2 marks)

Answer

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Tags: Consignment Accounting, Journal Entries
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2011

FA – May 2018 – L1 – SB – Q6b – Correction of Errors

Prepares journal entries and a suspense account to correct errors in Emeka's trial balance.

Question

The trial balance of Emeka failed to agree. The debit exceeded the credit by N8,204,000. The following errors were subsequently discovered:

Sale of goods for N16,000,000 on credit to Lade was debited to Wale’s account.
A sale of goods to Ben for N1,323,000 was posted to the credit of his account.
Purchase of office furniture for N7,600,000 was debited to the purchases account.
The sales day book was under-cast by N10,000,000.
N1,500,000 paid by Titi was not credited to her account, although it was correctly entered in the cash book.
A debit balance of N650,000 in the insurance account was omitted from the trial balance.

Required:
i. Prepare the necessary journal entries (10 Marks)
ii. Prepare the suspense account (7 Marks)

Answer

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Tags: Financial Statements, Journal Entries, Suspense account
Level: Level 1

Topic: Correction of errors
Series: MAY 2018

FA – May 2022 – L1 – SB – Q5 – Correction of Errors

Prepare a trial balance, journal entries to correct errors, and a suspense account for Jaja's sole trader business.

Question

Jaja is a sole trader. The trial balance extracted from the balances below, as at March 31, 2021, failed to agree:

Account Description	₦’000
Sales	71,130
Sales Returns	2,100
Purchases	22,150
Expenses	10,710
Non-Current Assets	22,750
Discounts Allowed	740
VAT Liability	6,320
Payables	14,840
Receivables	52,850
Bank Overdraft	3,140
Capital as at April 1, 2020	12,500

A detailed examination of the books revealed the following errors:
(i) The total in the purchases day book was ₦42,150,000, but only ₦22,150,000 was posted to the purchases account.
(ii) An invoice from a supplier for goods worth ₦8,500,000 was omitted from the books.
(iii) Interest earned during the year of ₦105,140,000 was not accounted for in the bank reconciliation.
(iv) Sales returns of ₦1,560,000 was correctly treated in the customer’s account but was credited as ₦560,000 in the sales returns account.
(v) Receivables were overcast by ₦29,830,000.
(vi) Cash drawings by Jaja of ₦2,170,000 were mistakenly credited as cash sales.

Required:
a. Prepare the trial balance of Jaja as at March 31, 2021, and derive the balance in the suspense account as at that date. (6 Marks)
b. Prepare the journal entries, with appropriate narrations, necessary to correct the above errors. (10 Marks)
c. Prepare the suspense account. (4 Marks)

Answer

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Tags: Error Correction, Journal Entries, Suspense account, Trial Balance
Level: Level 1

Topic: Correction of errors
Series: MAY 2022

FA – Nov 2014 – L1 – SB – Q2 – Correction of Errors

Preparing journal entries, suspense account, and net profit adjustment based on detected errors.

Question

The Accounts Officer of Endwell & Co was unable to agree the trial balance. The difference of N175,200 was placed on the debit side of a suspense account. After a careful review of the accounting entries in Endwell & Co’s books, the following errors were detected:

i. A sum of N120,000 representing credit sales to a customer was posted to the credit of his account.
ii. A cheque of N30,000 paid into the bank was later dishonoured, but the customer’s account was debited with N3,000.
iii. The Purchase Day Book was overcast by N18,000.
iv. The debit side of a supplier’s account was overcast by N60,000.
v. The returns inwards of N9,000 was omitted in a customer’s account.
vi. Discount allowed was overcast by N4,800.
vii. A credit sale of two office machines of N24,000 each was entered into the sales day book.
viii. The statement of profit or loss for the year-end disclosed a net profit of N210,000.

Required:

a. Prepare journal entries with appropriate narrations to correct the errors. (12 Marks)
b. Prepare the suspense account. (4 Marks)
c. Prepare a statement to adjust the net profit after the correction. (4 Marks)
(Total 20 Marks)

Answer

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Tags: Correction of Errors, Journal Entries, Profit Adjustment, Suspense account
Level: Level 1

Topic: Correction of errors
Series: NOV 2014

FA – Nov 2014 – L1 – SA – Q12 – Depreciation Methods and Accounting for Disposals

Identifying the correct journal entries required to record depreciation at year-end.

