Earboard Logo

Welcome, Guest: Join Earboard / LOGIN! / Advertise / Join Earboard Affiliate /Contacts / News
Stats: 4818 members, 31910 topics. Date: Tuesday, 11th December 2018


HOME NEWSLETTER GENERAL NEWS TECHNOLOGY EDUCATION AFFILIATE
Click Here to Receive Our Next Post via Email ...
 

WAEC 2017 Financial Accounting Theory and Obj Answers

Waec (WASSCE) 2019/2020 Examination (Exam) Date / How to Apply for Federal Government 2019/20 Bilateral Education Agreement (BEA) Scholarship Program / The Renaissance Period in Education /

(5 ) (Reply) (Go Down)

WAEC 2017 Financial Accounting Theory and Obj Answers by : 12:00 am On April 19, 2017

WAEC 2017 Financial Accounting Theory and Obj Answers

OBJ
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 paid on 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 share holder while debentures are documents in form of borrowing (eg bond issued under the seal of 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 being ommision of entries of the book|1000|1000
Suspense sales being undercast |560|560
Pet out suspense being amount overcast|140|140
Discount recieved suspense being amount ommitted in the Damilola’s a/c|410|410
Return out Drawings being amount undercast|180|180
Suspense discount allowed being discount overcast|310|310
Discount recieved 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
Discount recieved:410
Discount recieved:400
=950

Take Our Free Runz: WAEC 2017 Finacial Accounting Theory and Obj Answers will be posted here for free but 60 minutes after exam starts.
Take Our Paid Runz: With N500 we will send you the password to view the answers 6Hrs before exam starts. Call 09067385575 for payment details

Refresh this page 60 minutes after exam starts for free answers.
Click Here to Refresh

0

Publication author

offline 2 weeks

Editor

7
I am the brain behind Earboard.com
Comments: 41Publics: 581Registration: 13-02-2017

5 comments

  1. Emmanuel says:

    I need 2017 waec biology essay and objectivesquestions and answers

    0
  2. olayode emmanuel says:

    I need account obj nd theory answer nw

    0
  3. idowu owolabi says:

    i need acount solution pls

    0
  4. Olofinniyi Temidayo says:

    I Need Account Obj and Theory Nw And Biology

    0
  5. Daniel says:

    need objectives & theory financial accounting

    0

Comments are closed.

(5 ) (Reply)

Waec (WASSCE) 2019/2020 Examination (Exam) Date / How to Apply for Federal Government 2019/20 Bilateral Education Agreement (BEA) Scholarship Program / The Renaissance Period in Education /  

(Go Up)


Sections: News (1) Technology Education (2)
Earboard - Copyright @ 2016 - 2018 George Gosmooth. All rights reserved. See How To Advertise.
Disclaimer: Every member is solely responsible for anything that he/she posts or uploads on Earbaord.