Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
The following details are available from the books of Tops Darts Society:
(iii)
The person handling Dart sales, “all in cash,” disappeared with the money received from this source. It is unknown how much was stolen, but all darts were sold at a profit of 33⅓% on cost price.
(iv)
Three people paid life membership fees of N4,000 each. One-tenth of this amount is to be credited to the income and expenditure account each year, while the remaining is treated as prepaid.
(v)
Depreciation on equipment is to be calculated at 20%.
You are required to:
(a) Draw up a Darts Income Statement for the year 2011 to calculate the gross profit on Darts sold. The cash stolen should be credited to this account, with a debit shown in the Income and Expenditure Account.
(b) Prepare an Income and Expenditure Account for the year ended 31 December 2011, and a Statement of Financial Position as at that date.
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Mr. Pamona owns a corner shop in Lagos. On 30 December 2012, vandals looted his shop, stole all his inventories and cash of ₦75,000. Mr. Pamona was fully insured against theft and he has asked you to prepare his accounts to enable him estimate his insurance claim. Your investigation revealed the following:
i. Net assets on 1 January 2012:
ii. Bank statements for nine months from 1 January 2012 show the following:
Receipts:
Payments:
iii. The following were paid in cash from the till:
iv. Mr. Pamona’s gross profit margin on sales has averaged 20% in recent years.
v. The furniture and fittings are now estimated to be worth only ₦200,000.
vi. A cheque for ₦52,000 in respect of the telephone bill for the quarter ended 30 September 2012 was not shown in the bank statements until 3 October 2012.
vii. Rates for the period 1 April to 1 October, 2012, amounting to ₦75,000 were still outstanding.
viii. Trade receivables and payables were ₦270,000 and ₦1,900,000 respectively on 30 September 2012.
You are required to prepare Mr. Pamona’s:
a. Statement of Profit or Loss for the nine-month period ended 30 September 2012. (10 Marks)
b. Statement of Financial Position as at that date. (5 Marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
“Today, the ethical value of a lot of professionals is nothing to write home about. They sometimes unlawfully convert their client’s money to personal use without placing premium on the consequences of such a criminal action on their part.”
Required:
i. Explain briefly one penalty that may be imposed by the court on a person convicted of the offence of theft, fraud, or deception.
(2 Marks)
ii. State the TWO consequences of conviction for an offence.
(2 Marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
The following details are available from the books of Tops Darts Society:
(iii)
The person handling Dart sales, “all in cash,” disappeared with the money received from this source. It is unknown how much was stolen, but all darts were sold at a profit of 33⅓% on cost price.
(iv)
Three people paid life membership fees of N4,000 each. One-tenth of this amount is to be credited to the income and expenditure account each year, while the remaining is treated as prepaid.
(v)
Depreciation on equipment is to be calculated at 20%.
You are required to:
(a) Draw up a Darts Income Statement for the year 2011 to calculate the gross profit on Darts sold. The cash stolen should be credited to this account, with a debit shown in the Income and Expenditure Account.
(b) Prepare an Income and Expenditure Account for the year ended 31 December 2011, and a Statement of Financial Position as at that date.
Find Related Questions by Tags, levels, etc.
Mr. Pamona owns a corner shop in Lagos. On 30 December 2012, vandals looted his shop, stole all his inventories and cash of ₦75,000. Mr. Pamona was fully insured against theft and he has asked you to prepare his accounts to enable him estimate his insurance claim. Your investigation revealed the following:
i. Net assets on 1 January 2012:
ii. Bank statements for nine months from 1 January 2012 show the following:
Receipts:
Payments:
iii. The following were paid in cash from the till:
iv. Mr. Pamona’s gross profit margin on sales has averaged 20% in recent years.
v. The furniture and fittings are now estimated to be worth only ₦200,000.
vi. A cheque for ₦52,000 in respect of the telephone bill for the quarter ended 30 September 2012 was not shown in the bank statements until 3 October 2012.
vii. Rates for the period 1 April to 1 October, 2012, amounting to ₦75,000 were still outstanding.
viii. Trade receivables and payables were ₦270,000 and ₦1,900,000 respectively on 30 September 2012.
You are required to prepare Mr. Pamona’s:
a. Statement of Profit or Loss for the nine-month period ended 30 September 2012. (10 Marks)
b. Statement of Financial Position as at that date. (5 Marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
“Today, the ethical value of a lot of professionals is nothing to write home about. They sometimes unlawfully convert their client’s money to personal use without placing premium on the consequences of such a criminal action on their part.”
Required:
i. Explain briefly one penalty that may be imposed by the court on a person convicted of the offence of theft, fraud, or deception.
(2 Marks)
ii. State the TWO consequences of conviction for an offence.
(2 Marks)
Find Related Questions by Tags, levels, etc.
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