financial accounting scheme of work ss 2 third …

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FINANCIAL ACCOUNTING SCHEME OF WORK SS 2 THIRD TERM

SUBJECT: FINACIAL ACCOUNTING WEEK TOPIC

1. Revision of last term’s work. 2. Capital market and Loan Capital: (a) i. instruments ii. Institutions iii. Career in the

capital market(b) Terminologies (ii) Debentures (iii) Mortgage (iv) Interest (c) Preparation of Debenture Accounts (d) methods of raising funds in the capital market

3. Requirements and benefits capital market: (a) Requirements for accessing the Capital Market: (a) Requirement (i) Must be public company (ii) Must present company audited accounts.(iii) Must appoint market operators and consultant(b) Benefits of Capital Market: (1) Benefits to Individual investors (i) Investment (ii) Dividend (iii) Bonus Shares (iv) Capital appreciation (v) Collateral, Benefits of Capital Market :(c) Benefits to government (i) Raising of capital for development projects (ii) Provides Alternative Avenue for deficit financing. (iii) Enhances tax revenue, Benefits of Capital Market: (d) Benefits to the economy (i) Industrial growth (ii) Employment generation (iii) Improvement in the standard of living (e) Benefits to individual companies (i) Raising capital for expansion (ii) enhances the popularity of the Company; (iii) Enhanced access to credit (iv) Perpetuity of the company.

4. Branch Account: (a) Meaning (b) Advantage (c)Difference Between Branch and Departmental Accounts (d) Pricing Methods

5. Branch Account: (a) Accounting Entries :(i)Memorandum (ii) Branch Adjustment Method (iii) Where the branches Keep Separate Accounts.

6. Joint Venture: (a) Explanation (b) Distinction from a partnership (c) Preparation of Individual Accounts (d) Preparation of Memorandum Account

7. Mid Term Break 8. Consignment: (a)Meaning (b) Consignor (c) Consignee 9. Consignment: Consignment Outward (ii) Consignment Inward (iii) Del –Credere

Commission. 10. Revision 11. Examination.






WEEK ONE (1) DATE:……………….

SUBJECT: FINANCIAL ACCOUNTING

CLASS: SS 2

TOPIC: REVISION OF LAST TERM WORK

WEEK TWO (2) DATE:……………….


CLASS:SS 2

TOPIC: CAPITAL MARKET AND LOAN CAPITAL

CONTENTS: CAPITAL MARKET

Terminologies

Debentures

Mortgage

Interest

Preparation of debentures

SUB-TOPIC: CAPITAL MARKET The Capital Market is the market for medium or long-term loan. The capital market is not like

the commodity market because there only stocks and shares instead of goods are sold.

The capital market is a network of institutions and mechanisms through which medium and

long-term funds are made available to businesses and governments and instruments outstanding

are transferred among investors.

Capital market or stock market is a market which deals with the buying and selling of shares

and government bonds. The stock market carries out two important functions. It provides:

1. A Primary market (or new issue) for raising capital by the issue of new stock, shares

and bonds.






2. A Secondary market for trading in existing or old stocks in the market. This

enhances the easy transferability of securities. (The stock exchange is part of the

secondary market).

Institutions that operate in the Capital Market are: a. Issuing houses

b. Stock Exchange

c. Banks

d. Pension funds

e. Insurance companies

The Instruments used in capital markets include:

Shares

Bond

mortgage

Debentures

Stocks

Careers in the Capital Market Careers are available in the capital market for those who study Accountancy, Economics,

Finance and Business administration. Such people can work in:

a. Stock broking firms

b. Pensions funds administration

c. Stock Exchange

d. Issuing House

e. Insurance Companies, etc.

SUB-TOPIC: TERMINOLOGIES IN CAPITAL MARKET:

LOAN CAPITAL: This is the total amount of money a business borrows from external sources.

A good example of this is Debenture and Mortgage loan.

DEBENTURES: A debenture is a document that either creates a debt or acknowledges it. The

term debenture is used for medium- to long-term debt instruments used by large companies to

borrow money. Debenture holders are paid interest over a definite period of time. Debenture

holder has no right to vote in a company’s general meetings of the shareholders.






MORTGAGE: A mortgage is a homeowner loan issued by banks and building societies to help

individuals and companies to buy houses and property. Most common mortgages and bonds are

repaid in a period of twenty to thirty years

BONDS: A bond is a financial security issued by a company or by the government as a means

of borrowing long-term funds. They are legal document representing a promise to pay back then

loan with a certain amount of interest over a definite period of time. Bonds are issued for a set

number of years e.g. (ten years) being payable on maturity. Bond is a security (similar to IOU) issued in connection with a borrowing arrangements which

obligates the issuer to make specific payments (coupon payments) to the holder over a period of

time usually semi-annually).

SUB-TOPIC: METHODS OF RAISING FUNDS IN THE CAPITAL MARKET

OFFER FOR SALES: This is the method of raising new share capital by issuing company

shares to the general public at a pre-arranged fixed price sale

Offer for Sale

• Occurs when there is need to replace the equity interest of existing shareholders.

• The fund realized goes to the shareholders whose shares are being offered for sale.

• Offer for sale has no influence on the balance sheet of the company.

– The process will not lead to a change in the issued shares of the company.

OFFER FOR SUBSCRIPTION: This is where the issue price is determined by averaging out

the bid prices offered by prospective buyers (subject to a minimum price bid);

Offer for subscription is simply:

• This is the direct sale of new securities (shares or debentures) to the public before the shares are

admitted by The Exchange for trading.

• Guidelines specified by SEC and The NSE are to be complied with before a company can

undertake a public offering of its shares.

• It involves the preparation of selling documents – referred to as prospectus and abridged

prospectus, underwriting agreement (optional), return sheet, printing of share certificates etc.

• The approval of SEC is required on pricing, timing and amount to be offered

• The NSE approval is required for listing, certificates of exemption.

PRIVATE PLACEMENT: This is a type of issue that shares are issue to specific or selected

persons.

Private Placement is simply: • Securities of a company are sold to clients of the issuing house/stockbrokers handling the issue

• Instead of being offered to the general public or to existing shareholders.

• Private placement involves the invitation to selected high net worth individuals or corporate

organizations to invest in a company’s issue.






• Companies usually embark upon the process when the promoters do not want complete dilution

of control.

