{"id":3145,"date":"2023-10-04T12:00:19","date_gmt":"2023-10-04T12:00:19","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=3145"},"modified":"2023-10-04T12:01:08","modified_gmt":"2023-10-04T12:01:08","slug":"week-1-and-2-ss2-second-term-financial-accounting-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-1-and-2-ss2-second-term-financial-accounting-notes\/","title":{"rendered":"Week 1 and 2 &#8211; SS2 Second Term Financial Accounting Notes"},"content":{"rendered":"<p><strong>SECOND TERM E-LEARNING NOTE<br \/>\n<\/strong><br \/>\n\u00a0<strong>SUBJECT: FINANCIAL ACCOUNTING \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0        CLASS: SS 2<br \/>\n<\/strong><br \/>\n\u00a0<strong>SCHEME OF WORK<br \/>\n<\/strong><br \/>\n\u00a0<strong>WEEK\u00a0\u00a0\u00a0\u00a0TOPIC<br \/>\n<\/strong>1 \u2013 2 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Departmental  Accounts<br \/>\n3 &#8211; 4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Manufacturing  Accounts<br \/>\n5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Capital and Revenue Expenditure<br \/>\n6 &#8211; 7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Disposal  of Fixed Assets<br \/>\n8\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Accounting Concepts and Conventions<br \/>\n9 &#8211; 10\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Introduction to Accounting Ratios<\/p>\n<p>\u00a0<br \/>\n\u00a0<strong>WEEK ONE AND TWO                                                                     \u00a0\u00a0\u00a0\u00a0<br \/>\n<\/strong><strong>TOPIC: DEPARTMENTAL ACCOUNTS<br \/>\n<\/strong><strong>CONTENT<br \/>\n<\/strong>Meaning of Departmental Accounts<br \/>\nExpenses and Apportionment<br \/>\nFinal Accounts <\/p>\n<p>\u00a0<strong>MEANING OF DEPARTMENTAL ACCOUNTS<br \/>\n<\/strong>Usually in a large organizations, the operations is divided into separate departments. This is because such organizations have a large volume of transactions coupled with a wide range of lines of product and as such finds it convenient and for accounting purpose to separate or divide its operations into different departments. This affords the organization easy operations and accountability.<\/p>\n<p>\u00a0In departmentalized organizations, the accounting process entails keeping separate journal and ledger books for each of the departments such as separate cashbook separate purchases and sales books, separate stocks, separate returns and personal ledgers e.t.c.<\/p>\n<p>\u00a0At the end of the financial year, the accountants bring together the separate journal and ledger books to integrate, compare and determine the department that performs better than the other (see final accounts).<\/p>\n<p>\u00a0<strong>FINAL ACCOUNTS OF A DEPARTMENTALIZED ENTERPRISE<br \/>\n<\/strong>The trading, profit and loss accounts of each of the departments in a departmentalized organization are  drawn separately but in a combined format called <strong><em>DEPARTMENTAL, TRADING, PROFIT AND LOSS ACCOUNT.<br \/>\n<\/em><\/strong>The aim of departmental, trading, profit and loss account is to compare trading result and to assist the owner of the business in formulating policies, having known the departments that perform better and those that perform worse.<\/p>\n<p>\u00a0NB: The Balance sheet follows normal procedure: not in a combined format. <\/p>\n<p>\u00a0<strong><em>Format<br \/>\n<\/em><\/strong><strong>Departmental Trading, Profit and loss Account for the<br \/>\n<\/strong><strong>year ended 31<sup>st<\/sup> Dec. 19xx<br \/>\n<\/strong><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0A\u00a0\u00a0\u00a0\u00a0B\u00a0\u00a0\u00a0\u00a0C\u00a0\u00a0\u00a0\u00a0Total\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0A\u00a0\u00a0\u00a0\u00a0B\u00a0\u00a0\u00a0\u00a0C\u00a0\u00a0\u00a0\u00a0Total<br \/>\n<\/strong><strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0  N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0   N<br \/>\n<\/strong>Opening stock\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0   x\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Sales\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0    x<br \/>\nAdd purchases\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0   x\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Returns I.R\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0    (x)<br \/>\n\tInter dept. T\/f\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0   &#8211;\u00a0\u00a0\u00a0\u00a0<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0X\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0   x<\/p>\n<p>\u00a0Less clo. Stock\u00a0\u00a0\u00a0\u00a0(x)\u00a0\u00a0\u00a0\u00a0(x)\u00a0\u00a0\u00a0\u00a0(x)\u00a0\u00a0\u00a0\u00a0  (x)<br \/>\nCost of sales\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0   x<br \/>\nGross profit c\/d\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x             x<br \/>\n\t\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0X\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0   x\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0     x<br \/>\nExpenses\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0G\/P b\/d\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0     x<br \/>\nWages &amp; Salaries\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0    x\u00a0\u00a0\u00a0\u00a0Dis. Rec.