(a) Explain with examples, the following components of cost in a Manufacturing Account:
i. Direct material cost;
ii. Direct labor cost
iii. Factory overhead

(b) Describe the three types of stocks in a manufacturing concern.

(a) Which business organizations have the need to prepare departmental accounts?

(b) State two reasons for preparing departmental accounts.

(c) State how the following incomes and expenses are apportioned in departmental accounts:
i. discount allowed
ii. discount received
iii. rent and rates
iv. staff related costs
v depreciation
vi. canteen expenses
vii. electricity
viii. advertising
ix. bad debts

a) List six users of accounting information

(b) State the formula and the use of each of the following accounting ratios:
i. Quick ratio
ii. Net profit margin
iii. Total assets turnover
iv. Creditors payment period (in days)

Baako Ltd purchased motor vehicle as follows:
   Date       Quantity        N
01/01/13        1          800,000
01/07/13        1          400,000
 01/04/15       1           600,000

The company adopts a straight-line method of depreciation at the rate of 10% per annum from the date of purchase. A separate account is prepared for provision for depreciation. On 30h June 2014, the motor vehicle which was purchased on 1st July 2013 was sold for N6 240,000

You are required to prepare:
(a) Motor Vehicle Account for the year, 2013, 2014, and 2015.
(b) Provision for Depreciation on Motor Vehicle Account for the years 2013, 2014, and 2015.
(c) Motor Vehicle Disposal Account.

On 31 December 2016, the bank column of the cash book of Aminata Enterprise showed a debit balance of D48,500. However, the bank statement showed a credit balance of D54,900 on the same date. A detailed comparison of entries revealed the following;

i. customer's cheques amounting to D8.450 had not been credited by the bank as at 31/12/2016.
ii. Cheques amounting to D8,850 had not been presented for payment as at 31/12/2016
iii. Bank charges of D1,000 and interest on investments of D2,500 collected by the banker appeared only in the bank statement.
iv. On 30/12/2016, there was a wrong credit of D3,000 in the bank statement.
v. Kesse Enterprise, a customer, had paid into the bank directly a sum of D3,000 on 29th December 2016. This had not been recorded in the cash book.
vi. A cheque for D2,000 received from Jallo Enterprises, a customer, which was deposited had been returned unpaid. This had not been entered in the cash book.

You are required to:

(a) Write up the adjusted cash book.

(b) Prepare a bank reconciliation statement as at 31/12/ 2016.