• As the securities are not yet listed on the stock exchange, promoters do not need to meet the

exchange requirement for public issue.

• By SEC directive, Companies undertaking Private Placement are to inform investors on hether

there are plans to list on The Exchange

• Stock Split

• Prompted when the Company’s stock price has risen to a level that management feels is out of

the popular trading range

• The occurrence of this anomaly will cause a decline in the trading volume of the shares

• The outcome of a stock split is for the Company to end up with more outstanding shares that

would sell at a lower price and have a lower par value than before the split

RIGHT ISSUE: This is the issue of shares by a joint-stock company to existing shareholders at a

price that is below the current market price.

It is the issuing of shares to the existing shareholders in proportion to their existing shareholding

at a price known as right price.

Rights Issue simply means: • Offer made to existing shareholders to acquire more shares in the company usually at a

concessionary price.

• The method is used when the majority of the existing shareholders do not want a dilution of the

shareholding structure and they are willing to provide the additional capital required by the

company.

• Rights are offered in proportion to existing shareholding

• May be in varying proportions i.e. 2:1 read as 2 for 1 – For every one share being held, the

holder is entitled to purchase an additional two.

• Rights can also be offered as derivatives to new shareholders.

BONUS/SCRIP DIVIDEND

• Also known as free issue.

• It is a method through which companies increase their capitalization without selling additional

shares.

• The effect is to increase the paid up share capital.

• A company with accumulated capital reserves/share premium out of line with its issued capital

may decide to give additional shares to existing shareholders in bonus.

• It may be offered as a substitute or complement to cash dividend.

• Scrip issues are offered in proportion to existing shareholding at no cost.

• With e-bonus, shareholders account in the depository are credited directly with the bonus

• The shareholders after receiving the notice can sell all or part of it on the Trading Floor.

• For a company to issue scrip, it requires the recommendation of the Board of Directors to the

Shareholders at the AGM for approval

EVALUATION:

1. What is loan capital?






2. Mention three terminologies in capital market

EVALUATION:

Essay:

a. Define capital market.

b. List the possible careers in capital market.

c. Mention the various methods in raising funds in capital market.

GENERAL EVALUATION:

Objectives

1. The following are instrument used in capital market EXCEPT………. A.shares B. Bonds

C. Cash D. Debenture

2. The issue of shares by a joint-stock company to existing shareholders at a price that is

below the current market price. Best define………………. A. Bonus issue B. Allowance

Issue C. Right Issue D. Discount Received

3. Shares issued to specific or selected persons Is called……… A. private placement B.

Right issue C. Offer for sales D. Bonus issue

4. The following are methods of raising fund in capital market EXCEPT…………. A.

Offer for subscription B. Government bonds C. Offer for sales D. Right Issue

5. The issuing of company’s shares to the general public at a pre-arranged fixed price sale is

called………….. A. Offer for sale B. Offer for subscription C. Bad issue D. Bonus

issues

WEEK END ASSIGNMENT: list ten (10) and explain five terminologies in capital market.

PRE-READING ASSIGNMENT: Read the methods of raising fund in capital market

WEEK END ACTIVITY: Explain the following terms:

Interest

Money market

Treasury bills

Treasury certificate

Call money.

REFERENCE:

O.A. Longe, etal; Essential Financial Accounting, tonad publisher, Lagos , Nigeria 2012.

Frank Wood, Business Accounting 1, Longman, Nigeria, 2008.






WEEK FOUR (3) DATE:…………………


CLASS:SS 2

TOPIC: REQUIREMENT FOR ACCESSING THE CAPITAL MARKET AND BENEFITS

OF CAPITAL MARKET

CONTENTS: Requirements:

requirements

stages in accessing the capital market

benefits of capital market

Sub topic 1:Requirements for accessing the capital market

MUST BE PUBLIC COMPANY:The first requirements a company needs in order to access

the capital market, is to be registered as public company.

MUST PRESENT COMPANY AUDITED ACCOUNT: for the capital market to recognize

companies either register or not, the company must employ the service of a professional

accountant, to audit the financial statement of the company.

MUST APPOINT MARKET OPERATOR AND CONSULTANT: The Company needs a

market operator and consultant. The company needs professional advisers, which a company had

used in the past, may not necessarily be suitable or experienced to take the company to the

market because of the specialist input required.it means that consultant must be a professional.






STAGES IN ACCESSING THE CAPITAL MARKET

INTRODUCTION From beginning to end, the process of taking a private company to the Daily Official List of

the Nigerian Stock Exchange can be broken down into stages. The stages are:

• Consultation/Discussion Stage

• Decision Making/Mandate Stage

• Documentation/Packaging Stage

• Regulatory – NSE Quotation Approval/SEC Registration Stage

• Completion Board Meeting Stage

• Distribution/Marketing Stage

• Range of Analysis/Allotment Stage

• General Undertaking/Declaration of Compliance Stage

Consultation/Discussion Stage

A company that desires to raise funds and is considering the stock market option may approach

Its local banker or an issuing house. Alternatively, an issuing house may approach a company

with a proposal for re-capitalization through the stock market. If the initiative is from an

Issuing house, the benefits of public quotation will be explained to the company.

Decision Making/Mandate Stage After discussions with the proposed issuing house, the management or Board or owners will

meet and resolve to go public. This meeting could be held alone or with the financial advisers in

attendance. The memorandum and articles of association will be suitably amended through

passing the necessary resolutions to facilitate this. A successful public quotation process is a

product of team effort and the composition of that team will be a crucial factor in the outcome of

the exercise.

Documentation/Packaging Process After all the parties to the issue have been appointed, the first all parties meeting is called. At this

meeting, functions are allocated to everybody and timetable of the issue is also drawn up. Costs

and fees are agreed and all the parties proceed to work and package the issue.

NSE Quotations Approval/SEC Registration Stage

The Stockbroker submits the application to The NSE with a covering letter and the NSE

application fees for registration and queuing for the next Quotations Committee meeting, which

is usually the last Thursday of the month.

The Stockbroker will continue his liaison with the Quotations Department to clarify any possible

queries and to know the date of the Quotations Committee meeting in order to inform the issuer.

