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WAEC 2019 Financial Accounting Theory and Obj Answers

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WAEC 2019 Financial Accounting Theory and Obj Answers by : 12:00 am On April 11, 2019

WAEC 2019 Financial Accounting Theory and Obj Answers are now out.To get it, simply buy MTN recharge card of N400 and send the pin to 09067385575. If you have paid, scroll to the button below and click on it to enter your password. Don’t have money to pay? You can still get the answers by sharing this post with all your friends writing WAEC. If we get enough shares on social media, we might post it for free.

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ACCOUNTING OBJ:
1-10: BCABABBCCC
11-20: ACADBCBDDB
21-30: ACBCCACBAB
31-40: BDBADCCDAB
41-50: CBBBBBDCCB
=========================
(2a)
Closing entries: are entries made at the end of an accounting period to zero out all temporary accounts and transfer their balances to permanent accounts. In other words, the temporary accounts are closed or reset at the end of the year.
(2b)
(i) Branch is a subdivision of a company and is a geographical classification. While a department is a classification based on the function, activites or goods.
(ii) The branch is an extension of the office with more or less the same features. While a department is a technical area of a office which is under the same premises
(2c)
(i)Depreciation of Fixed Assets: To ensure that the opening balance of the fixed assets and closing balance of the fixed assets (of course deducting depreciation) are shown in the Branch Account.
(ii)Goods in Transit: To ensure that the difference between goods sent by Head Office and received by the Branch. Such goods will be shown either on both sides of the Branch Account or will be ignored altogether while preparing the Branch Account.
(iii)Expenses Incurred by Branch: To ensure that the the amount remitted by Head Office to Branch for meeting expenses is debited in Branch Account. If actual amount spent by Branch is less, the cash balance is shown as a part of closing balance, in the credit side of the Branch Account.
(iv)Loss of Stock, Surplus of Stock: To ensure that the Shortage or surpluses of stock at the Branch due to normal or abnormal reasons are not shown in the Branch Account.
==========================================
(4a)
(i) Insufficient fund
(ii) Wrong signature
(iii) If the cheque is post dated
(4b)
(i)Petty cash float: This is small amount of cash kept at hand for making immediate payments for miscellaneous small expenses.
(ii)Contra entries: This is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, it will be recorded on the credit side and vice-versa.
(iii)Imprest system: This is a form of financial accounting system. The most common imprest system is the petty cash system. In other words it is a fixed amount that is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.
(4c)
(i)Reduction in numbers of transactions: Many expenses of small nature recorded in petty cash book, the number of transactions is reduced in the cash.
(ii)Reduction of errors: As head cashier check the accounts of previous month and gives advance for the coming month, does, errors if any are reduced.
(iii)Savings of time and labour: As the petty expenses are recorded by petty cashier at any time so that the chances of misuse are minimised.
==========================================
(5a)
TABULATE
SALES JOURNAL
Date|Particulars|Folio|Details|Total
4/3|PAPUK:80bags of [email protected], less Trade doc. 5/100*20400|SJ|20400, 1020|19380
10/3|ABASS:Transfer to sales account| |1170|1170=20550
(5b)
PAPUK’s A/c
DEBIT SIDE:
4/3 sales: 19380
Total=19380
CREDIT SIDE:
BK: 17442
Disc:1938
Total=`19380
ABASS A/C
DEBIT SIDE
10/3 sales:1170
Total=1170
Balb/d:270
CREDIT SIDE:
Cash:900
Bal c/d:270
Total=1170
SALES LEDGER CONTROL A?C
DEBIT SIDE:
Bal b/f:20550
Total:20550
Bal b/d:270
CREDIT SIDE:
Cash:900
BK:17442
Disc allowed:1938
Bal c/d:270
Total=20550
===========================
(6a)
TABULATE
In the books of Ubochi and Hassanah
Profit and Loss appropriation account for the year ended 31/12/2015
DEBIT SIDE:
Int. on Capital:
U-8/100*300000=24000
H-8/100*250000=20000
Salary:
Hassanah: 10000
Share of profit:
U-3/5*247750=148650
H-2/5*247750=99100
TOTAL 301750
CREDIT SIDE:
Net profit:300000
Int. on drawing
U-5/100*2000=1000
H-5/100*15000=750
TOTAL=301750
(6b)
TABULATE
Patner’s current account
DEBIT SIDE: U|H
Drawing|20000|15000
Int on Drawing|10000|750
Bal c/d|151650|113350
CREDIT SIDE: U|H
Int. on cap|24000|20000
Salary|-|10000
Share of profit:|148600|99100
==============================
(9a
Stock turnover Ratio = COGS/Avg stock
= 160,000/(3,0000 + 4,0000)/2)
= 200000 x 2/10000 = 11.43 times
(9b) Gross Profit Margin = Gross Profit/Sales x 100/1
= 160,000/360,000 x 100/1 = 44.44%
(9c) Net Profit Margin = Net Profit/Sales x 100/1
= 40,000/360,000 x 100/1 = 11.11%
(9d) Current Ratio = current Assets/Current Liabilities
Current Assets = 90,000/45,000 = 2:1
(9e) Acid Test Ratio = Current Assets – Stock / Current Liabilities
= 90,000 – 40,000/45,000
= 50,000/45,000 = 10:9

Past WAEC Financial Accounting Theory and Obj Answers

1-10 ABBCCBACCA
11-20 CCACCACCAB
21–30CACBCCABBD
31-40BCCDADDBBD
41-50 DBABAABBDC

1a)
A source document is the original record containing the details to substantiate a transaction entered in an accounting system
1b)
– Invoice
– credit note
-debit note
-payment voucher
-petty cash voucher
-bank statement

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 paithe d on the 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 shareholder while debentures are documents in form of borrowing (eg bond issued under the seathe l of the company in respect of money lent to it) on which the company agree to pay a certain fixed rate of interest

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
=263600

5)
TABULATE IN 3 COLUMNS
JOURNAL
Cash Salako bomissionssion of entries of the book|1000|1000
Suspense sales being undercast |560|560
Pet out suspense being amount overcast|140|140
Discreceivedeived suspense being amomittedtted in the Damilola’s a/c|410|410
Return out Drawings being amount undercast|180|180
Suspense discount allowed being discount overcast|310|310
Discreceivedeived suspense being amount overcast|400|400
SUSPENSE A/C
DEBIT SIDE:
Sales:560
Discount allowed:310
Bal C/D:80
=950
CREDIT SIDE
Return out:140
Discreceivedeived:410
Discreceireceived:400
=950

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