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

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ACCOUNT OBJ:

1-10: AAABADDDDA

11-20: CBBBBBAACC

21-30: BADBDADDDD

31-40: AACDBADDAA

41-50: BBCBBBAAAD

F/Account-Theory

1a)

i)

*TRADE DISCOUNT* :

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* :

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 DEBTS* :

Bad debts 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)

*PROVSION FOR DOUBTFUL DEBTS* :

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 RECOVERD*:

Bad debt recovered is business debt from a loan, credit line or accounts receivable that 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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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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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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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

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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

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