VOYAGE AND FARMERS ACCOUNT Assignment Question 1 Google Shipping Company of Nigeria had a ship by name Youtube, whose written down value as on 1st July 2017 was N24 million. The ship was insured for N30 million at 1% for voyage policy of hull. The ship made a trip to Senegal and returned to Mainland during the period 1st July 2017 to 30th Sept, 2017. The particulars relating to the voyage are given below: i. Expenses incurred: a. Salaries of the crew N250,000 b. Fuel N550,000 c. Port dues N300,000 d. Stores expenses N320,000 e. Shares of overhead for the ship N160,000 ii. Stevedoring at the rate of N30 per ton. iii. Depreciation was charged on the written down value of the ship at the rate of 10% p.a. iv. The freight was insured at 1%. V. The particulars of the freight consisted of the following: (a) Rice 1,100 tons at the rate of N1,200 per ton. (b) Beans 500 tons at the rate of N1,500 per ton. (c) Sugar 1,700 tons at the rate of N1,000 per ton. vi. The brokerage payable was @ 5%. Prepare the Voyage Account for the three months. Question 2 The following balances were extracted from the books of Alice Farms Limited for the year ended 31 December 2018. N'000 Regular labour expenses 327 Petrol oil & lubricants 72 Depreciation 160 Insurance 40 Bank charges 7 General expenses 80 Opening inventory 11,072 Sales 38,240 Fertilizer 1,120 Crop casual labour 80 Feeds 480 1 Livestock veterinary medicine Livestock sundry expenses Electricity & rents Purchases Seeds Crops and other expenses Livestock casual labour Dairy expenses Subsidies 640 380 120 25,384 560 420 240 160 2,108 Further information: Crops Cassava N'000 480 Closing inventory Sales Opening inventory Purchases Subsidies Livestock Cow N'000 400 23,120 4,400 17,440 840 Yam N'000 1,168 5,360 2,480 2,500 448 4,800 2,512 1,500 420 Ram N'000 800 4,960 1,680 3,944 400 Required: Prepare the Farm's accounts for the year ended 31 December 2018 calculating only: i. Gross output - Crops ii. Gross output - Livestock iii. Direct Expenses - Crops iv. Direct Expenses - Livestock