Completion Board Meeting Stage Upon final approval by the Committee, The Exchange issues a letter of approval to indicate that

the issue may proceed. However, before the exchange issues the Certificate of






Exemption, the following offer documents must be submitted with a request for the Certificate,

seven (7) working days to the proposed date for the Completion Board Meeting:

A letter indemnifying The Exchange from any loss associated with any litigation arising from the

issue

• The proof-print of the Prospectus

• The proof-print of the Abridged Particulars of the Prospectus

• The proof-print of the Advertisement and Posters

• The updated Offer timetable and cost of Issue.

Distribution/Marketing Stage

The Issuing House distributes application forms to all receiving agents. The required number (50

copies of abridged and 25 copies of hardcover) is submitted to The Exchange for distribution to

Branches and Council Members. The application list opens on the selected date and closes after 4

to 6weeks. If extension in the application closure date is required, the Stockbroker must get the

written approval of The Exchange .Any variation in the offer documents (both prospectus and

other documents) must also be supported with the written approval of The Exchange.

Range of Analysis/Allotment Stage If the issue is oversubscribed, the Registrar prepares a range of analysis on how the securities

should be allotted. After the range is agreed upon, allotment is done and the pattern used is sent

to SEC for information. A copy of the allotment pattern is also sent to The NSE for information.

Monies in respect of unsuccessful/rejected applications are returned.

General Undertaking/Declaration of Compliance Stage Application for listing supported by: Copy of approved allotment proposal.

Sub topic: Benefits of capital market

Benefits to Individual Investors

The capital market (also referred to as the stock market but this should not be confused with the

term (stock Exchange) is the financial organization which is concerned with the supply of

permanent or long-term capital (e.g. for more than one year) for the use of business enterprise. It

is a market for securities (debt or equities).

Benefits to individual investors: very few investors would be willing to buy shares and stock

unless they knew that they could readily sell them again later if they needed their funds for some

purpose. The capital market allows investors to buy and sell stocks and shares continuously.

The capital market can as well be of benefit to individual investors in the following ways:

A. Investment: the capital market gives an opportunity to individuals investors invest their

surplus or idle fund in buying of shares, stocks and other security for future. It enables

them to buy and sell stocks and shares; they are source of income to investors.






B. Dividend: in any business venture, the main aim of it is to make profit. For and investors,

he/she expect dividend, interest or profit at the end of the investment from the profit

made by the firm or company.

C. Bonus shares: This is the issue of fully paid shares of a company to existing

shareholders in proportion to their existing shareholding. Bonus issues are issue to

shareholders free of charge. These issues are paid up from the existing reserve of the

company.

D. Capital appreciation: as the value of stocks increases and the investors need their

money back, they sell their stocks to some other investors through the Stock Exchange.

As the investors sell their stock, it must attract interest (dividend) which will definitely

increase their initial capital before investment.

E. Collateral: the stock or shares that an investor bought in a giving company will serve as

collateral for other important investment somewhere or business. Just as fixed assets such

as land, building and other physical items, so can shares and other financial securities can

be used.

Benefits to the Government:

Fulfillment of a long-term credit to finance fixed assets, such as machinery, buildings,

vehicles and so on, so it will better ensure continuity of business enterprise.

Encourage and develop the growth of the business world.

Enhance and create equitable distribution of income for the community.

Increasing national production and national economic growth.

The government obtained additional tax revenue from the resulting increase in economic

growth

Provide income for people associated with the issuance and trading on stock exchanges.

Investors earn profits or interest payments from the company that issued the securities.

People can enjoy the additional production generated by the business.

Provide an opportunity for communities to have company and enjoy the results.

Others are:

Raising of capital for the development of project

Provide Alternative Avenue for deficit financing.

Enhances tax revenue






1. Raising of capital for the development of project: Raising of capital for the

development of project capital market provides the necessary lubricant that keeps turning the

wheel of the economy. It is not only providing the funds to projects of best returns to fund

owners but for the stability of the economy.

2. Provide Alternative Avenue for deficit financing: the capital market obviously

occupies an important position in a country’s financial system by providing a mechanism for

channeling savings into investment portfolios. The Nigerian capital market has steadily grown

since its inception and it has contributed immensely to the development of the nation’s

economy. It not only supports commerce and industry, but it also benefits the economy by

providing a kind of ‘money-go-round’ in the financial system.

It also when investors channel their surplus fund into the government by purchase of financial

securities, it enable the government to meet her financial obligations that will enhance economic

growth and international debts

3. Enhances tax revenue: The government obtained additional tax revenue from the

resulting increase in economic growth.

Benefit to the Economy

The capital market has been identified as an institution that contributes to the socio-economic

growth and development even in the developed countries (economies).

The Nigeria capital market provides the necessary lubricant that keeps turning the wheel of the

economy. This helps in determining the overall growth of the economy.

Industrial growth

Employment generation

Improvement in the standard of living

FULL CONTENTS:

1. INDUSTRIAL GROWTH: capital market encourages investors to invest in other

companies to burst their financial stand (capital) to run the company effectively. It

encourages industries to come up. Especially, foreign companies and investors to

strengthened the local companies. It will eradicate the issue of monopoly and encourages

companies to be more efficient. As a collector of public funds to boost economic growth.

2. EMPLOYMENT GENERATION: The capital markets provide employment for stock

brokers, jobbers, clerks’ financial analysts and others. The capital market attracts a lot of

professions and absorbs skillful analyst, scientist, marketers which affect the economy

growth. By providing jobs, people will carter for their families.

3. IMPROVEMENT IN THE STANDARD OF LIVING: capital market leads to

increase of standard of living. As the people are absorbs into working and earning






incomes, they will be able to carter and meet the needs of the families. Pay their house

rent, bills and meet other needs.

4. ALLOCATION OF CAPITAL: One of the major economic benefits generated by

development of the Capital Markets is improved allocation of capital. The prices of

Equity and Debt respond immediately to change in market conditions and quickly

embodied in current asset prices. The signal created by the price change encourages or

discourages capital inflow to an industry/company.

5. ALLOCATION OF RISK: The other major economic benefit generated by

development of the Capital Markets is improved allocation of Risk. Capital Markets

facilitates investors to earn returns based on their risk taking ability. Investors invest in

high-risk instruments either because they are less risk averse or because the new risk is

unaffected or negatively correlated with other investments in the portfolio.

6. MOBILIZATION OF SAVINGS: Capital Markets is a good channel to move idle

savings to most productive units in the economy. In any economy savings are moved to

borrowers through Capital Markets or through Banking Financial Corporations/ Non-

Banking Financial Corporations

Benefit to individual companies:

Raising capital for expansion.

