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Author Topic: ACCOUNT  (Read 4764 times)

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Offline JEFFREY96

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ACCOUNT
« on: April 20, 2015, 10:13:36 pm »
WAEC EXAM RUNS
-MAKE SURE YOU WRITE THE SUBJECT NAME WHILE SUBSCRIBING (eg:
WAEC/ENGLISH, ETC) WHILE SUBSCRIBING
(account)
Direct Mobile: N800 MTN Card
Forward your,MTN PIN,Subject Name, Phone number to: JEFFREY
ON 08131619499....
Above is the number incharge...
NOTE: THAT DIRECT MOBILE CANDIDATES GETS ANSWERS ON THEIR
PHONES FIRST DURING THE EXAM[center/]
   
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    Offline JEFFREY96

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    Re: ACCOUNT
    « Reply #1 on: April 21, 2015, 10:12:36 am »

    WELCOME TO ACCOUNT ANSWER PAGE
    ===========================
    KEEP REFRESHING THIS PAGE

    AS WE ATTEND TO SUBSCRIBE

    USERS
    ===========================

    ACCOUNT OBJ:
    1-10: B A D D A B A A C B
    11-20: C A D B C  A C B  D C
    21-30: D C C B D B C C B B
    31-40: A B A D D D A  B B B
    41-50: B C D B  A C D B A D

    (1a)
    (i)Bank statement: This can be defined as the book which the bank prepares showing the transactions between it and the customer

    (ii)Bank reconciliation statement: This can be defined as a statement that is prepared to reconcile the disagreement of the cash book and that of the bank statement

    (1b)
    -Uncredited cheque: There are cheques received and entered on the debit side of the cash book but have not been entered in the bank statement due to lateness or the bank statement had been prepared before the cheques were paid in

    -Dividend;This is part of the profit for shares held by the customers paid directly into his bank account

    1b Continues:
    -Standing order;This is an order made by the customer to the bank to make regular payment to somebody

    -Dishonoured cheques: These are cheques received from customers and paid by the firm and rejected by the bank as a wrong signatures,incorrect number

    -Bank charges and interest: This is the amount deducted by the bank for services rendered.The bank will deduct money without informing the firm until they received the bank statement


    (2a)
    Suspense account: This can be defined as the account used to record the difference on a trial balance temporarily, until the errors are detected & corrected

    (2b)
    -Error of omission;This error occurs when transactions are completely omitted from the debit and credit side of the books

    -Error of original entry;This is where a wrong amount is entered on the debit and credit side


    2b Continues:
    -Error of principle;Here wrong classes of accounts are involved,a real account item is entered in a nominal account or vice-versa

    -Error of ommission: This is a situation whereby an item of transaction is recorded in a wrong person's account

    -Compensation error: The debit and credit side may be overcast or undercast on the same amount.the errors will definitely cancel each other out

    (2c)
    (i)Debit balance: Return inwards

    (ii)Credit balance: Return outwards


    (5)
    debtors control
    debit side:
    bal(96000)
    sales(4000000)
    dishonoured cheque(480)
    disct disallowed(240)
    4096720


    Credit side
    cash & cheque received(2,320,000)
    return inwards(40,000)
    discount allowed(44,000)
    bad debt(1200)
    set-off(8000)
    bills receivable(1280)
    credit note issued(39440)
    service charges(832)
    bal c/d(400,000)
    bal c/d (1,2411968)
    4096720

    5 Continues:

    creditors control
    Debit side:
    cheque(1,200,000)
    return inwards(24000)
    discount received(1680)
    set off(800)
    petty cash(16000)
    bills payable(2520)
    bal c/d(24000)
    bal c/d (483800)


    credit side:
    bal(160,000)
    purchases (1,600,000)
    1,760,0000
    (7)
    statement of affairs
    debit side:
    opening capital(6000)
    6000
    credit side:
    debtors(1750)
    cash(2100)
    stock(150)
    motor(2000)
    6000
    statement of affairs
    debit side:
    opening capital(5150)
    bills payable(300)
    creditors(1900)
    loan(500)
    7850

    credit side
    investments(1000)
    debtors(3400)
    cash(200)
    motor(2000)
    stock(1250)
    7850

    7 Continues:
    statement of profit
    closing capital(51)
    crawing (50)
    opening capital(6000)
    capital(200)
    net profit(6200)

    balance sheet
    debtor side:
    capital(5150)
    bill payable(300)
    creditor(1900)
    loan(500)

    creditor side
    motor(200)
    investment(1000)
    stock(1250)
    debtors(3400)
    cash(200)
    7850


    [b/]
       
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