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Financial Accounting Waec 2015 Free Expo Runz




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+Tuesday, 21st April, 2015:
Financial Accounting 2(Essay) --- 9.30am -12.00pm
Financial Accounting 1(Obj) --- 12.00pm - 1.00pm
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ACCOUNT OBJ:
1-10: BADDABAACB
11-20: CADBCACBDC
21-30: DCCBDBCCBB
31-40: ABADDDABBB
41-50: BCDBACDBAD

(1a)
(i)Bank statement: This can be defined as the book which the bank prepares showing the transactions between it and the customer
(ii)Bank reconciliation statement: This can be defined as a statement that is prepared to reconcile the disagreement of the cash book and that of the bank statement

(1b)
-Uncredited cheque: There are cheques received and entered on the debit side of the cash book but have not been entered in the bank statement due to lateness or the bank statement had been prepared before the cheques were paid in

-Dividend;This is part of the profit for shares held by the customers paid directly into his bank account

-Standing order;This is an order made by the customer to the bank to make regular payment to somebody




(2a)
Suspence account: This can be
defined as the account used to
record the difference on a trial
balance temporarilynuntil the
errors are detected and corrected

(2b)
-Error of omission: This error
occurs when transactions are
completely ommited from the
debit and credit side of the
books -Error of original entry: This is
where a wrong amount is
entered on the debit and credit
side -Error of principe: Here wrong
cla$$es of accounts are
involved,a real account item
isentered in a nominal account
or vice-versa -Error of ocommission;This is a
situation whereby an item of
transaction is recorded in a
wrong person’s account -Compensation error: The debit
and credit side may be overcast
or undercast on the same
amount.the errors will definitely
cancel each other out

(2c)
i)Debit balance: Return inwards
ii)Credit balance: Return
outwards



(5)
debtors control
debit side:
bal(96000)
sales(4000000)
dishonoured cheque(480)
disct disallowed(240)
4096720
Credit side
cash & cheque received(2,320,000)
return inwards(40,000)
discount allowed(44,000)
bad debt(1200)
set-off(8000)
bills receivable(1280)
credit note issued(39440)
service charges(832)
bal c/d(400,000)
bal c/d (1,2411968)
4096720
creditors control
Debit side:
cheque(1,200,000)
return inwards(24000)
discount received(1680)
set off(800)
petty cash(16000)
bills payable(2520)
bal c/d(24000)
bal c/d (483800)
credit side:
bal(160,000)
purchases (1,600,000)
1,760,0000

(7)
statement of affairs
debit side:
opening capital(6000)
6000
credit side:
debtors(1750)
cash(2100)
stock(150)
motor(2000)
6000
statement of affairs
debit side:
opening capital(5150)
bills payable(300)
creditors(1900)
loan(500)
7850
credit side
investments(1000)
debtors(3400)
cash(200)
motor(2000)
stock(1250)
7850
(7 continues)
statement of profit
closing capital(51)
crawing (50)
opening capital(6000)
capital(200)
net profit(6200)
balance sheet
debtor side:
capital(5150)
bill payable(300)
creditor(1900)
loan(500)
creditor side
motor(200)
investment(1000)
stock(1250)
debtors(3400)
cash(200)
7850


ACCOUNT OBJ:
1-10: BADDABAACB
11-20: CADBCACBDC
21-30: DCCBDBCCBB
31-40: ABADDDABBB
41-50: BCDBACDBAD

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Posted By KellyChi On 10:39 Mon, 20 Apr 2015

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