Enhances the popularity of the company.

Enhances access to credit.

Perpetuity of the company.

RAISING CAPITAL FOR EXPANSION:

The capital market helps an individual investor to generate capital for a new business by selling

of shares in the stock market.

Capital can be raise in the capital market to establish a new business or company as well.

Encourage and develop business activities.

Enhance and create equitable distribution of income for the community.

ENHANCES THE POPULARITY OF THE COMPANY:

The market ensures that the quoted companies in the Stock Exchange have good reputation. This

will gear up and encourage companies to perform well so that they will be listed in the Nigeria

Stock Exchange.






ENHANCE ACCESS TO CREDIT:

Capital market enables a company to fulfillment of a long-term credit to finance fixed assets,

such as machinery, buildings, and vehicles and so on, so it will better ensure continuity of

business enterprise.

ENHANCE THE PERPETUITY OF THE COMPANY: It enables the company to continue

in business without any financial inadequacy. It serves as a backbone to every business

enterprise.

POLICY MAKING:

Capital Markets play an important role in improving policy framework of a country. This is

because when policy makers embark on bad policies the equity and bond prices tend to fall.

Capital markets anticipate the future prospects of a country thus they reduce politicians’

incentives to do things that provide short-term gains, but that brings long-term costs that will hurt

the economy

EVALUATION:

1. Mention the six stages of accessing the capital market

2. Out the requirement of accessing the capital market

EVALUATION:

Essay:

1. Itemize four benefits of capital market to the government.

GENERAL EVALUATION:

Objectives:

1. Which of the following is NOT part of benefits of capital market






A. Provide income for people associated with the issuance and trading on stock

exchanges. B. Investors earn profits or interest payments from the company that issued

the securities. C. Generating employment to loot the government funds. D. People can

enjoy the additional production generated by the business.

2. Using of financial securities such as stock, shares, debenture certificate to get a

financial assistance such as loan. Is called A. Credit B. Dividend C.Bonus Shares D.

Collateral

REFERENCE:

O.A. Longe, etal; Essential financial Accounting, tonad publisher, Lagos , Nigeria 2012.


WEEK FIVE (4) DATE:…………………

SUBJECT: FFINANCIAL ACCOUNTING

CLASS: SS 2

TOPIC: Branch Account

CONTENTS:

Definition Of Branch Account

Description of Branch Organization

Types of Branch local and foreign

Importance of Branch Account

Differentiate between Branch and Departmental Organizations

Preparation of branch account.

SUB-TOPIC: DEFINATION OF BRANCH ACCOUNT

Branch accounting records the trading transactions of different branches of the same business,

whether such branches are situated in the same town or at other towns enables control to be

exercised by management over the affairs of the branch.






In other words, branch account is defined as a small part of the business operating with some

degree of independence. The company may have the head office in Abuja with branches in

different parts of the country. E.g.Kano and Ibadan

DESCRIPTION OF BRANCH ACCOUNT:

(a) Division of Branch Account: Main division of Branch account are:

(b) Home branches where the record are kept by the Head office ( Headquarter)

(c) Branches which keep all their own accounting record

(d) Foreign overseas branches

TYPES OF BRANCHES: LOCAL AND FOREIGN:

For accounting purposes, branches may be divided into three (3) namely:

1. Where the branch bookkeeping is maintained at the head office, with the branch making

returns (Dependent Branch)

2. Where the branch keeps its own book and only forwards its trial balance to the head

office periodically. (Independent Branch)

3. Foreign branch (i.e.) Branches that operate in other situation can only be determined in

the light of the particular circumstances of the branch. Thus factor to consider in

choosing a system of accounting include:

Location of branch

Degree of control exercised by the head office

Number of branches

Nature of activities

OBJECTIVES OF THE BRANCH ACCOUNTING

I. To prevent wastages

II. To prevent fraud and other malpractices

III. To ascertain the profit or the branches

IV. To access the performance of the branches

WHERE THE HEAD OFFICE KEEPS THE ACCOUNT;

The branches for which the whole of the accounting records are kept at the head office as a

system is most popular with retail business whose sales are mainly on cash basis. Where credit

sales are permitted, the head office will keep the Debtors’ Control accounts while the branches

could merely keep the individual debtors’ accounts for the purpose of collection.

The branch will receive goods from the head office at selling price and the branches, as a matter

of necessity, must produce the stock or to cash to cover the value of goods received. The branch

manager should be mandated to forward to head office at weekly or other intervals giving details






of goods received and returned to head office, cash and credit sales, cash received from debtors,

expenses, stock, debtors and cash at end of the period.

PRICE METHOD: There are three different pricing methods which are for charging goods to

the branches:

Cost price

Cost price plus percentages

Selling price

At cost price: The head office can change goods out to the branches at cost price. This method is

good when the goods are of perishable nature or there are difficulties in determining the selling

price.

At selling price Methods: goods can also be changed to the branch at the selling price. The

price will be fixed by the head office. This method is usually adopted when the goods are sold at

specific price .g proprietary articles. The method is not good for perishable goods.

At cost plus percentage: this is the most effective method of charging goods to branch. Under

this method, the goods will be charged to the branches of cost plus a fixed percentage. This

method can provide a reliable check upon the cash and stock at the branch and the gross profit

will be disclosed by the account.

The Branch stock account, goods sent account and branch adjustments account will be

maintained.

ACCOUNTIN ENTRIES METHODS: There are two methods of accounting entry in Branch

Accounting:

Double column methods or memorandum column

Branch Adjustment method

1. DOUBLE COLUMN METHOD OR MEMORANDUM COLUMN

There is no need for separate branch stock accounts and branch adjustment accounts. The

two accounts can be combined into memorandum or double column account. The branch

stock will be ruled with two columns. One column records transaction at cost and the

other column at invoiced price.

FORMAT:

MEMORANDUM BRANCH ACCOUNT

Invoice

Price

Cost

price

Invoice

price

Cost

Price

Stock at beginning

Goods sent to branch

×××

×××

×××

×××

Return to head office

Credit sales

×××

×××

×××

×××






Gross profit ×××

×××

×××

×××

Cash sales

Allowance off selling

price

Goods stolen (deffic)

Cash stolen

Expenses paid out of

takings

Normal loss

Stock at close

×××

×××

×××

×××

×××

×××

×××

×××

×××

×××

×××

×××

×××

×××

×××

×××

CR GOODS SENT TO BRANCH ACCOUNT (COST PRICE) DR

N N

Return from branch

Head office trading account

×××

×××

×××

Branch stock account ×××

×××

DR PROFIT AND LOSS ACCOUNT CR

N N

Branch stock account:

Sundry expenses

Stock deficiency at cost price

Cash stolen

Net profit

×××

×××

×××

×××

×××

Gross profit ×××

×××






WEEK SIX (5) DATE………………..


