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WAEC 2019 Book Keeping Answer – May/June Expo

100% Correct and Real WAEC 2019 Book Keeping Answer Obj and Essay– May/June Expo WAEC 2019 Geography ANSWER 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.
1b
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 
viii) Wages
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2a)
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.
(2bi)
(i)Lower Business Costs. A significant trade discount advantage is the small business’ ability to lower operational business costs. 
(ii)Increase Purchasing Power. 
(iii)Improve Goodwill.
(iv)Higher Consumer Sales.
(2bii)
(i)Attracting New and Repeat Customers.
(ii)Increase Sales Across the Board.
(iii)Free Up Room in Your Store.
(iv)Meet Sales Goals.
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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.
(4b)
(i) To Calculate the True Profits
(ii) To show true Financial Position
(4ci)
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 ).
(4cii)
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.
SECTION B
(8a)
Journal entry 
Sales account 
Dr 49,000
Suspense of account being error of principle and now corrected 
Cr 49,000
Lammidu’s Account 
Dr 76,200
Suspense account being error of parties omission now corrected 
Cr 76,200
Discount allowed 
Dr 57,000
Discount received 
Dr 57,000
Suspense account being error of principle of complete 
Cr 114,000
Return inward account 
Dr 30,000
Suspense account under cast in return inward now corrected 
Cr 30,000
(8b)
difference in trial balance recorded 
Dr 269,200
Total =269,200
Credit side 
Sales 49,000
Lammidu’s AK 76,200
Discount allowed 57,000
Discount received 57,000
Return inward 30,000
Total =269,200
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