100% VERIFIED WAEC GCE FINANCIAL ACCOUNTING ESSAY AND OBJ ANSWER

Real Waec Gce 2015 Financial Account Obj And Theory Answers - Nov/dec Expo Now Available F/ACCOUNT OBJ: 1-10: BCBABCDBCC 11-20: CAACCCCCBB 21-30: CAABCADBCD 31-40: BACBAACDAB 41-50: ADDBCCDADB (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 (3c) Sales day book: -particulars -detail Purchases day book: -date -folio Sales returns: -particulars -folio Purchase Returns: -Particular -date (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 liumited company is seven.There is no restriction on the maximum number of share holders.The shares are transferrable to the other person without informing other shareholders.The name of the company must end with public liability company e.g lever brothers PLC (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 sis the alternative name for debenture -Called up capital;-This is the total amount asked for on al shares -Paidup capital;-This is the toatal amount paid up or credited as paid up on the issued share capital (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 (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 (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 More Loading And Keep refreshing page....