\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0     x<br \/>\nRent\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0    x<br \/>\nCommission\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0    x<br \/>\nDepreciation\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0    x<br \/>\nMotor expenses\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0    x<br \/>\nNet profit c\/d\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x              x<br \/>\n\t<img decoding=\"async\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100423_1200_Week1and21.png\" alt=\"\"\/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0X\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0    x\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0x\u00a0\u00a0\u00a0\u00a0      x<\/p>\n<p>\u00a0<br \/>\n\u00a0<strong>INTER DEPARTMENTAL TRANSFER AND APPORTIONMENT OF EXPENSES<br \/>\n<\/strong><strong><em>Inter Departmental Transfer:<\/em><\/strong> Sometimes goods purchased by one department may be transferred to another department by reason of sales and such purchases transferred is deducted from the department giving it out and is added to the department receiving it. <\/p>\n<p>\u00a0<strong><em>Apportionment of Expenses: <\/em><\/strong>Expenses are usually not separated to reflect expenses incurred by each department. As a result of this, there is need for apportionment (i.e division).  Expenses must therefore be adjusted and then apportioned for each of the departments.<\/p>\n<p>\u00a0<strong><em>Methods<br \/>\n<\/em><\/strong> a.\u00a0\u00a0\u00a0\u00a0<strong>Turnover Basis:<\/strong> This is the use of sales (i.e Turnover as a basis of sharing (i.e sharing ratio).<br \/>\nb.\u00a0\u00a0\u00a0\u00a0<strong>Floor Space Basis:<\/strong> This uses the area of floor space occupied as the basis of sharing i.e sharing ratio.<br \/>\nc.\u00a0\u00a0\u00a0\u00a0<strong>Number of Articles Sold Basis:<\/strong> Ratio used is the items sold.<br \/>\nd.\u00a0\u00a0\u00a0\u00a0<strong>Direct Analysis Basis:<\/strong> Ratio used here is specified.<br \/>\ne.\u00a0\u00a0\u00a0\u00a0<strong>Equality Basis:<\/strong> The ratio used here is the number of departments existing.<\/p>\n<p>\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<strong>EVALUATION<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0What is departmental account?.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0State four reasons why organizations separate their operations into different departments.<\/p>\n<p>\u00a0<strong>ILLUSTRATION<br \/>\n<\/strong>Below is the trial balance of Akinbode Electronic shop for the year end 31st December, 2006.<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0    N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0    N<br \/>\nSales: Dept E\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000<br \/>\n          Dept F\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,000<br \/>\nStock (1\/1\/2006): Dept E\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  \u00a0\u00a0\u00a0\u00a0    800<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0   Dept F\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0   \u00a0\u00a0\u00a0\u00a0     750<br \/>\nPurchases: Dept E\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,000<br \/>\n\u00a0\u00a0\u00a0\u00a0     Dept F\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,500<br \/>\nCommission\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0   1,500<br \/>\nSalaries\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0   \u00a0\u00a0\u00a0\u00a0      800<br \/>\nInsurance premium\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0   1,000<br \/>\nStationery\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0      450<br \/>\nDiscount allowed\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0      100<br \/>\nDiscount received\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0      350<br \/>\nSundry expenses\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0      110<br \/>\nStock at close: Dept E\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0   