Question

The journal entries required to record depreciation charge for the year in the financial records of an entity at the year-end are:

A. Dr. Statement of Profit or Loss: Cr. Provision for Depreciation Account
B. Dr. Depreciation Account: Cr. Statement of Profit or Loss
C. Dr. Statement of Financial Position: Cr. Statement of Profit or Loss
D. Dr. Changes in Equity: Cr. Depreciation Account
E. Dr. Provision for Depreciation Account: Cr. Changes in Equity

Answer

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Tags: Depreciation, Financial Statements, Journal Entries
Level: Level 1

Topic: Depreciation Methods and Accounting for Disposals
Series: NOV 2014

FA – May 2021 – L1 – SB – Q2b – Correction of Errors

Preparation of journal entries to correct various errors in the trial balance.

Question

A bookkeeper extracted a trial balance and found that the credit side total exceeded the debit side by N5,500,000 and this amount was posted to a suspense account. It was subsequently discovered that the difference was caused by the following errors:

(a) Sale of goods valued at N4,000,000 to F. Lola was posted to Felix Chukwu’s account
(b) A purchase valued at N1,000,000 from Bada was posted to the debit of his account
(c) Sales returns book was undercast by N5,000,000
(d) Petty cash balance of N500,000 was omitted from the trial balance
(e) Cost of repairing plant N2,250,000 was charged to plant account as N200,000

Required: Prepare journal entries to rectify the errors.

Answer

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Tags: Error Correction, Journal Entries, Suspense account, Trial Balance
Level: Level 1

Topic: Correction of errors
Series: MAY 2021

MI – Nov 2023 – L1 – SA – Q7 – Accounting for Cost Elements

Identifying the correct journal entry for issuing direct materials to production.

Question

Which of the following journal entries is correct for the issuance of direct materials to production?

DR	CR
A. Materials	Work in progress
B. Work in progress	Materials
C. Work in progress	Accounts payable
D. Materials	Accounts payable
E. Materials	Accounts Receivable

Answer

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Tags: Cost Accounting, Direct Materials, Journal Entries
Level: Level 1

Topic: Accounting for Cost Elements
Series: NOV 2023

FA – May 2017 – L1 – SB – Q5 – Correction of Errors

Correct errors in Shakol Enterprises' accounts, prepare journal entries, and adjust the profit accordingly.

Question

The account of Shakol Enterprises for the year ended September 30, 2016, has just been prepared. The profit for the year was N224,500, but the following errors were later discovered:

(i) Sales of N3,200 was posted as N320 to a customer’s account, but the correct amount was included in the day book.
(ii) Additional plant purchased during the year for N48,000 was posted to purchases account.
(iii) The sum of N4,850 representing wages paid to technicians who installed the plant was debited to the wages account.
(iv) To obtain the total in the returns outwards book, a total of N6,887 was carried forward as N8,876.
(v) The total of the sales account had been overcast by N8,190.
(vi) Furniture that cost N36,000 was posted to the repairs account.
(vii) Goods valued at N4,470 were returned but the returns were not entered in the books.
(viii) A sales invoice for N6,000 was completely omitted from the books.
(ix) N2,500 overdraft in the cash book was omitted in the trial balance.
(x) The amount of N3,200 paid to a supplier was correctly entered in the cash book but debited in the personal account as N2,300.
(xi) The debit side of the wages account was undercast by N8,005.

Required:

a. Prepare journal entries to correct the errors. (10 Marks)
b. Prepare the suspense account showing the amount by which the trial balance did not agree. (3 Marks)
c. Prepare a statement of the adjusted profit for the year ended September 30, 2016. (7 Marks)

Answer

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Tags: Adjusted Profit, Errors, Journal Entries, Suspense account
Level: Level 1

Topic: Correction of errors
Series: MAY 2017

FA – May 2016 – L1 – SB – Q1c – Correction of Errors

Prepare journal entries to correct errors in the accounts.

Question

The following balances were extracted from the books of Arewa & Sons on December 31,
2015.

On investigation, you discovered the following:
(i) Receivables amounting to N75,980,000 have been omitted.
(ii) Receivables amounting to N2,800,000 have been written off as bad debt, but no
postinghadbeenmadethus renderingtheentryasingleentry.
(iii) Discount received shown in the cashbook and totaling N4,065,000 had not been
posted to the general ledger.
(iv) The figure of wages shouldhavebeenN122,050,000.
(iv) DrawingsamountingtoN29,730,000 have been omitted.

You are required to

i. Prepare journal entries to correct the errors.
ii. Prepare the trial balance after effecting the corrections.

Answer

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Tags: Correction of Errors, Financial Statements, Journal Entries
Level: Level 1

Topic: Correction of errors
Series: MAY 2016

FA – May 2016 – L1 – SA – Q19 – Partnership Accounts

Identifying the journal entries required to remove goodwill upon the admission of a new partner.

