Pen-Write E-Library - Private

SCHEME OF WORK
WEEK:
1. Revision of last term`s work- Application of Computer in an accounting Environment and terms in Computing.
2. Government Accounting- definition, Sources of revenue for the three arms of Government.
3. Capita and recurrent expenditure with working exercise
4. Simple Government accounting procedure
5. Consignment Account- Meaning, Terminologies, Accounting treatment in the book of the Consignor, Consignee Account and Sales account.
6. Branch Account- Introduction, definition and preparation of Simple Local Branch Account. Description of Branch Organization with local example.
7. Preparation of branch Account- head quarter`s book, Branch Account.
8. Preparation of Branch account- goods sent to branch account.
9. Treatment of branch adjustment with various methods involving goods to branch (a) At cost (b) At cost plus a fixed a fixed percentage (c) At selling price.
10. Hire purchase account- meaning and purpose of hire purchase and purpose of hire purchase and making entries in the books of hirer and seller.
11. Revision

Topic:- Revision of first term
Behavioral objective:- at the end of the lesson, students should be able to provide answers to all the questions.

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Evaluation:- Questions No 4 and 5 of the last term question.

Topic:- Issues of shares
Reference books:-
1. Essential Book-keeping for SSS by O.A. Longe
2. Simplified Book-keeping Accounting for SSS by F.L. Olatunji
3. Book-keeping Accounts for senior sec. school in West Africa by L.
Akinpelu


Sub-topic:- Shares issue at par
Behavioral objective:- at the end of the lesson, students should be able to (i) desire shares (ii) define stocks (iii) prepare account on issues of shares at par:

Content Element:- A share can be defined as a unit it capital of a company allocated to an individual. It is the interest of a shareholder in the coy measured by a sum of money for the purpose of liability in the 1st place end of interest in the second.
Stock: stock may be defined as a collection of shares into a bundle or consolidated shares. A coy that wishes to have stock does so by converting fully paid shares into stock.

Issue of shares:- issue of shares for public subscription is one of the ways by which a coy can raise capital. Shares can be issued at par, discount and premium.
a) Shares issued at par: This is a situation whereby shares are quoted at the nominal price. The nominal value is equal to the issuing price. E.g. Biodun ltd issued 200 shares of 2 each at 2 per shares.
b) Share issued at a premium:- This is a situation where by shares are quoted above the nominal value i.e. the issue price is greater than the nominal value e.g. Gokex ltd issued 200 shares of 2 each at 3 per shares.
c) Shares issued at a discount:- This is a situation whereby shares are quoted below the nominal value e.g. Dumex Nig. Ltd issued 400.000 ordinary shares of 1 each at 75k per shares.

Evaluation:- Explain the following; (i) Shares (ii) Stocks (iii) Ordinary shares (iv) Preference shares.

Assignment:- Write short note on the following; (i) Shares issued at par. (ii) Shares issued at a premium (iii) Shares issued at a discount.




Sub-topic:- Shares issue at par
Behavioral objective:- at the end of the lesson, students should be able to (i) state the accounting entries for the issues of shares (ii) state the ,procedures for the issue of shares.

Content Element:-
Accounting entries.
a) collection of money at once on application.
b) collection of money by instalment.
1. Shares issued at par

Procedures:
On receipts of application of money Dr. Bank A/c
Cr Application A/c
On Allotment:
Dr Application a/c
Cr Ordinary share capital a/c
Journal entires
Bank a/c X
Application a/c X
Being money collected on application money
Application a/c X
Ordinary share capital a/c X
Being money collected on allotment of shares

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Evaluation:-
i. mentions the procedures for the issues of shares
ii. state the accounting entries for the issues of shares.

Assignment:- Adeola Nig limited issued 1,000 ordinary shares with a nominal value of N2 par each for subscription. Application together with the total amount are received. The shares are allotted to the applicants.
You are required to prepare the necessary accounts.

Topic:- Issues of shares
Reference books:-
1. Essential Book-keeping for SSS by O.A. Longe
2. Simplified Book-keeping Accounting for SSS by F.L. Olatunji
3. Book-keeping Accounts for senior sec. school in West Africa by L.
Akinpelu



Sub-topic:- Shares issue at premium
Behavioral objective:- at the end of the lesson, students should be able to post shares issued into the ledger accounts.

