Cash Receipts – NBC Institute

PSAF – MAY 2019 – L2 – Q3 – Accounting for Government Assets and Liabilities

Record transactions and prepare financial statements for a college loan fund, including ledger accounts, trial balance, and statement of changes.

Question

The following balances were extracted from the ledger of YOHAFI College of Technology in respect of Senator Momeed Memorial Loan Fund (MMLF) as at31 December 2017

The following transactions took place in 2018:

(i.) Investment costing N30,800,000 were sold for N31,900,000; (ii.) N30,700,000 cash was received as the repayment of loans; (iii.) N2,500,000 was received from the family of a former student in full payment of a loan which had earlier been written off; (iv) N41,800,000 was given out as loan during the year; (v.) A loan of N750,000 was written-off as uncollectible; and (vi.) A sum of N3,000,000 cash was received as a gift from a former borrower.

You are required to:

a. Open necessary ledger accounts to record above transactions. (13 Marks)

b. Extract a trial balance as at the end of the period. (4 Marks)

c. Prepare a statement of changes in the fund balance. (3 Marks)

Answer

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Tags: Cash Receipts, Financial Statements, Fund Accounting, Investments, Ledger Accounts, Loans Receivable, Trial Balance
Level: Level 2

Topic: Accounting for Government Assets and Liabilities
Series: MAY 2019

MI – Nov 2015 – L1 – SB – Q6b – Accounting for Cost Elements

Calculates cash receipts expected over three months, considering credit sales terms and bad debts.

Question

The following information was extracted from the books of LAHA Limited:

Product P (units)	Product Q (units)
November	1,500
December	2,000
January	1,000
February	2,000
March	3,000

Product P is sold for ₦200 per unit, and Product Q for ₦300 per unit. All sales are on credit. 20% of total sales are received in the month of sale, 40% in the following month, and the remaining balance (excluding bad debts) is received at the end of the second month. Bad debts are 2% of total sales and are written off at the end of the second month following sale.

Required:
Calculate the cash receipts expected in January, February, and March. (12 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounts Receivable, Bad Debts, Cash Flow, Cash Receipts, Credit Sales, Sales Revenue
Level: Level 1

Topic: Accounting for Cost Elements
Series: NOV 2015

PSAF – MAY 2019 – L2 – Q3 – Accounting for Government Assets and Liabilities

Record transactions and prepare financial statements for a college loan fund, including ledger accounts, trial balance, and statement of changes.

Question

The following balances were extracted from the ledger of YOHAFI College of Technology in respect of Senator Momeed Memorial Loan Fund (MMLF) as at31 December 2017

The following transactions took place in 2018:

You are required to:

a. Open necessary ledger accounts to record above transactions. (13 Marks)

b. Extract a trial balance as at the end of the period. (4 Marks)

c. Prepare a statement of changes in the fund balance. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Receipts, Financial Statements, Fund Accounting, Investments, Ledger Accounts, Loans Receivable, Trial Balance
Level: Level 2

Topic: Accounting for Government Assets and Liabilities
Series: MAY 2019

MI – Nov 2015 – L1 – SB – Q6b – Accounting for Cost Elements

Calculates cash receipts expected over three months, considering credit sales terms and bad debts.

Question

The following information was extracted from the books of LAHA Limited:

Product P (units)	Product Q (units)
November	1,500
December	2,000
January	1,000
February	2,000
March	3,000

Required:
Calculate the cash receipts expected in January, February, and March. (12 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounts Receivable, Bad Debts, Cash Flow, Cash Receipts, Credit Sales, Sales Revenue
Level: Level 1

Topic: Accounting for Cost Elements
Series: NOV 2015

Question Tag: Cash Receipts

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PSAF – MAY 2019 – L2 – Q3 – Accounting for Government Assets and Liabilities

Record transactions and prepare financial statements for a college loan fund, including ledger accounts, trial balance, and statement of changes.

MI – Nov 2015 – L1 – SB – Q6b – Accounting for Cost Elements

Calculates cash receipts expected over three months, considering credit sales terms and bad debts.

PSAF – MAY 2019 – L2 – Q3 – Accounting for Government Assets and Liabilities

Record transactions and prepare financial statements for a college loan fund, including ledger accounts, trial balance, and statement of changes.

MI – Nov 2015 – L1 – SB – Q6b – Accounting for Cost Elements

Calculates cash receipts expected over three months, considering credit sales terms and bad debts.

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PSAF – MAY 2019 – L2 – Q3 – Accounting for Government Assets and Liabilities

Record transactions and prepare financial statements for a college loan fund, including ledger accounts, trial balance, and statement of changes.

You're reporting an error for "PSAF – MAY 2019 – L2 – Q3 – Accounting for Government Assets and Liabilities"

MI – Nov 2015 – L1 – SB – Q6b – Accounting for Cost Elements

Calculates cash receipts expected over three months, considering credit sales terms and bad debts.

You're reporting an error for "MI – Nov 2015 – L1 – SB – Q6b – Accounting for Cost Elements"

PSAF – MAY 2019 – L2 – Q3 – Accounting for Government Assets and Liabilities

Record transactions and prepare financial statements for a college loan fund, including ledger accounts, trial balance, and statement of changes.

You're reporting an error for "PSAF – MAY 2019 – L2 – Q3 – Accounting for Government Assets and Liabilities"

MI – Nov 2015 – L1 – SB – Q6b – Accounting for Cost Elements

Calculates cash receipts expected over three months, considering credit sales terms and bad debts.

You're reporting an error for "MI – Nov 2015 – L1 – SB – Q6b – Accounting for Cost Elements"

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