Question

State the journal entries required to remove the goodwill recognized on the admission of a new partner in a partnership.
A. Dr Partners’ Accounts Cr Profit or Loss
B. Dr Partners’ Account, Dr Goodwill Account Cr Asset Revaluation Account
C. Dr Partners’ Account Cr Asset Revaluation Account
D. Dr Profit or Loss Account Cr Partners’ Account
E. Dr Partners’ Accounts Cr Goodwill Account

Answer

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Tags: Admission, Goodwill, Journal Entries, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2016

FA – MAY 2015 – L1 – SB – Q1b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Provide journal entries for transactions in a trading company.

Question

Babariga Trading Company has the following extracts from its financial records as at 31 January 2014:

Date	Transaction Description	Amount (N’000)
Jan 1	Cash in hand	50
Jan 1	Cash at bank	150
Jan 1	Receivables	300
Jan 1	Inventory	100
Jan 2	Purchased goods for cash	70
Jan 5	Goods bought from Faleye	500
Jan 9	Bought shop fittings and paid by cheque	27
Jan 12	Cash sales	129
Jan 15	Goods sold to Okonkwo	100
Jan 16	Paid Faleye by cheque on account	400
Jan 17	Cash sales	350
Jan 18	Paid cash into bank	150
Jan 20	Bought goods from Faruk	140
Jan 25	Sold goods to Shola	150
Jan 28	Bought desk-top computer by cheque	70
Jan 31	Paid for stationery in cash	40

Required:
Use Journal entries to record the above balances and transactions in the books of Babariga Trading Company. (14 Marks)

Answer

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Tags: Financial Transactions, Journal Entries, Trading Company
Level: Level 1

Question Tag: Journal Entries

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FA – Nov 2024 – L1 – Q3a – Correction of Errors

Identify and correct accounting errors using journal entries, suspense account, and revised profit calculations.

Required:

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CR – May 2016 – L3 – Q3 – Income Taxes (IAS 12)

Discuss and account for deferred taxation arising from temporary differences using IAS 12 for Limelight Plc.

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CR – May 2021 – L3 – Q1c – Property, Plant and Equipment (IAS 16)

Record journal entries for PPE acquisition and related foreign exchange adjustments in the books of Ngono Plc.

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PSAF – Nov 2023 – L2 – Q3b – Public Procurement and Contract Management

Prepare journal entries to record revenue, expenses, and payments for a healthcare construction project.

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FR – Nov 2022 – L2 – Q4d – Amortisation Schedule for Bond

Prepare amortisation schedule for Lagos State Government Bond and record journal entries on maturity date.

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PSAF – May 2021 – L2 – Q1 – Public Sector Financial Statements

Apply IPSAS standards to adjust and analyze financial information for Okuku State University.

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FA – May 2012 – L1 – SB – Q5 – Accounting for Property, Plant, and Equipment (PPE) in Accordance with IAS 16

Recording journal entries for three trade-in options for machinery and selecting the most viable option.

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FA – May 2012 – L1 – SA – Q3 – Trial Balance

Identifying how a trial balance helps disclose errors.

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FR – Nov 2020 – L2 – Q5c – Impairment of Assets (IAS 36)

Explain disposal group and rules of recognition under IFRS 5, determine impairment loss, and allocate impairment on the assets.

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FA – Nov 2011 – L1 – SB – Q6 – Recording Financial Transactions

This question requires the journal entries to record consignment transactions.

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FA – May 2018 – L1 – SB – Q6b – Correction of Errors

Prepares journal entries and a suspense account to correct errors in Emeka's trial balance.

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FA – May 2022 – L1 – SB – Q5 – Correction of Errors

Prepare a trial balance, journal entries to correct errors, and a suspense account for Jaja's sole trader business.

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FA – Nov 2014 – L1 – SB – Q2 – Correction of Errors

Preparing journal entries, suspense account, and net profit adjustment based on detected errors.

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FA – Nov 2014 – L1 – SA – Q12 – Depreciation Methods and Accounting for Disposals

Identifying the correct journal entries required to record depreciation at year-end.

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FA – May 2021 – L1 – SB – Q2b – Correction of Errors

Preparation of journal entries to correct various errors in the trial balance.

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MI – Nov 2023 – L1 – SA – Q7 – Accounting for Cost Elements

Identifying the correct journal entry for issuing direct materials to production.

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FA – May 2017 – L1 – SB – Q5 – Correction of Errors

Correct errors in Shakol Enterprises' accounts, prepare journal entries, and adjust the profit accordingly.

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FA – May 2016 – L1 – SB – Q1c – Correction of Errors

Prepare journal entries to correct errors in the accounts.

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FA – May 2016 – L1 – SA – Q19 – Partnership Accounts

Identifying the journal entries required to remove goodwill upon the admission of a new partner.

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FA – MAY 2015 – L1 – SB – Q1b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Provide journal entries for transactions in a trading company.

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