Waec FINANCIAL ACCOUNTING ANSWERS FREE OF CHARGE

There are some changes in the theory so use this
Use this
THEORY

1a)A source document is the original record containing the details to substantiate a transaction entered in an accounting system.
1b)
i) Invoice
ii) credit note
iii) debit note
iv) payment voucher
v) petty cash voucher
vi)bank statement
Question:What is bank reconciliation statement?
Ansa:
2a)bank reconciliation is a process that explains the difference on a specified date between the bank balance shown in an organization's bank statement, as supplied by the bank , and the corresponding amount shown in the organization's own accounting records.
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Question state three reason of preparing bank reconciliation statement?
Ansa
2b)
i)To detect items not entered and errors in the cash book
ii)To discover dishonored cheques
iii) To discover bank errors ( bank personnel too make mistake!!)
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2c)Question:Explain following items
2ci) Unpresented cheques:
These represent cheques that have been issued by an entity to a customer or another third party but which have not presented to the bank by the reconciliation date.
2cii)Standing orders:
an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization.
2ciii)credit transfer:

a direct payment of money from one bank account to another.

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

(4a)
Depreciation is the measure of the wearing out, consumption or other loss of value of a fixed asset whether arising from use, effluxion of time or obsolescence through technology and market changes
(4b)
I. Physical deterioration
ii. Obsolescence
iii. The time factor
iv. Economic factor
v. Inadequacy

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

(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
=263600

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