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WAEC BOOK KEEPING QUESTION & ANSWER RUNZ

======================

Book Keeping OBJ:

1-10: CDBBBCDDCB

11-20: CDBADCAAAA

21-30: ACDCDAADAA

31-40: CABBBDACDB

SECTION B


(6) 

(1a)

A trading account can be any investment account containing securities, cash or other holdings.

(1b)

(i) Purchase

(ii) Sales

(iii) carriage inward

(iv) Carriage outward

(v) Expenses

(vi) Gross profit

(vii) Net profit

(viii) Opening stock

(2a)

Discount is an allowance or concession in price. Discount is given so that the buyer is induced (lured) to place an order and later to make payment in time.

(2bi)

(i)Lower Business Costs. A significant trade discount advantage is the small business’ ability to lower operational business costs. 

(ii)Increase Purchasing Power. 

(iii)Improve Goodwill.

(iv)Higher Consumer Sales.

(2bii)

(i)Attracting New and Repeat Customers.

(ii)Increase Sales Across the Board.

(iii)Free Up Room in Your Store.

(iv)Meet Sales Goals.

(4a)

Depreciation refers to two aspects of the same concept: The decrease in value of assets The allocation of the cost of assets to periods in which the assets are used. Depreciation is a method of reallocating the cost of a tangible asset over its useful life span of it being in motion.

(4b)

(i) To Calculate the True Profits

(ii) To show true Financial Position

(4ci)

Fixed Instalment: fixed installment method of depreciation the amount of depreciation each year is fixed and equal. At the end of each year, a fixed amount is removed from the book value of the asset concerned and charged to profit and loss account (or income statement ).

(4cii)

Diminishing Balance: Diminishing balance depreciation method is one of the three

depreciation methods that mention in This kind of depreciation method is said to be highly charged at the first period, and then subsequently reduced.

This is because the charging rate is applying to the Net Book Value of Assets and the Net Book Value of Assets is reduce from time to time after charging depreciation.

===================================================================================

(8a)

Journal entry

Sales account

Dr 49,000

Suspense of account being error of principle and now corrected

Cr 49,000

Lammidu’s Account

Dr 76,200

Suspense account being error of parties omission now corrected

Cr 76,200

Discount allowed

Dr 57,000

Discount received

Dr 57,000

Suspense account being error of principle of complete

Cr 114,000

Return inward account

Dr 30,000

Suspense account under cast in return inward now corrected

Cr 30,000

(8b)

difference in trial balance recorded

Dr 269,200

Total =269,200

Credit side

Sales 49,000

Lammidu’s AK 76,200

Discount allowed 57,000

Discount received 57,000

Return inward 30,000

Total =269,200

(7)

(7a)

tabulate

Year

2013

2014

2015

2016

2017

Value of machine

470,900

400,300

330,300

270,000

220,000

Dep.

20,000

20,000

20,000

20,000

20,000

NBV

450,000

380,300

310,900

250,000

200,000

Total =1,592,100

(a) straight line method

Year 1 2013 = 470,900-20,000 = 450,900

Year 2 2014= 400,300-20,000=310,900

(7b)

Reducing balance method with 28% depreciation rate

Year=2013

1592.100 – 470900=1.92100

28/100* 1,92100/1121200/1

=313,936

Year=2014

= 1592100 – 400,300

= 1191800

28/100 *1191800/1

=353,136

(8)

(5a)

Provision for doubtful debt account

Debit side

2015

Dec 31 balance c/d 400,000

2016

Dec 31 balance c/d 600,000

Total =1,000,000

Credit side

2015

Dec 31 profit & loss 380,000

2016

Dec 31 profit & loss 570,000

Total=1,000,000

(9)

Posted by on 8th April 2019.

Categories: WAEC

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