CLASS:SS 2

TOPIC: Preparation of Branch Account

ILLUSTRATION:

2. BRANCH ADJUSTMENT METHOD

Under this system, the profit loading will be taken to a separate account called

“Branch Adjustment Account”. The following will be prepared:

Branch stock account.

Branch Adjustment account.

Goods sent to branch.

Debtors Account.

FORMAT:

DR BRANCH STOCK ACCOUNT (INVOICED PRICE) CR

N N

Stock At Start


×××

×××

Goods transfer to another

branch

Cash sales

Credit sales

Expenses paid out of taking

Reduction in selling price

×××

×××

×××

×××

×××






×××

Goods inn transit

Returns to Head office

Cash stolen

Goods stolen (pilferage)

Normal loss

Cash in hand

Stock at close

×××

×××

×××

×××

×××

×××

×××

×××

DR GOODS SENT TO BRANCH ACCOUNT (COST PRICE) CR

N N

Returns to head office

Transfer to other branch

Head office trading account

×××

×××

×××

×××

Branch ×××

×××

DR BRANCH ADJUSTMENT ACCOUNT CR

N N

Profit on returns to head

office

Profit on goods returned by

customer to head office

Profit on goods on transit

Normal loss (selling price)

Profit on goods stolen

Profit on transit to other

branch

Reduction In selling price

Profit on stock at close

Gross profit to profit and loss

account

×××

×××

×××

×××

×××

×××

×××

×××

×××

Profit on opening stock

Profit on goods sent to the

branch

×××

×××






×××

×××

DR PROFIT AND LOSS ACCOUNT CR

N N

Cost of goods stolen

Sundry expenses

Cost of goods lost in transit

Cash stolen

Net profit

×××

×××

×××

×××

×××

×××

Branch adjustment:

Gross profit b/d

×××

×××

ILLUSTRATION 1.

SAM Enterprise is a retail business concern with head office at Lagos and office at Ibadan. The

head office makes all purchases and charges out goods to the branches at cost plus 25% which

represents the selling price to the branch. The branch limit to the head office all cash received

from customers. The following transaction took place at the branch during the year ended 31st

December, 2013

N

Stock on January 1st 2013 9,600.00

Goods received from the head office 25,470.00

Credit sales (net) 15,972.00

Allowance of selling price 218.00

Goods returned to head office 460.00

Discount allowed 278.00

Cash received from debtors 14,926.00

Bad debts written off 194.00

Cash sales ` 12,036.00

Debtors of January 1st 2013 1,280.00

The valued of the stock at selling price at the branch on 31st December was N6, 380.00

. You are required to prepare in the head office books the following accounts.

a. Branch stock account

b. Branch adjustment account

c. Goods sent to branch account

d. Branch debtor account

SUGGESTED SOLUTION:






DR SAM ENTERPRISE BRANCH STOCK ACCOUNT CR

N N

Balance b/d


9,600.00

25,470.00

35,070.00

Sales at cash

Sales on credit

Allowance off selling price

Goods return to head office

Normal loss

Balance c/d

12,036.00

15,972.00

218.00

460.00

4.00

6,380.00

35,070.00

DR GOODS SENT TO BRANCH ACCOUNT CR

N N

Returns to head office

Head office trading

368.00

2,0008.00

20,376.00

Branch stock 20,376.00

20,376.00

DR BRANCH STOCK ADJUSTMENT ACCOUNT CR

N N

Profit on closing stock

Return to head office

Gross profit

1,276.00

92.00

5,648

7,014.00

Profit on opening stock

Credit sales

1,920.00

5,094.00

7,014.00






DR BRANCH DEBTORS ACCOUNT CR

N N

Balance b/d

Credit sales

1,280.00

15,972.00

17,252.00

Cash

Bad debt

Discount allowed

Balance c/d

14,926.00

194.00

278.00

1,754.00

17,252.00

EVALUATION: Attempt Question number 35.5 (Pages 366) of Essential Financial

Accounting

ILLUSTRATION: See Page 358 of essential financial accounting

ACCOUNTING ENTRIES:

1. When goods are sent to the branch:

Debit Branch stock account (invoiced price of goods sent)

Credit Branch adjustment (with profit loading)

Credit Goods sent branch account (with cost price)

2. When there are sales : Cash or credit sales

Debit Cash account (with cost price)

Debit Debtors account (credit sales)

Credit Branch stock account (cash and credit sales)

3. Stock at start:

Debit Branch stock account (invoice price)

Credit Branch Adjustment account (profit loading)






4. Stock at closing:

Debit Branch adjustment account (profit loading)

Credit Branch stock account (invoice Price)

5. Returns to Head office:

Credit Branch stock account (invoice price)

Debit Goods sent to branch account (cost price)

Debit Branch Adjustment account (profit loading)

6. Transfer to Other Branch:


Debit Goods sent to branch account (cost price)


7. Allowance of selling price or reduction in selling price:

Debit Branch adjustment account (total allowance)

Credit Branch stock account (total allowance)

8. Goods In Transit:


Credit Branch stock account (invoiced price)

9. Goods lost in Transit:


Debit Goods lost in transit account (cost price written off to P and L)


10. Goods stolen or disficiencies:



Debit Goods stolen account (with cost price) which will be written off to profit and loss.

11. Cash stolen:

Credit Debtor account (invoice price)






Debit Branch adjustment (profit loading)

Debit Goods sent to branch (cost price)

General Evaluation

Branch stock account (at selling price) 346,000 – debit Branch mark-up account 62,000 – credit 1. Calculate the stock figure to be included in the balance sheet at the year end. A. D 408,000 B. D

346,000 C. D 284,000 D. D 62,000. 2. The concept applied in answering question 42 above is A. matching B. consistency. C. prudence.

D. entity.

3. Which of the following serves the same purpose as a trading account?(a)Branch

adjustment Account (b)Goods sent to Branch Account (c)Branch Stock Account

(d)Branch Debtors Account.