Content Element:- share issued at a premium (a) payable in full on application (b) payable on instalment.
A) Payable in full on Application
Procedures:
i. on receipts of application money
Dr bank a/c, Cr application a/c
ii. On allotment
Dr application
Cr share premium a/c
Cr ordinary share capital a/c.
Evaluation:- List the procedures for issues of shares at premium.
Assignment:- Exercise 26.1 page 310
Essential financial accounting.




Sub-topic:- Shares issue at premium
Behavioral objective:- at the end of the lesson, students should be able to prepare ledger accounts for the shares issued at a premium.

Content Element:-
Shares issued at a premium
B) Shares issued Payable by installment.

Examples:
Cadbury Nig. Plc. issue 100,000 preference shares of 1 each at a premium of 25k per share. Payable 25k per share on application, 50k on allotment (including the premium and 25k per share on each of two later calls.
The shares were all subscribed and the money duly receive. Show the necessary account to prepare the transaction.

Solution:
Application and allotment = 25k X 100,000 = 25,000
Application and allotment (including premium) 50k X 100,000 = 50,000
1st call = 25kX 100,000 = 25,000
2nd call = 25k X 100,000 = 25,000

Evaluation:- State the ledger entries for the issues of shares at a premium.

Assignment:- Exercise 27.1 page 337 Essential financial accounting
_______________

Topic:- Interpretation final accounts.
Reference books:-
1. Essential Book-keeping for SSS by O.A. Longe
2. Book-keeping Accounts for senior sec. school in West Africa by L.
Akinpelu
3. Simplified book-keeping accounts for senior sec. school by F.L. Olatunji


Sub-topic:- Interpretation of Final Accounts
Behavioral objective:- at the end of the lesson, students should be able to interpret final accounts with a given balance sheet.

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Evaluation:- Differentiate between Net profit percentage to sales and gross profit.

Assignment:- Explain the following; (a) Acid test ratio (b) working capital (c) stock turnover.




Sub-topic:- Interpretation to Final Accounts
Behavioral objective:- at the end of the lesson, students should be able to solve problems on interpretation of final accounts.

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Evaluation:- State the formulary for calculating debtor ratio and creditor ratio.

Assignment:- Simplified Book-keeping accounting for senior sec. school. Exercise 39.1 page 420

Topic:- Government Accounting
Reference books:-
1. Essential Book-keeping for SSS by O.A. Longe
2. Book-keeping Accounts for senior sec. school in West Africa by L.
Akinpelu
3. Simplified book-keeping accounts for senior sec. school by F.L. Olatunji



Sub-topic:- Meaning of Government accounting
Behavioral objective:- at the end of the lesson, students should be able to (a) define government accounting (b) state the users of government accounting.

Content Element:- Public sector according can be defined as the process of recording analysis and interpreting the financial transaction of the government.

Users of Governor Accounting
1. The president, Government and local govt. chairman
2. Government advisers
3. General public
4. Legislators
5. Foreign government and foreign investors.

Evaluation:- Define government accounting.

Assignment:- State the users government accounting. (ii) differentiate between govt. and commercial accounting.




Sub-topic:- Purpose of Government Accounting
Behavioral objective:- at the end of the lesson, students should be able to state the purpose of government accounting.

Content Element:-
The following are the purpose of preparing government accounting;
1. To serve as a basis for govt. planning.
2. To know the source of govt revenue.
3. To show the basis of disbursement of government revenue.
4. to serve as a control instrument and decision making
5. To give evidence of financial accountability.

Evaluation:- State the purpose of government accounting.

Assignment:- Essential financial accounting for SSS exercise 32.1A page 377.

Topic:- Government Accounting
Reference books:-
1. Essential Book-keeping for SSS by O.A. Longe
2. Book-keeping Accounts for senior sec. school in West Africa by L.
Akinpelu
3. Simplified book-keeping accounts for senior sec. school by F.L. Olatunji



Sub-topic:- Source of government Revenue
Behavioral objective:- at the end of the lesson, students should be able to state and explain the sources of government revenue.

Content Element:- The following are the major sources of government revenue. (a) Direct taxes (b) indirect taxes (c) mining (d) fees (e) license and internal revenue (f) interest and repayment etc.

Evaluation:- State the source of government revenue.

Assignment:- Mention and explain the sources of revenue to the state and local government.




Sub-topic:- Govt. financial officials
Behavioral objective:- at the end of the lesson, students should be able to identify the government financial officials.

Content Element:- The following are the various government financial officials.
(a) Accountant General of the Federation
(b) Auditor General of the federation
(c) Ministry of Finance.
(d) Board of inland revenue
(e) Treasury department.

