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ACCOUNT OBJ:
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Still solving 32-39
SECTION-A ANSWER ONLY 2
================================
3a)
suspense account is an account in the general
ledger in which amounts are temporarily
recorded.
3b)
i)Provision Profit and loss account will not
disclose true profit/loss, unless provision is
created.WHILE Revenu Profit and loss account
discloses true profit/loss, even if no reserve is
created.
ii)expense is the term for a cost incurred in the
process of producing or offering a primary
business operation. While Revenue is the term
used to describe income earned through the
provision of a business’ primary goods
orservices.
3c)
i)capital reserve- this is a type of account on a
municipality’s or company’s balance sheetthat is
reserved for long-term capital
investmentprojects or other large and
anticipated expenses that will be incurred in the
future.
ii)revenue reserve- The portion of a business’
profits retained by the companyfor
investmentin future growth, and are not
redistributed to the shareholders through
regular or special dividends.
================================
1a)
i)trade discount An amount or rate by which the
catalog, list, or retail price of an item is reduced
when sold to a reseller.
ii)cash discount is a deduction allowed
by the seller of goods or by the provider of
services in order to motivate the cu stomer to
pay within a specified time.
iii)bad debtis a monetary amountowed to a
creditor that is unlikely to be paid and, or which
the creditor is not willing to take action to
collectbecause of various reasons, often due to
the debtor not having the money to pay
iv)provision for doubtful debts is the estimated
amount of bad debt that will arise from
accounts receivable that have been issued but
not yet collected.
v)bad debt recovery is business debt from a
loan, credit line or accounts receivablethat is
recovered either in whole or in part after it has
been written off or classified as a bad debt.
1b)
i)Error of commission
ii)Error of principle
iii)Error of compensation
iv)Error of original entry
v)Error of transition
================================
6)
Tabulate
Sales lodger control account
Mar 2016
Sale journal =GH$112,415
cheque dishonoured =GH$300
cash refuned =GH$150
set off =GH$500
interested charge =GH$50
bal c|d =GH$125
total =GH$113,540
apr 2016
bal b|d =GH$6,540
-Left-Table-
Mar 2016
Bal b|d ={113540-112540} GH$1000
cash received =GH$101600
returnted inwards =GH$1700
discount allowwed =GH$2500
bad debt written off =GH$200
bal c|d =GH$6540
apr 2016
bal cld =GH$125
total =GH$113,540
================================
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8)
Tabulate
Jallo department store
Department trading profit amd loss account
for the year ended 31st dec 2015
opening stock= 14000/18000
add purchase= 300000/200000
cost of goods available= 440000/380000
lost closing stock= (10000)/(20000)
cost of sales=430000/360000
gross profitable=470000/900000=57500/936000
-Expenses-
repairs of building=22000/33000
rent=72000/18000
insurance=48000/12000
Discount
allowed=24000/6000
advertisment=6000/15000
electricity=64000/16000
wages and salaries=24000/60000
net profit=72000/504000 =60200/664000
-Left-Table-
sales=900000/90000=93600/96300
gross profit bld=470000/576000
discount received132000/88000
total=60200/664000
================================
9a)
Tabulate
Agege local government
Statement of capital expenditure for the year
ended 31st
Extention of classroom =N400,000
construction of bridges =N635,000
purchase of drugs =N135,000
provision of street light =N74,500
renovation of office building =N106,500
Total= N1,351,000
31st Dec bal C|d =N1,351,000
Total =N1,351,000
9b)
Tabulate
statement of recurrent expeniture for the year
ended
Entertainment =N45,900
training and development =65,330
maintenance of motor vehicle =55,800
administrative expenses =100,870
salaries of traditional chief =105,000
disposal of refuse =203,440
postages and salaries =123,450
personel cost =877,540
total =N1,577,330
31st dec bal c|d =N1,577,330
total =N1,577,330
F/Account-Theory
1a)
i)trade discount An amount or rate by which the
catalog, list, or retail price of an item is reduced
when sold to a reseller.
ii)cash discount is a deduction allowed
by the seller of goods or by the provider of
services in order to motivate the customer to
pay within a specified time.
iii)bad debtis a monetary amountowed to a
creditor that is unlikely to be paid and, or which
the creditor is not willing to take action to
collectbecause of various reasons, often due to
the debtor not having the money to pay
iv)provision for doubtful debts is the estimated
amount of bad debt that will arise from
accounts receivable that have been issued but
not yet collected.
Www.guruscoded.net
v)bad debt recovery is business debt from a
loan, credit line or accounts receivablethat is
recovered either in whole or in part after it has
been written off or classified as a bad debt.
1b)
i)Error of commission
ii)Error of principle
iii)Error of compensation
iv)Error of original entry
v)Error of trans ition
================================
(4a)
READ Waec Gce Expo 2017 Language (Igbo,
Yoruba, Hausa) Obj And Theory Questions
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Diffusion of risk
Unlimited liability
Tax advantage
Easy formation
*Question no 3a*
A suspense account is an account used on a
temporary basis for any transaction or balance
that cannot beidentified.
F/Account-Theory
1a)
i)trade discount An amount or rate by which the
catalog, list, or retail price of an item is reduced
when sold to a reseller.
ii)cash discount is a deduction allowed
by the seller of goods or by the provider of
services in order to motivate the customer to
pay within a specified time.
iii)bad debtis a monetary amountowed to a
creditor that is unlikely to be paid and, or which
the creditor is not willing to take action to
collectbecause of various reasons, often due to
the debtor not having the money to pay
iv)provision for doubtful debts is the estimated
amount of bad debt that will arise from
accounts receivable that have been issued but
not yet collected.
v)bad debt recovery is business debt from a
loan, credit line or accounts receivablethat is
recovered either in whole or in part after it has
been written off or classified as a bad debt.
1b)
i)Error of commission
ii)Error of principle
iii)Error of compensation
iv)Error of original entry
v)Error of transition
================================
3bi )
A reserve is an appropriation of profits for a
specific purpose. The most common reserve is a
capital reserve, where funds are set aside to
purchase fixed assets. By setting aside a reserve,
the board of directors is segregating funds from
the general operating usage of a company.
A provision is the amount of an expense or
reduction in the value of an asset that an entity
elects to recognize now in its accounting system,
before it has precise information about the
exact amount of the expense or asset reduction
3bii)
revenue is the term used to describe income
earned through the provision of a business’
primarygoods or services, while expense is the
term for a cost incurred in the process of
producing or offering a primary business
operation.
T
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