Use the following information to answer questions 4 and 5

A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,000

worth of goods.

4. The mark-up is (a) N15,000 (b)N9,000 (c) N4,000 (d)N3,000

5. The double entry required for the mark-up is debit Branch(a)sales account, credit Branch

Adjustment Account (b)Adjustment Account, credit Branch Stock Account (c)Stock

account, credit Branch adjustment account (d)profit and loss account, credit branch stock

account..

Essay Test

1. FatokiTrading Company Limited supplies goods to its Lagos branch. The following are

the details of transactions with the branch of December 1993;

On 1st December, 1993 goods costing N6,000 were invoiced to the branch at cost plus

331/1 percent.

At the end of the month the branch returns showed that the sales were N5,000. Goods

invoiced at N80 were returns to head office and the closing stock was; N2,880 at selling

price.

You are required to prepare in the Head Office books

(a). Goods sent to branch Account

(b). Branch stock account.

(c). Branch Adjustment Account.

REFERENCES:






Essential Financial Accounting for senior secondary schools O.A.Longe et al; Tonad Publishers

Financial Accounting for senior secondary schools M.A.Adesola et al; Melrose Publishing Limited

WEEK SEVEN (6) DATE: ………………….


CLASS: SS 2

TOPIC: JOINT VENTURE ACCOUNT

CONTENTS:

Meaning of joint ventures

Features of joint ventures






Accounting entries

Sub-topic 1:

Meaning of Joint Ventures

A joint venture is simply a venture undertaken jointly by two or more persons with a view to gaining a

profit. Joint venture differs from a partnership in that it is of a more temporary character. Nowadays joint

ventures are often concern with one isolated transaction, such as buying up bankrupt stocks or engaging

in similar operation. In other words, joint ventures refer to the mutual advantage of two or more persons

or firms to tackle a particular business venture together instead of engaging in it separately.

Features of Joint Ventures

1. The profit sharing ratio must be clearly stated

2. The capital, activities and scope of the ventures must be laid down

3. Sometimes one venture is allowed credit for the use of his office, or for services provided, but this must

be agreed to by all parties.

Differences between joint venture and partnership

Basis Joint venture Partnership

Period

regulation

status of parties

nature agreement

nature of activities

Temporary

Non-regulation by law

venturer

oral and /or implied

one off or once

Permanent

Regulated by partnership Act

Partner

Oral/written

Continuous






responsibilities of parties

accounting records sheet

amount invested

accounting periods

all are involved

memorandum and individual

accounts

venture funds

for the period of the venture

business

All may not be involved

Trading, profit and loss account

and balance sheet

Capital

For every fiscal year

Evaluation:

1. Define Joint Venture

2. Outline three features of Joint Venture

3. Differentiate between Joint Venture and partnership

Sub-topic 2:

Accounting procedures

Each venturer opens an account to record all matters which concern the particular venture.

A. if cash is paid out:

DR: Joint venture account

CR: Cash

B .if cash is received from sales or even from the other party

DR: Cash

CR: Joint venture account

C .any charges agreed upon e.g. commission,






DR: Joint venture

CR: the account of the person who is to receive the commission, etc

D. At the close of the ventures, or end of the year whichever is earlier, the joint accounts of each

venture are combined together in a Memorandum joint venture account, on which the profit or loss on the

venture is ascertained.

NOTE: This account does not form part of the double entry records in any set of books, being prepared

purely for the purpose of ascertaining profit or loss.

E. If there is profit:

DR: venture account and

CR: profit and loss account

F. if there is a loss:

DR: profit and loss account

CR: Joint Venture a/c

When these entries have been made, the balances remaining on the various joint venture account show

the indebtedness of one venture to another.

Example: A and B entered into a joint venture to acquire surplus and reject crockery from the

manufacturers and to sell them at a series of one-day markets. The agreed to share joint venture profits

and losses in ratio 3:2 respectively.

At the outset, A sent B a cheque for N2, 000 to provide him with funds for his participation in the

venture.

They managed to sell all the goods they had bought by 31st January, 2004 by which date their cash

transaction had been:

A B

Sales 3,200 2,100

Travelling expenses 327 463

Advertising 103 91

Stall rents or market tolls 85 70

Wages of casual workers 48

Sundry expenses 59 29






Purchases 1,600 1,100

Settlement between the co-venturers took place by cheque

You are required to prepare:

a. Joint venture with B account in the ledger of A

b.Joint venture with A account in the ledger of B

C.Memorandum Joint venture account

SOLUTION

In the ledger of A

Dr Joint venture with B account Cr

N N

Bank: transfer to B 2,000 Bank: sales 3,200

“ Travelling expenses 327 Bank 1,817

“ Advertising 103

“ Stall rent/toll 85

“ Wages 48

“ Sundry expenses 59

“ Purchases 1,600

Profit and loss a/c 795

5,017 5,017

In the ledger of B

Dr Joint venture with A account Cr

Bank: travelling expenses 463 Bank: transfer from A 2,000

“ Advertising 91 Bank: sales 2,100






“ Stall rent /tolls 70

“ Sundry expenses 29

“ Purchases 1,100

Profit and loss a/c 530

Bank 1,817

4,100 4,100

Dr Memorandum joint venture account Cr

Travelling expenses (327+463) 790 Sales (3,200+2,100) 5,300

Advertising (103+91) 194

Stall rent /tolls (85+70) 155

Wages 48

Sundry expenses (59+29) 88

Purchases (1,600+1,100) 2,700

Share of profit:

A (3/5 X 1,325) 795

B (2/5 X 1,325) 530

5,300 5,300

Dr Profit of Joint venture account Cr

31st Jan joint venture with A 795

31st Jan joint venture with B 530

Evaluation:

1. Practise revision exercise 6.6B of the Essential Financial Accounting page347






Objective Test:

1. The memorandum joint venture account is similar to

a. Balance sheet b.trading, profit and loss account c.cash book d.trading account

2. The parties involved in joint venture business are called

a. Joint venturers

b.partners

c.sole proprietor

d.shareholder

3. The aim of joint venture is to make

a.cash b.sales c.profit d.money

4. All these are sets of accounting books to be kept in joint venture business except

a. bank a/c b.cash a/c c.expenses a/c d.journal

5. The goods not disposed off during a period of joint venture business activities are called_____

a.cost of goods b. goods returns c.stock of goods d.goods for sales

Essay

1. Define joint venture

2. Mention three features of joint ventures

3. Differentiate between joint venture and partnership

4. Practice revision exercise 5.5B of the Essential Financial Accounting page 347

WEEKEND ASSIGNMENT

Read about contract account

REFERENCES:

Essential Financial Accounting for senior secondary schools O.A.Longe et al; Tonad Publishers

Financial Accounting for senior secondary schools M.A.Adesola et al; Melrose Publishing Limited






EVALUATION:

Essay:

List three benefits of capital markets to economy.