Evaluation:- What are the government financial officials.

Assignment:- explain the following;
(i) Board of inland revenue
(ii) Treasury department
(iii) Accountant general of the federation
(iv) Auditor general of the federation.

Topic:- Public sector accounting
Reference books:-
1. Essential Book-keeping for SSS by O.A. Longe
2. Book-keeping Accounts for senior sec. school in West Africa by L.
Akinpelu
3. Simplified book-keeping accounts for senior sec. school by F.L. Olatunji



Sub-topic:- Preparation of statement of revenue and expenditure.
Behavioral objective:- at the end of the lesson, students should be able to prepare govt. statement of revenue and expenditure accounts.

Content Element:- In preparing the statement of revenue and expenditure (capital and recurrent) must be recorded.
Capital expenditure: These are expenditure incurred on long term project e.g. building of classroom. Purchase of relies disposal van etc.
Recurrent expenditure: These are expenses used for the day to day running of the activities of government e.g. repairs, purchase of drugs, salaries. Etc.

Evaluation:- Give three examples each of capital expenditure and recurrent expenditure.

Assignment:- Differentiate between capital expenditure and recurrent expenditures.




Sub-topic:- Classification of Government.
Behavioral objective:- at the end of the lesson, students should be able to prepare statement of govt. revenue.

Content Element:- The government revenue can be classified into; (a) revenue receipt (b) capital receipts.
Revenue receipt: This is the total amount of revenue received from proceeds of sales of assets and loans tied to a project. E.g. sales of assets, sales of small weapons etc.

Evaluation:- Give two examples each of revenue receipts and capital receipts.

Assignment:- exercise 32.1 Essential financial accounting by O.A. longe.

Topic:- Branch Accounting
Reference books:-
1. Essential Book-keeping for SSS by O.A. Longe
2. Book-keeping Accounts for senior sec. school in West Africa by L.
Akinpelu
3. Simplified book-keeping accounts for senior sec. school by F.L. Olatunji



Sub-topic:- Introduction to branch account.
Behavioral objective:- at the end of the lesson, students should be able to (i) define branch account (ii) state the objectives of branch accounts (iii) state the division of branch accounts.

Content Element:- A branch can be defined as a small part of the business operating with some degree of independence.
A company may have the head office in Lagos with branches in different parts of the country e.g. Lokoja, Port Harcourt.
Branch Account takes into consideration the entries of transactions in the books of an organization with different branches.
Divisions of branch Accounting: Branch accounting can be divided into three different types; (a) Where the Head office keeps the accounts (b) Where the Branch keep separate accounts (c) foreign or over seas branches.

Evaluation:- Explain the term branch accounting.

Assignment:- Mention and explain the divisions of branch accounting.





Sub-topic:- Branch Accounting
Behavioral objective:- at the end of the lesson, students should be able to state the objectives of branch accounting (i) state the pricing method of charging goods to the branch.

Content Element:- Objectives of Branch Accounting: (i) To prevent wastage (ii) to prevent fraud and other malpractice (iii) to ascertain the profit and loss for each branch. (iv) to access the performance of the branches.

Evaluation:- state the objectives of preparing branch accounting.

Assignment:- Exercise 33.1A page 425 of Essential financial accounting

Topic:- Branch Accounts
Reference books:-
1. Essential Book-keeping for SSS by O.A. Longe
2. Book-keeping Accounts for senior sec. school in West Africa by L.
Akinpelu
3. Simplified book-keeping accounts for senior sec. school by F.L. Olatunji



Sub-topic:- Branch Account (opening the appropriate book of Account)
Behavioral objective:- at the end of the lesson, students should be able to post to the appropriate book of account on their own.

Content Element:- Two methods of accounting can be used in posing the items. They are; (1) memorandum method (2) Branch Adjustment method.

Evaluation:- State the contents of memorandum branch account.

Assignment:- Write the various accounts to be opened using the double column or memorandum method.




Sub-topic:- Branch Adjustment method.
Behavioral objective:- at the end of the lesson, students should be able to (i) explain branch adjustment method of a branch account. (ii) open the relevant ledger account.

Content Element:- The following accounts will be opened using the branch adjustment methods. (a) branch stock account (b) branch mark-up or adjustment account (c) goods sent to branch a/c (d) branch debtors a/c (e) profit and loss a/c.

Evaluation:- Mention the various accounts to be opened in preparing branch adjustment account.

Assignment:- Exercise 42.1of simplified book-keeping account for senior secondary school by F.L. Olatunji page 456.