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WAEC 2017 Financial Accounting Obj And Theory/Essay Expo Answer

Real and Correct WAEC Financial Accounting Essay/Theory and OBJ Questions and Answer Solution – May/June 2017 Verified Expo Runs

Verified Account OBJ:
1-10: ABBCCBACCA
11-20 CCACCACCAB
21-30: CACBCCABBD
31-40: BCCDADDBBD
41-50: DBABAABBDC

1a)
A source document is the original record containing the details to substantiate a transaction entered in an accounting system.
1b)
i)Dispatch Note
ii)Receipt
iii)Invoice
iv)Credit Note
v)Debit Note
vi)Purchase Order
1c)
i)to record all the cash receipts and payments.
ii)to record all the credit purchases
iii)to record all the credit sales
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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
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4a list the four main groups of accounting ratio?
Ansa:
i) Liquidity
ii) Solvency
iii) Solvency
iv) Profitability
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5a)
tabulate
journal entries
details
i)suspens A/c
salako’s A/C
being an omission in salako’s A/C
DR(&) 1,000
CR(&) 1,000
ii)suspense A/C
sale A/C
being an undercast in the sales A/C
DR(&) 560
CR(&) 560
iii)Return outward A/C
suspense A/C
being overstatement in the account
DR(&) 140
CR(&) 140
iv)suspense A/C
damilola’s A/C
being omission in the account
DR(&) 410
CR(&) 410
v)supplier’s A/C
suspense A/C
being Wrong figure in the supplier account
DR(&) 180
CR(&) 180
vi)suspense A/C
discount allowed
being overstatement
DR(&) 310
CR(&) 310
vii)discount received A/C
suspense A/C
being an overstatement
DR(&) 400
CR(&) 400
5b)
tabulate
suspense A/C
salako 1000 $
sale 560
damilola 410
discount allowed 310/2,280
balance % 1,560
tabulate
return outward $140
supplier 180
discount allowed 410
balance % 1560/2,280
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(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
=26360

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2 Comments on WAEC 2017 Financial Accounting Obj And Theory/Essay Expo Answer

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