WEEK EIGHT (8) DATE:……………………


CLASS: SS 2

TOPIC: Consignment Account

CONTENTS:

Consignment Account: (a) Consignment Accounts terminologies; meaning, consignment,

consign or consignee, consignment outwards, consignment inwards, del-credere commission

Sub-topic 1: Meaning and explanation of:

Consignment

Consignor and Consignee

Consignment inward and Consignment outward

Consignment: This is a process of sending goods by a person that owns the goods (Principal) to another

person (agent) who agrees to sell the goods on behalf of the owner for a fee. The relationship between the

consignor and the consignee is the principal – agent relationship.

Consignor: This is the person who sends the goods to the agent with the purpose of selling them on his

behalf, for commission. The goods still belongs to the principal even in the possession of the agent until

the goods are sold and money dully remitted.

Consignee: This is the agent to which the goods were sent to by the principal for a commission. While

goods are in his possession, he has no title to the goods.






Commission: This is the remuneration given to the consignee for selling the goods for the principal, this

is usually expressed as a percentage of the value of sales.

Consignment outward: When goods are forwarded to the consignee, it is referred to a consignment

outward. The consignment is called “outward” when the dispatch of a quantity of goods from one country

to another is made for the purpose of sales. Goods sent on consignment do not become the property of the

consignee because he has not bought them.

Consignment inwards: When goods are sent to the agent, the goods received by the agent is referred to

as consignment inwards in the accounts of the agent.

Del-credere commission: This is a special commission given to the consignee for accepting the

responsibility for any bad debts arising from sales made on credit.

Account Sales: This is a document that the returns made by the consignee after the sales or return of the

goods. The items in the account sales include; sales by the consignee, the expenses of the consignee, the

commission due to the consignee and the balance due to the consignor.

Format of Account Sales.

N N

Sales xx

Less: Expenses

Import duty xx

Storage charges xx

Selling and distribution expenses xx

Consignee’s commission xx (xx)

Balance due to consignor xx

Differences between Consignment and Sales

Consignment

i. The receiver of goods is referred to as the

agent ii. Ownership remains with the principal until

the goods are paid for. iii. The agent can return unsold goods to the

Sales

i. The receiver of the goods is called a debtor.

ii. Ownership passes along with possession.






principal iii. Goods once sold can not be retuned

EVALUATION:

Define i. Consignment

ii. Consignor

iii. Consignee

State five differences between a consignment and sale.

EVALUATION:

1. Outline five benefits of capital market to the Economic

2. Mention four benefits of capital market to companies

REFERENCE:

O.A. Longe, etal; Essential financial Accounting, tonad publisher, Lagos , Nigeria 2012.


WEEK NINE (9):

SS2

TOPIC: CONSIGNMENT ACCOUNT






CONTENTS: Preparation of Consignment accounts

Entries in the Consignor’s Book

a. On dispatch of goods

DR. Consignment account

CR. Goods on consignment account

(with the cost of goods)

b. Expenses paid by Consignor


CR. Cash/Bank

(with the amount paid)

c.Upon drawing bill on consignee

DR. Bills receivable account

CR. Consignee’s personal account

d. Bills receivable honoured by the consignee

DR. Bank account

CR. Bills receivable account

d. Advance by consignee

DR. Bank account

CR. Consignee account

e. Expenses incurred by the consignee



f. On proceeds from sales

DR. Consignee account

CR. Consignment account






g. Upon payment by the consignee

DR. Bank account


h. Agents commission



i. Transfer of balances


CR. Profit and loss account

(if it is a profit)

DR. Profit and loss


Illustration 1

Kingdom Blessings Limited of United Kingdom consigned goods worth N500, 000 to her

agent Winner Nig. Ltd. She paid freight N40, 000; Insurance N30,000; shipping charges

N50, 000; and a bill was drawn on Winner Nig. Ltd at 90 days for N10, 000. This bill,

Winner Nig. Ltd. discounted with their bankers, the charge therefore being N6, 000.

Later, Winner Nig. Ltd renders account sales showing the amount for which the goods

were disposed off as being N700, 000. She deducts her commission which is 5% and

expenses on landing N5,000; warehouse rent N10, 000 and remits a draft on National

Bank for the balance.

Required: Show the necessary ledger accounts in the books of the :

Consignor

Consignee

Solution

In the Consignor’s books

Dr Kingdoms Blessings Limited Cr






N,000

Goods on consignment 500

Freight 40

Insurance 30

Shipping charge 50

Commission 35

Landing expenses 5

Warehouse rent 10

Profit and loss 30

700

N,000

Sales 700

700

Dr Goods on consignment account Cr

N,000

Trading account 500

N,000

Consignment 500

Dr Discount charges account Cr

N,000

Bank 6

N,000

Profit and loss account 6

Dr Cash Book Cr

N,000 N,000






Bills receivable 10

Consignee 640

650

Discount charges 6

Consignment account:

Freight 40

Insurance 30

Shipping charges 50

Balance c/d 524

650

Dr Consignee (Winner) Account: Cr

N,000

Consignment a/c: Sales 700

700

N,000

Bills receivable 10

Commission 35

Landing expenses 5

Warehouse 10

Bank 640

700

Dr Bills receivable account Cr

N,000

Consignee (Winner) 10

N,000

Cash book 10

Accounting Entries in Consignee’s Book

a. On receipt of the goods

(no entry in the books)

b. Payment of expenses

DR. Consignor account






CR. Bank account

c. On sending advance


CR. Bank or Bills payable account

d. Goods sold by the consignee

DR. Bank/Cash or Debtor account

CR. Consignor account

e. Consignee’s commission

DR. Consignor’s account

CR. Commission account

f. Money received from consignment debtors

DR. Bank/Cash account

CR. Consignment debtor account

g. Bill of exchange accepted by consignee in favour of consignor


CR. Bills payable account

h. On settlement of balance due to consignor


CR. Cash account

Illustration 2

From illustration 1 above, prepare the relevant ledgers in the Consignee’s books.






