ACC311 Past Questions 2015

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    campusflava
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    NATIONAL OPEN UNIVERSITY OF NIGERIA 14-16

    AHMADU BELLO WAY, VICTORIA ISLAND LAGOS SCHOOL OF MANAGEMENT SCIENCES MARCH/APRIL 2015 EXAMINATION

     

     

    Course Title:          Financial Accounting

     

    Course Code:         ACC311

     

    Time:                           3hrs

     

    Instruction:           Answer 4 questions, question one and two is compulsory

     

     

     

    1). Discuss meaning and types of branch account.

     

    (20 Marks)

     

    2). Briefly discuss the procedure for accounting for goods and cash in transit.

     

    (20 Marks)

     

    3). Discuss the legal consideration guiding issue of shares.

     

    .  (15 Marks)

     

    4). Discuss accounting treatment of amalgamation of partnership and dissolution of a partnership.

     

    (15 Marks)

     

     

    5).Nationwide Inc. opened a branch in Barisonville. The head office in Monrovia maintains all records and charge goods to branch at cost. The following information were extracted from Nationwide Inc. Records.

     

    Goods sent to branch by head office at cost N360,000
    Returns from branch to head office at cost N16,000
    Branch credit sales N 300,000
    Cash sales sent to head office N  84,000
    Cash sales stolen N 1,200
    Goods stolen N400
    Branch expenses paid by head office N12,800
    Closing inventory at branch at cost N100,000
    Cash received from debtors N 232,000
    Discounts allowed to branch receivables N12,000

     

    Prepare the necessary ledger accounts for the branch for the year ended September 30, 2014 and show the head office trading account.

     

    1. State and explain two methods that can be employed to translate the trial balance of a foreign branch
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