WAEC GCE 2017 Financial Accounting Obj And Theory Answer – Nov/Dec Expo

WAEC GCE Financial Accounting Obj And Essay/Theory Questions and Answer – NOV/DEC 2017 Expo Runz.

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SECTION B - ANSWER 3 ONLY

8)
Tabulate
Jallo department store
Department trading profit and loss account for the year ended 31st dec 2015
opening stock= 14000/18000
add purchase= 300000/200000
cost of goods available= 440000/380000
lost closing stock= (10000)/(20000)
cost of sales=430000/360000
gross profitable=470000/900000=57500/936000

-Expenses-
repairs of building=22000/33000
rent=72000/18000
insurance=48000/12000
Discount allowed=24000/6000
advertisment=6000/15000
electricity=64000/16000
wages and salaries=24000/60000
net profit=72000/504000 =60200/664000

-Left-Table-
sales=900000/90000=93600/96300
gross profit bld=470000/576000
discount received132000/88000
total=60200/664000

6)
Tabulate
Sales lodger control account
Mar 2016
Sale journal =GH$112,415
cheque dishonoured =GH$300
cash refuned =GH$150
set off =GH$500
interested charge =GH$50
bal c|d =GH$125
total =GH$113,540
apr 2016
bal b|d =GH$6,540

-Left-Table-

Mar 2016

Bal b|d ={113540-112540} GH$1000

cash received =GH$101600

returnted inwards =GH$1700

discount allowwed =GH$2500

bad debt written off =GH$200

bal c|d =GH$6540

apr 2016

bal cld =GH$125

total =GH$113,540

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9a)

Tabulate
Agege local government
Statement of capital expenditure for the year ended 31st
Extention of classroom =N400,000
construction of bridges =N635,000
purchase of drugs =N135,000
provision of street light =N74,500
renovation of office building =N106,500
Total= N1,351,000
31st Dec bal C|d =N1,351,000
Total =N1,351,000

9b)

Tabulate

statement of recurrent expeniture for the year ended

Entertainment =N45,900

training and development =65,330

maintenance of motor vehicle =55,800

administrative expenses =100,870

salaries of traditional chief =105,000

disposal of refuse =203,440

postages and salaries =123,450

personel cost =877,540

total =N1,577,330

31st dec bal c|d =N1,577,330

total =N1,577,330

Typing...

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SECTION A - ANSWER 2 ONLY
3a)
suspense account is an account in the general ledger in which amounts are temporarily recorded.

3b)

i)Provision Profit and loss account will not disclose true profit/loss, unless provision is created.WHILE Revenu Profit and loss account discloses true profit/loss, even if no reserve is created.

ii)expense is the term for a cost incurred in the process of producing or offering a primary business operation. While Revenue is the term used to describe income earned through the provision of a business' primary goods orservices.

3c)

i)capital reserve- this is a type of account on a municipality's or company's balance sheetthat is reserved for long-term capital investmentprojects or other large and anticipated expenses that will be incurred in the future.

ii)revenue reserve- The portion of a business' profits retained by the companyfor investmentin future growth, and are not redistributed to the shareholders through regular or special dividends.

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1a)
i)trade discount An amount or rate by which the catalog, list, or retail price of an item is reduced when sold to a reseller.
ii)cash discount is a deduction allowed
by the seller of goods or by the provider of services in order to motivate the customer to pay within a specified time.
iii)bad debtis a monetary amountowed to a creditor that is unlikely to be paid and, or which the creditor is not willing to take action to collectbecause of various reasons, often due to the debtor not having the money to pay
iv)provision for doubtful debts is the estimated amount of bad debt that will arise from accounts receivable that have been issued but not yet collected.
v)bad debt recovery is business debt from a loan, credit line or accounts receivablethat is recovered either in whole or in part after it has been written off or classified as a bad debt.

1b)

i)Error of commission

ii)Error of principle

iii)Error of compensation

iv)Error of original entry

v)Error of transition

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