1,100<br \/>\n\u00a0\u00a0\u00a0\u00a0           Dept F\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0     \u00a0\u00a0\u00a0\u00a0      900<\/p>\n<p>\u00a0<strong><em>NOTE<br \/>\n<\/em><\/strong><\/p>\n<ol>\n<li>\n<div>The total floor area occupied by each departments is Dept: E (2\/5)\n<\/div>\n<\/li>\n<\/ol>\n<p>\u00a0\u00a0\u00a0\u00a0F (3\/5)<\/p>\n<ol>\n<li>\n<div>Apportionment basis are:\n<\/div>\n<\/li>\n<\/ol>\n<ol>\n<li>\n<div>Commission, discount allowed \u2013 sales ratio\n<\/div>\n<\/li>\n<li>\n<div>Discount received \u2013 purchases ratio\n<\/div>\n<\/li>\n<li>\n<div>Insurance \u2013 floor area\n<\/div>\n<\/li>\n<li>\n<div>Other \u2013 equal apportionment\n<\/div>\n<\/li>\n<\/ol>\n<p>\u00a0<strong><em>Solution<br \/>\n<\/em><\/strong><strong>AKINBODE&#8217;S DEPARTMENT TRADING, PROFIT AND LOSS ACCOUN FOR THE YEAR END 31SY DEC. 2006<br \/>\n<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<strong>DEPT E\u00a0\u00a0\u00a0\u00a0DEPT F\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0DEPT E\u00a0\u00a0\u00a0\u00a0DEPT F<br \/>\n<\/strong>Stock (1\/1\/2006)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0800    \u00a0\u00a0\u00a0\u00a0     750\u00a0\u00a0\u00a0\u00a0Sales\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,000<br \/>\nPurchases\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,000\u00a0\u00a0\u00a0\u00a018,500<br \/>\nCost of goods avail.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a022,800\u00a0\u00a0\u00a0\u00a019,250<br \/>\nLess stock (31\/12)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(1,100)\u00a0\u00a0\u00a0\u00a0   (900)<br \/>\n\tCost of sales\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0            21,700\u00a0\u00a0\u00a0\u00a017,350<br \/>\n<img decoding=\"async\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100423_1200_Week1and22.png\" alt=\"\"\/><img decoding=\"async\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100423_1200_Week1and23.png\" alt=\"\"\/>Gross profit c\/d\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08,300\u00a0\u00a0\u00a0\u00a0  2,650<br \/>\n<img decoding=\"async\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100423_1200_Week1and24.png\" alt=\"\"\/><img decoding=\"async\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100423_1200_Week1and25.png\" alt=\"\"\/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0\u00a0\u00a0\u00a0 20,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,000<br \/>\nExpenses\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0G\/P b\/d\u00a0\u00a0\u00a0\u00a0  8,300\u00a0\u00a0\u00a0\u00a0  2,650<br \/>\nCommission\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0    900\u00a0\u00a0\u00a0\u00a0     600\u00a0\u00a0\u00a0\u00a0D\/R\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0     190\u00a0\u00a0\u00a0\u00a0     160<br \/>\n\tSalaries\u00a0\u00a0\u00a0\u00a0 400              400<br \/>\nInsurance\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0    400\u00a0\u00a0\u00a0\u00a0     600<br \/>\nStationeries \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0    225\u00a0\u00a0\u00a0\u00a0     225<br \/>\nDiscount allowed\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0      60\u00a0\u00a0\u00a0\u00a0       40<br \/>\nSundry expenses\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0      55\u00a0\u00a0\u00a0\u00a0       55<br \/>\n<img decoding=\"async\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100423_1200_Week1and26.png\" alt=\"\"\/>Net profit\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  6,450\u00a0\u00a0\u00a0\u00a0     890<br \/>\n\t\t<img decoding=\"async\" src=\"https:\/\/ecolebooks.com\/nigeria\/wp-content\/uploads\/9jalessonsimages\/100423_1200_Week1and27.png\" alt=\"\"\/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  8,490\u00a0\u00a0\u00a0\u00a0  2,810\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  8,490        \u00a0\u00a0\u00a0\u00a0  2,810<\/p>\n<p>\u00a0<strong><em>Apportionment Basis<br \/>\n<\/em><\/strong>a.\u00a0\u00a0\u00a0\u00a0Sales Ratio<br \/>\n\u00a0\u00a0\u00a0\u00a0Dept. E: 30,000:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Dept. F: 20,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0=\u00a0\u00a0\u00a0\u00a050,000<br \/>\n\u00a0\u00a0\u00a0\u00a0=\u00a0\u00a0\u00a0\u00a030,000\/50,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0=\u00a0\u00a0\u00a0\u00a020,000\/50,000<br \/>\nb.\u00a0\u00a0\u00a0\u00a0Purchases Ratio<br \/>\n\u00a0\u00a0\u00a0\u00a0Dept. E: N22,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Dept. F: 18,500\u00a0\u00a0\u00a0\u00a0=\u00a0\u00a0\u00a0\u00a040,500<br \/>\n\u00a0\u00a0\u00a0\u00a0= 22.000\/40.500\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0=\u00a0\u00a0\u00a0\u00a018,500\/40,500<br \/>\nc.