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- March 5, 2019 at 12:01 am #28421campusflavaKeymaster
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
Instruction: Answer 4 questions, question one and two is compulsory
1). Discuss meaning and types of branch account.
2). Briefly discuss the procedure for accounting for goods and cash in transit.
3). Discuss the legal consideration guiding issue of shares.
. (15 Marks)
4). Discuss accounting treatment of amalgamation of partnership and dissolution of a partnership.
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.
- State and explain two methods that can be employed to translate the trial balance of a foreign branch
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