Waec 2017 Financial Account Obj And Theory Answers – May/ June Expo

F/Acct-Obj:
1ABBCCBACCA
11CCACCACCAB
21CACBCCABBD
31BCCDADDBBD
41DBABAABBDC
NOTE THAT SUBSCRIBERS GETS THE ANSWERS FIRST
BEFORE ITS BEEN UPDATED HERE..

ALWAYS SUBSCRIBE IF YOU NEED FAST AND EARLY RUNZ


SECTION B ANSWER 3 ONLY


(6)
Tabulate:
MANUFACTURING TRADING PROFIT AND LOSS A/C FOR
THE YEAR END 31/12/2014
DEBIT SIDE:(Le)
Stock:56000
Purchases:150000
=206000
Add carriage inwards:7500
=213500
Add direct expenses:11400
=224900
Less closing stock:40000
=184900
Wages(16500)
Add acrrued(4000)
=20500
Prime cost:205400
Overheads Exp:
fuel:15000
Dept. Equip:12000
=27000
Add WIP @start:60000
=87000
Less WIP @ end:64000
=23000
less Gross profit on manufactured goods:22840
Market value=251240
Stock F.G:80000
Add Market value:251240
=331240
Less stock F.G:72000
=259240
240760
=500000
Carriage out:7600
Office expenses:3800
Salaries:19200
Net profit:233000
=263600
CREDIT SIDE:(Le)
Market value:21240
=251240
Sales:500000
=500000
G.p b/d:240760
G.P on manufactured:22840

=263600

5a)
tabulate:
journal entries
details
i)suspens A/c
salako’s A/C
being an omission in salako’s A/C
DR(&) 1,000
CR(&) 1,000
ii)suspense A/C
sale A/C
being an undercast in the sales A/C
DR(&) 560
CR(&) 560
iii)Return outward A/C
suspense A/C
being overstatement in the account
DR(&) 140
CR(&) 140
iv)suspense A/C
damilola’s A/C
being omission in the account
DR(&) 410
CR(&) 410
v)supplier’s A/C
suspense A/C
being Wrong figure in the supplier account
DR(&) 180
CR(&) 180
vi)suspense A/C
discount allowed
being overstatement
DR(&) 310
CR(&) 310
vii)discount received A/C
suspense A/C
being an overstatement
DR(&) 400
CR(&) 400
5b)
tabulate:
suspense A/C
salako 1000 $
sale 560
damilola 410
discount allowed 310/2,280
balance % 1,560
tabulate:
return outward $140
supplier 180
discount allowed 410

balance % 1560/2,280

1a)
A source document is the original record containing the
details to substantiate a transaction entered in an
accounting system.
1b)
i) Invoice
ii) credit note
iii) debit note
iv) payment voucher
v) petty cash voucher
vi)bank statement
1c)
i)to find out the unpresented cheques which have been
already issued to the creditors.
ii)to find out what are the reasons behind why either bank
statement or cash book shows the different amounts

apart from the expected balances.

3ai)
Accumulated fund: This is the funds that correspond to the
capital of the partnership or sole trader and it will be
calculated using the statement of affairs
3aii)
Subscription in arrears: This is the sum of money due for
members but remained unpaid. It is treated as debtors in
the balance sheet
3aiii)
Reciepts and payments: this is the accounts that shows
the summary of a cash book over a particular period of
time
3aiv)
Income and expenditure account: This is type of account
being prepared based on the same principle as the profit
and loss accounts. It is described as the equivalent of
profit and loss account
3av)
Entrance fees:This is the money paid on application for
membership of an association or club. It is normally
treated as income in income and expenditure account
3b)
A share is defined as that portion of the joint stock
companies capital owned by a share holder while
debentures are documents in form of borrowing (eg bond
issued under the seal of company in respect of money
lent to it) on which the company agree to pay a certain
fixed rate of interest

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