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100% Real Waec Gce 2015 Financial Account Obj And Theory Answers.




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VERIFIED ACCOUNT OBJ:

1-10: BCBABCDBCC

11-20: CAACCCCCBB

21-30: CAABCADBCD

31-40: BACBAACDAB

41-50: ADDBCCDADB

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(3a)
the journal is used for the purpose of recording
transactions, which because of their nature
cannot
be entered in any other book of prime entry. it
is also
used for opening and closing entries, transfer
of
items or correction of errors

(3b)
-sales day book
-purchase day book
-sales returns or retuns inwards
-Purchase Returns

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(3c)
Sales day book:
-particulars
-detail
Purchases day book:
-date
-folio
Sales returns:
-particulars
-folio
Purchase Returns:
-Particular
-date

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(4a)
-Private limited liability companies;-This is
defined by
section 28 of the company’s act 1948 as a
company
which by its articles restrict the right to
transfer its
shares,limit the numbers of its members to
fifty,prohibit any invitation to the public to
subscribe
to its shares and also ends the of their names
with
limited e.g Vigeo ltd

-Public limited liability companies;-These are
companies which invite the public to subscribe
to its
shares.The minimum number of shareholders
requires to form a public limited company is
seven.There is no restriction on the maximum
number of share holders.The shares are
transferable
to the other person without informing other
shareholders.The name of the company must
end
with public liability company e.g lever brothers
PLC

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(4b)
-Authorized capital;-This sis the total amount
stated
int the memorandum of the association and
approved by the registrar of companies which
a
company can issue out

-Issued capital;-This is the total amount that
the
directors decide to issue to the public for
subscription

-Loan capital;-This is the alternative name
for
debenture

-Called up capital;-This is the total amount
asked for
on al shares

-Paidup capital;-This is the total amount paid
up or
credited as paid up on the issued share capital

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(5)
Adjusted cashbook
debit side:
credit transfer 143000
bal c/d 96900
total 239900
credit side:
bal f/d 138150
charges 8700
error 10000
overcast 9650
standing order 50000
dishourned cheque 23400
total 239900
Bank recdonciliation statement:
bal as per adjusted cash book (96900)
add uncredited cheque (232810) = (329710)
less unpresenetd cheque 109000
bal as per bank statement (220710)

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(7)
Income & Expenditure Account for the year
end
30/6/2014
Debit side:
treasures allowance(18960)
Electricity(38000+12600) 50600
Dep: Furniture (20% of 147400) 29480
M.v (55% of 150000) 7500
club house 10% of 245600
Donation 38750
Dance 27000
wages 15860
gen expenses (47300-29000) 18300
surplus 120760
total 351770
Credit side:
dance 160970
subscription 145000
rent 45800
351770
Balance sheet as at 30/6/2014
Liability side
Ace fund 509800
120760
Accrued 12600
bank old 100000
total 743160
Asset side:
club house (245600-24560) 221040
Motor van (150000-7500) 142500
Furniture (147400- 29480) 117920
investment 197400
prepaid 29000
cash 35300
total 743160

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(8)
Trading and profit loss
Debit side:
Stock(110,000)
Purchases(680,000)
790000
Gross(695000)
205000
900000
provision for double debt(500)
bad debt(1200)
sundry exp(50000)
discount(900)
wages& salaries(24000+6000)30000
Rent & rate(800-1500)6500
dep motor 5% of 90000(4500)
F&F 10% of 100000 (10000)
N.P (102055)
int on capital
EZE (5%* 150000) 7500
kuti (5%* 100000) 5000
share of profit:
EZE (3/5 * 94300) 56580
Kuti(2/5 * 94300) 37720
106800
Credit Side:
Sales 900000
900000
G.p b/d 205000
discount received 650
205650
interest on drawings:
Eze(5/100 * 50000) 2500
Kuti (5/10 * 4500)
106800

====COMPLETED ====

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