Free WAEC Financial Accounting Obj And Theory Answer – 2017 Expo

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1a)

A source document is the original record containing the details to substantiate a transaction entered in an accounting system.

1b)

i)Dispatch Note

ii)Receipt

iii)Invoice

iv)Credit Note

v)Debit Note

vi)Purchase Order

1c)

i)to record all the cash receipts and payments.

ii)to record all the credit purchases

iii)to record all the credit sales

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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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4a list the four main groups of accounting ratio?

Ansa:

i) Liquidity

ii) Solvency

iii) Solvency

iv) Profitability

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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

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(6)

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

=26360

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