\u00a0\u00a0\u00a0\u00a0Floor area already given Dept. E 2\/5; Dept. 3\/5<br \/>\nd.\u00a0\u00a0\u00a0\u00a0Other expenses = equally = (\u00f7 2) or 50%; 50%<\/p>\n<p>\u00a0<strong><em>Evaluation<br \/>\n<\/em><\/strong>1.\u00a0\u00a0\u00a0\u00a0Discuss the term inter-departmental transfer.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Explain any four bases of apportionment of common expenditure in a profit and loss account of a department store.<\/p>\n<p>\u00a0<strong><em>READING ASSIGNMENT<br \/>\n<\/em><\/strong>1.\u00a0\u00a0\u00a0\u00a0Essential Financial Accounting by O.A. Longe page 160-171<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Comprehensive Accounting for S.S. by J.U. Anyaele<\/p>\n<p>\u00a0<strong>GENERAL EVALUATION QUESTIONS<br \/>\n<\/strong><\/p>\n<ol>\n<li>\n<div>Explain five errors that would affect the agreement of the trial balance\n<\/div>\n<\/li>\n<li>\n<div>List and explain three classifications of ledger accounts\n<\/div>\n<\/li>\n<li>\n<div>List ten accounts found in the nominal ledger\n<\/div>\n<\/li>\n<li>\n<div>State the purpose of departmental accounts\n<\/div>\n<\/li>\n<li>\n<div>List six items each found in the asset and liability sides of the balance sheet of a sole trader\n<\/div>\n<p>\u00a0<\/li>\n<\/ol>\n<p><strong>WEEKEND ASSIGNMENT<br \/>\n<\/strong>Use the information provided below to answer question 1 \u2013 4<br \/>\n<strong><em>WB LTD is departmentalized as follows:<br \/>\n<\/em><\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0DEPARTMENT<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0W\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0X\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Y\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Z<br \/>\nPurchases\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0625,000\u00a0\u00a0\u00a0\u00a0375,000\u00a0\u00a0\u00a0\u00a0125,000\u00a0\u00a0\u00a0\u00a0325,000<\/p>\n<p>\u00a0The company use purchases figure to apportion the following expenses to the various departments&#8217; expenses:<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Amount<br \/>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0    N<br \/>\nCommission paid\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  9,000<br \/>\nSalaries\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060,000<br \/>\nGeneral expenses\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,000<br \/>\nInsurance \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0  1,000<\/p>\n<p>\u00a01.\u00a0\u00a0\u00a0\u00a0What is the proportion of commission paid to be charged to dept W?<br \/>\n\u00a0\u00a0\u00a0\u00a0(a) N3,879 (b) N,2328 (c) N 2,017 (d) N776<br \/>\n2.\u00a0\u00a0\u00a0\u00a0How much of the commission paid shall be charged to dept Z? (a) N 431 \u00a0\u00a0\u00a0\u00a0(b) N 776<br \/>\n\u00a0\u00a0\u00a0\u00a0(c) N 2,017 (d) N 2,328<br \/>\n3.\u00a0\u00a0\u00a0\u00a0What is the proportion of salary to be charged to dept X? (a) N25,862<br \/>\n\u00a0\u00a0\u00a0\u00a0(b) N15,517 (c) N13,448 (d) N5,173<br \/>\n4.\u00a0\u00a0\u00a0\u00a0What is the proportion of general expenses to be charged t dept &#8220;Y&#8221;<br \/>\n\u00a0\u00a0\u00a0\u00a0(a) N8,621 (b) N5,172 (c) N1,724 (d) N776<br \/>\n5.\u00a0\u00a0\u00a0\u00a0Insurance premium on business premises should be apportioned on the basis of (a) sale<br \/>\n\u00a0\u00a0\u00a0\u00a0(b) purchases (c) carriage outwards (d) floor space occupied per department <\/p>\n<p>\u00a0<strong>THEORY<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0List six items of expenses and their basis of apportionment into \u00a0\u00a0\u00a0\u00a0departments.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0State and explain four advantages of department accounts. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>SECOND TERM E-LEARNING NOTE \u00a0SUBJECT: FINANCIAL ACCOUNTING \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CLASS: SS 2 \u00a0SCHEME OF WORK \u00a0WEEK\u00a0\u00a0\u00a0\u00a0TOPIC&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,252],"tags":[],"class_list":["post-3145","post","type-post","status-publish","format-standard","hentry","category-posts","category-second-term-ss2-financial-accounting"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=3145"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3145\/revisions"}],"predecessor-version":[{"id":3146,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3145\/revisions\/3146"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=3145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=3145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=3145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}