100% Correct and Real WAEC 2019 Book Keeping Answer Obj and Essay– May/June Expo Verified WAEC 2019 Book Keeping ANSWER
WAEC 2019 Book Keeping THEORY AND OBJ QUESTIONS and ANSWER RUNZ
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ANSWER ONLY TWO FROM THIS SECTION
1a) Trading Account is an account which is prepared to determine the gross profit or gross loss of a business concern.
i) Closing stock
ii) sales and sales return
iii) purchase related expenses
iv) factory or manufacturing expenses
v) Purchase returns
vi) opening stock
vii) Carriage inward
Discount is an allowance or concession in price. Discount is given so that the buyer is induced (lured) to place an order and later to make payment in time.
(i)Lower Business Costs. A significant trade discount advantage is the small business’ ability to lower operational business costs.
(ii)Increase Purchasing Power.
(iv)Higher Consumer Sales.
(i)Attracting New and Repeat Customers.
(ii)Increase Sales Across the Board.
(iii)Free Up Room in Your Store.
(iv)Meet Sales Goals.
4a)Depreciation refers to the decrease in value of assets and the allocation of the cost of assets to periods in which the assets are used.
(i) To Calculate the True Profits
(ii) To show true Financial Position
Fixed Instalment: fixed installment method of depreciation the amount of depreciation each year is fixed and equal. At the end of each year, a fixed amount is removed from the book value of the asset concerned and charged to profit and loss account (or income statement ).
Dimishing Balance:Diminishing balance depreciation method is one of the three
depreciation methods that mention in This kind of depreciation method is said to be high charged at the first period, and then subsequently reduce.
This is because the charging rate is applying to the Net Book Value of Assets and the Net Book Value of Assets is reduce from time to time after charging depreciation.
Suspense of account being error of principle and now corrected
Suspense account being error of parties omission now corrected
Suspense account being error of principle of complete
Return inward account
Suspense account under cast in return inward now corrected
difference in trial balance recorded
Lammidu’s AK 76,200
Discount allowed 57,000
Discount received 57,000
Return inward 30,000
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