Solution

Dr Consignor (Kingdom Blessing Ltd) account Cr

N,000

Commission 35

Landing expenses 5

Warehouse rent 10

Bills payable 10

Cash 640

700

N,000

Sales 700

700

Dr Cash book Cr

N,000

Sales 700

700

N,000

Bills payable 10

Commission 35

Landing expenses 5

Warehouse 10

Consignor 640

700

Dr Bills payable account Cr

N,000

Cash book 10

N,000

Consignor 10

Dr Commission account Cr






N,000

Profit and 35

N,000

Consignor 35

Treatment of unsold stock

Occasionally, goods consigned may remain unsold when preparing accounts, such goods must be shown

at cost plus proportionate part of the expenses incurred on it i.e. freight, insurance, rent e.t.c.

Format

N

Cost price of goods xx

Consignor expenses (Stock unsold x expenses) xx

Goods consigned

Consignee expenses (Stock unsold x expenses) xx

Value of unsold stock xx

Xx

Treatment of stock losses

Loss not covered by insurance:

DR: Profit and loss account


Loss covered by insurance:

DR: Insurance claim account


Illustration 3

Goods costing N50, 000 were sent by Limousine Limited on 1st February, 2oo5 to Acura Legend

Limited in United States of America. On the date, expenses paid in cash by Limousine in respect of the

goods were freight N5,000 and Insurance N2,000. On receipt of the goods on 1st March, 2005 a bill was

drawn by Limousine Ltd on Acura Legend for N3, 000, payable in three month’s time which was

discounted by the company for N2, 000 on 4th April, 2005. An account sales received from Acura Legend






on 31st May, 2005 disclosed that he had goods on hand to the value of N6, 000 at original cost and sales

amounted to N75, 000. It showed further that he had made deductions for commission on sales to date of

N4, 000 and for selling expenses N1,000. The balance due for goods was settled by Acura Legend by

means of a two months bill accompanying the account sales which Limousine discounted with its bank

being charged N1, 500.

Required: Show the ledger accounts:

i. in the books of Limousine Ltd and;

ii. in the books of Acura Legend Ltd.

Solution

In the books of Limousine Ltd.

Dr Consignment account Cr

N,000

Goods on consignment 50

Freight 5

Insurance 1

Discount charges 1

Commission 4

Selling expenses 1

Discount charges 19.720

81.720

N,000

Sales 75

Stock (see workings) 6.720

81.720

Dr Goods sent on Consignment account Cr

N,000

Trading a/c 50

N,000

Consignment 50






Dr Bill Receivable account Cr

N,000

Acura Legend 3

Acura Legend 67

70

N,000

Bank 2

Discount 1

Bank 65.5

Discount 1.5

70

Dr Consignee account Cr

N,000

Sales 75

75

N,000

Bill receivable 3

Commission 4

Selling expenses 1

Bill receivable 67

75

Dr Cash book Cr

N,000

Bills receivable 3

Bills receivable 67

70

N,000

Discount 1

Discount 1.5

Freight 5

Insurance 1

Balance c/d 61.5

70






In the Consignee’s books

Dr Consignor account Cr

N,000

Bills payable 3

Selling expenses 1

Commission 4

Bills payable 67

75

N,000

Sales 75

75

Dr Bills payable account Cr

N,000

Balance c/d 70

70

N,000

Limousine 3

Limousine 67

70

Dr Commission account Cr

N,000

Profit and Loss 4

N,000

Limousine 4

Workings

Calculation of unsold stock

N,000 N,000

Stock 6

Consignor expenses on total consignment:






Freight 5

Insurance 1

6

Proportion applicable to closing stock

Stock x expenses

Goods on consignment

= 6 x 6

50

= 0.72

EVALUATION

From Essential Financial Accounting For Senior Secondary Schools by O.A. Longe & R.A.

Kazeem, prepare solution to Exercise 4.4 on page 354.

GENERAL EVALUATION

Objective Test

(i) Another name for the consignor is -----------A. Agent. B. Principal C. Consignee. D.

Manufacturer.

(ii) The main difference between the completed and uncompleted consignment is------ A.

Stock B. Expenses C. Commission. D. Bad debt.

(iii) The special reward paid to the consignee for indemnifying the consignor against any bad

debts from consignment is called --------A. Bonus B. Commission C. Del-Credere D. De-

Credere.

(iv) Commission paid on consignment to the consignee is based on --------A. Value of goods

consigned on him B. Period of the consignment C.Distance between the two parties D.

Sales.

(v) The minimum number of parties involved in a consignment account is--------- A.5 B. 3

C.2 D. 4

Essay

On August 2010, Tanko sent 100 cases to Princess, on consignment terms. Tanko paid N80

per case for these goods and it was agreed that he should bear all the expenses of the

consignment. He paid freight and insurance amounting to N240.






0n 31 December 2010, Tanko received an account sales from Princess showing that 60 cases

had been sold for N6, 900. Princess had paid duty and laundering charges on the whole

consignment amounting to 220. His selling expenses were N70 and he was entitled to a

commission of 5% on the gross value of the goods sold. Princess enclosed with the account

sales a remittance for the amount due from him to Tanko.

You are required to set out the ledger accounts in the books of the consignor and the

consignee.

WEEKEND ASSIGNMENT.

From Simplified and Amplified Book Keeping & Accounting for Senior Secondary Schools 1, 2, 3 by

Femi Longe, prepare solution to Exercise 6, 8x and 10x on pages 314 and 315.

PRE-READING ASSIGNMENT:

From Simplified and Amplified Book Keeping & Accounting for Senior Secondary Schools 1, 2, 3 by

Femi Longe, read about Joint Venture

REFERENCE TEXTS:

Essential Financial Accounting For Senior Secondary Schools by O.A. Longe & R.A. Kazeem

Financial Accounting for Senior Secondary Schools 1 by M.A. Adesola etal.

Financial Accounting Made Simple by Robert O. Igben.

Simplified and Amplified Book Keeping & Accounting for Senior Secondary Schools 1,2,3 by Femi

Longe

WEEK TEN (10): Revision and Examination

financial accounting scheme of work ss 2 third …

Documents