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Question Tag: Departmental Accounts
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- 1 Marks
FA – Nov 2011 – L1 – SA – Q11 – Accounting Concepts
This question asks about the basis for apportioning discount received to departments that earned the income.
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- Tags: Departmental Accounts, Discount Received
- Level: Level 1
- Topic: Accounting Concepts
- Series: NOV 2011
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- 1 Marks
FA – Nov 2011 – L1 – SA – Q12 – Accounting Concepts
This question examines the basis of apportioning discount allowed in departmental accounts.
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- Tags: Departmental Accounts, Discount Allowed
- Level: Level 1
- Topic: Accounting Concepts
- Series: NOV 2011
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- 15 Marks
FA – May 2014 – L1 – SB – Q6 – Accounting Concepts
Preparation of departmental profit or loss statement and head office statement of financial position.
Question
The following trial balance for the year ended 30 June 2013 was extracted from the books of Dapo Trading Enterprises which operates from the head office and two departments:
Additional Information:
(i) Write off bad debts of N120,000 and increase the provision for doubtful receivables to 5% of the outstanding receivables.
(ii) Depreciate furniture and fittings at 10% per annum.
(iii) Accrue N40,000 for sundry expenses owed at 30 June 2013.
(iv) The values of inventories on hand on 30 June 2013 were: Department X – N2,960,000, Department Y – N1,700,000.
(v) Catalogue in hand was valued at N60,000.
(vi) Inter-departmental transfers were made at cost.
(vii) All expenses are to be allocated between Department X and Y in the proportion of two-thirds and one-third, respectively, except for carriage inwards which is to be apportioned on the basis of purchases.
(viii) Dividend received is to be treated as Head Office income.
You are required to prepare:
a. Departmental Statement of profit or loss showing Department X, Department Y, and Head Office separately for the year ended 30 June 2013.
b. The Head Office Statement of Financial Position as at that date.
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- 1 Marks
FA – Nov 2011 – L1 – SA – Q11 – Accounting Concepts
This question asks about the basis for apportioning discount received to departments that earned the income.
Find Related Questions by Tags, levels, etc.
- Tags: Departmental Accounts, Discount Received
- Level: Level 1
- Topic: Accounting Concepts
- Series: NOV 2011
Report an error
- 1 Marks
FA – Nov 2011 – L1 – SA – Q12 – Accounting Concepts
This question examines the basis of apportioning discount allowed in departmental accounts.
Find Related Questions by Tags, levels, etc.
- Tags: Departmental Accounts, Discount Allowed
- Level: Level 1
- Topic: Accounting Concepts
- Series: NOV 2011
Report an error
- 15 Marks
FA – May 2014 – L1 – SB – Q6 – Accounting Concepts
Preparation of departmental profit or loss statement and head office statement of financial position.
Question
The following trial balance for the year ended 30 June 2013 was extracted from the books of Dapo Trading Enterprises which operates from the head office and two departments:
Additional Information:
(i) Write off bad debts of N120,000 and increase the provision for doubtful receivables to 5% of the outstanding receivables.
(ii) Depreciate furniture and fittings at 10% per annum.
(iii) Accrue N40,000 for sundry expenses owed at 30 June 2013.
(iv) The values of inventories on hand on 30 June 2013 were: Department X – N2,960,000, Department Y – N1,700,000.
(v) Catalogue in hand was valued at N60,000.
(vi) Inter-departmental transfers were made at cost.
(vii) All expenses are to be allocated between Department X and Y in the proportion of two-thirds and one-third, respectively, except for carriage inwards which is to be apportioned on the basis of purchases.
(viii) Dividend received is to be treated as Head Office income.
You are required to prepare:
a. Departmental Statement of profit or loss showing Department X, Department Y, and Head Office separately for the year ended 30 June 2013.
b. The Head Office Statement of Financial Position as at that date.
Find Related Questions by Tags, levels, etc.
Report an error