Practice Activity 18.8 Preparation of separate and consolidated financial statements for the head office and branch The following trial...

Practice Activity 18.6 Posting the transactions to current accounts in the accounting records of the head office and branch The following...

The following information was extracted from Springs Ltd. Springs Ltd operates from both its headquarters and branch. The inventory was...

Springs Limited was incorporated on June 15, 2010, with its headquarters in Awka, Nigeria. The Company has a branch in Obosi, a town...

Practice Activity 17.4 Journal entry for the end of the first period of a lease contract based on IFRS 16 The facts are the same as...

The facts are the same as Practice Activity 17.2. Required: Show the initial journal entries based on IFRS 16 to record the asset and...

Chukwudiebube Limited purchased machinery on 1 January, 2019 from Ekenedilichukwu Limited on hire purchase. Chukwudiebube Limited paid a...

AB Ltd commenced business in January 2017. The purpose of the business was to carry out animal husbandry. AB Ltd purchased and developed...

The following information was extracted from Better Farms Enterprises. The accounting period ends on 31 August every year. An inventory...

The following information relates to Multiple Food Farms Enterprises. The farm enterprise deals with the cultivation, harvest and sale of...

Neat Sheep Enterprises started business on 1 January 2015. On 1 January 2018, 50 Sheep were bought for fair value of ₦750,000. A 2%...

Using the historical cost and fair value models, differentiate the recognition of gain for a business enterprise that sells fruit juice...

Sailing New Company Limited operates in the shipping industry. They own a vessel named Sail NW2. On 1 March 2016, the Company entered...

Practice Activity 15.4 Identification of the components within a contract with a customer (including a lease element) Mr. Igwe enters...

Caale is a ship owned by Caale Shipping Company Limited. Caale Shipping Company Limited enters into a contract with Mr. Okeke for the use...

Marvel Ltd was formed on 1st January 2016 with a fully subscribed share capital of ₦200,000. On the same date a loan of ₦100,000 was...

Happy Limited purchased 150,000 units of inventory (goods) for resale at ₦5 per unit on 1 January 2018 and sold them on 31 May 2018 for...

The facts are the same as illustration 14.1. Required: Compute the profit based on real financial capital maintenance concept. See a...

On 1 July 2016, a contractor signs a contract with a customer to build a power generating plant and a security house for ₦98,900. The...

On 1 July, 2016, a contractor signs a contract with a customer to build a power generating plant and a security house for ₦98,900. The...