2015 WAEC GCE FINANCIAL ACCOUNTING ANSWER IS READY.GET IT NOW

2015 WAEC GCE NOV/DEC

EXAM DAY: TUESDAY

PAPER: FINANCIAL ACCOUNTING 1&2(ESSAY AND OBJ)
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

(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)

(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

(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

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