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of-N 2,000 and collected cash from customers amounting to 198,000. Wages are paid to ad-hoc staff by Isaac totaling N39,000 and by Emmanuel 1 1,000. An allowance of N10.000 was made to Emmanuel for vehicle running expenses and 14.000 to each party of their general expenses. ceip Required: prepar Prepare a joint venture accounts in the books of each venturer, together with the depar memorandum joint venture account for the first quarter ending March 31st, 2019. 15marks. dget pe car or 3. On |" January.2013, Molek Limited granted a four-year license to Mr. Okechukwu. The g pro terms of the lease require Mr. Okechukwu to pay N100 for each cough syrup, subject to a y obje for al minimum payment of N100,000 per annum. data te on ransla The same day Mr. Okechukwu granted a sub-lease to lyalaje Enterprises with a royalty of --and N120 per cough syrup, subject to 150,000 as minimum payment. Both Mr. Okechukwu s a p and lyalaje Enterprises had a right to recoup shortworkings from the royalty of the Nov following two years. Payment is done on the 31" December each year. 40. rs an Production repan ca Year Mr. Okechukwu Iyalaje Enterprises 2014 550 330 2015 650 2016 4:200 360 125 090 770 67600 480 2017 450 78 030 650 You are required to prepare accounts in the books of Mr. Okechuku to show the transaction between him and Molek Limited one side and Iyalaje Enterprises on another side. 20marks. 2.ACC 204 (COST ACCOUNT PAN-ATLANTIC IND 4. (a) A company bought A2,000,000 15% Lekki Local Council Loan Stock on 15 October, 2017 at 95 cum interest. Interest is payable half yearly on 30th June and 31" December every year. You are required to show in the investing company's ledger for the financial year ended 30" June,2018. Ignore transfer charges and income tax. 2 1/2 marks (b) A company bought N3,000,000 12% Osun State Loan Stock on 1st September,2017 at 92 ex interest. Interest is payable half yearly on 30th June and 31" December every year. You are required to show in the investing company's ledger for the financial year ended 31st December.2018. Ignore transfer charges and income tax. 2 1/2 marks (c) Identify three (3) characteristics of goods on hire purchase. 3marks 5.(a) Define department accounting and state three (3) merits of preparing departmental accounts. (b) Define the following terms: (i) Departmental transfer. (ii) Copyright. (iii) Patent. (iv) Del credere commission. (v) Shortworkings. 7marks 3.PAN ATLANTIC UNIVERSITY SCHOOL OF MANAGEMENT AND SOCIAL SCIENCES Department of Accounting 2018/2019 Academic Session (Second Semester Examination) 154,280 ACC 203: Financial Accounting II Time allowed: 3 Hours INSTRUCTION: ATTEMPT ALL QUESTIONS 1. On 1" January,2018, Ade, a nylon merchant bought an extruding machine from Bade Nigeria Limited on hire purchase terms. The cash price of the machine was N154.200 while the hire purchase price was 200,000. The hire purchase agreement required the immediate payment of N40,000 deposit with the balance in four equal installments of #:40,000 annually commencing from 31" December,2018. The hire purchase charge is to be calculated on the outstanding balance of liability during each accounting year. The real Interest rate is 15%, and depreciation is to be provided at the rate of 20% per annum on straight-line basis assuming a nil residual value. You are required to show all the necessary accounting entries in the books of Ade using hire purchase interest account method. Assuming that the accounting year of Ade ends on 31" December every year. 15marks 2. Emmanuel and Isaac entered into a joint venture, effective from 1" January.2018, to repair audio equipment. It was agreed that Emmanuel should secure the orders, collect the items from the customers, transport them to Isaac who carries out repair work, deliver them back to the customers and collect the cash. Each party was to charge expenses against the joint venture. The profits and losses are to be shared 3/5 and 2/5 between Emmanuel and Isaac, respectively. During the first quarter of 2019, the following transactions took place: Emmanuel assisted in financing Isaac by sending a cheque of 12,000. Isaac bought a stock of spares, components and other materials for 14,000 of which N8,000 worth were still in stock as at 31" March, 2019. Emmanuel placed an advert in local papers at the cost