Author Topic: NABTEB GCE 2013/2014 Financial Accounting Objective and Essay/Theory Questions And Answers (Read 2657 times)

MEGAX · « **on:** November 28, 2013, 04:47:40 pm »

NABTEB ACCOUNT OBJ:
1-10: abacbbccca
11-20: dddcacdaad
21-30: dbdbbcdcbc
31-40: bddcaccbcb
41-50: aacaacadab

ESSAY/THEORY:

(1a)This is the capital set out in the capital clause of the company's memorandum and article of association.it is called norminal or registered capital
(b)This is the proportion of the company's profit which is distributable to the shareholders
(c)It is the benefit and advantage arising from the good name,connection,position and reputation of a business which makes it to earn more profit. it is an intangible asset and cannot be realised except upon the sale of a business.

(1d)These are expenditure which can be charged directly to a particular unit.it can easily be identified with a particular unit of output eg direct material,direct labour,direct expenses
(e)It is the book for recording reciept and payments of money in cash or cheque.it performs the function of a ledger account and subsidiary book.no credit transaction should be recorded in it.

(2a)It is a relationship which subsidize between 2 to 20 people carrying on a business in common with a view of profit making and the sharing exercise being confined to only the members in the partnership deed eg doctors,lawyers

(2b)
-General partner;-he is entitled to take full share in the administrator and management of firm,participate,conduct and management of the business
-Active partner;-he participates actively and positively in the daily activities of the firm and renumerated according to agreement
-Limited partner:- he contributes in the financing of the business but cannot take active part in the management of the firm.he has limited liability
-Dormant partner:- he contributes capital and not participates actively in the running of the business and takes no part in the administration and management of the business

(4)
Revenue & Expenditure statement:
Debit Side:
salaries(5,000,000)
fuel(840,000)
Borehole(65000)
revenue over expenditure surplus(5,330,000)
11,235,000

Credit Side:
Bal(1,500,000)
VAT(520,000)
Fines(60,000)
Licenses(200,000)
interest on investment(250,000)
allocation(6,000,000)
fines(155,000)
lease(250,000)
rent(550,000)
investment(1,750,000)
11,235,000

(5)
Statement of Affairs A/c:
Debit Side:
Accumulated fund(1895)
rent(540)
printing(15)
2150

credit side:
insurance(20)
secretarty exps(80)
subscription(120)
equipment(3000
land(1000)
cash(730)

Rent A/c:
debit Side:
Cash(2340)
Bal c/d(720)
3060

credit side:
bal(540)
income & E(2520)
bal b/d(720)

Insurance A/c:
debit side:
bal b/fwd(20)
cash(180)
200

credit side:
I&E(190)
bal(10)

Printing A/c:
debit Side:
cash(120)
120

credit side:
Bal(15)
I&E(105)

Secretary's Expenses A/c:
Debit side:
bal(80)
cash(370)
450

credit side:
I&E(410)
Bal c/d(40)
450

Equipment A/c:
debit side:
bal(300)
cash(370)
450
bal c/d(40)

credit side:
dep:I&E(28)
bal c/d(532)

land & Building A/c:
debit side:
bal(1000)
1000
Bal(950)

credit side:
Dep:(I&E)(50)
bal(950)
1000

Subscription A/c:
debit side:
bal(120)
I&E(1520)
bal(200)
1840
bal c/d(140)

credit side:
cash(1500)
cash(200)
bal c/d(140)

Income & expenditure A/c
debit side:
rent(2520)
Insurance(190)
printing(105)
secretary(410)
depreciation:
equipment(28)
land(50)
postage(1630)
4933

credit side:
subscription(1520)
fees(1700)
donation(1340)
deficit(373)
4933
Balance sheet as at 31/12/09

debit side:
accumulated fund(1895)
less deficit(373)
1527
rent(720)
2242

credit side:
land(950)
equipmnt(532)
subscriptn(140)
insuranc(10)
secretary exps(40)
cash(570)
2242

(6)
Adjusted Cashbook:
Debit Side:
Bal C/d(3800)
3800

Credit Side:
Bal(2540)
Standing order(770)
Bank Charges(3800)
3800
Bal C/d(3800)
Bank Reconciliation Statement:
o/d as per Adjusted Cashbook(3800)
Add uncredited cheqye(omo) (1060)
Less unpresented Cheque(ojo) (630)
o/d as per bank Statemen(4230)

MEGAX · « **Reply #1 on:** November 29, 2013, 10:26:04 am »

GOODBYE TO NABTEB GCE!!!
WISH YOU SUCCESS...

Kingsley ibe · « **Reply #2 on:** November 29, 2013, 10:36:04 am »

Tank u earlyface we love all

Anthco · « **Reply #3 on:** November 29, 2013, 03:39:00 pm »

Tnx earyface 4 ur surport.......*#TUALE***

olusuxm07 · « **Reply #4 on:** November 29, 2013, 10:07:13 pm »

http://Earn4Family.com/?share=17177

Earlyface

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Author Topic: NABTEB GCE 2013/2014 Financial Accounting Objective and Essay/Theory Questions And Answers (Read 2657 times)

MEGAX

NABTEB GCE 2013/2014 Financial Accounting Objective and Essay/Theory Questions And Answers

MEGAX

Re: NABTEB GCE 2013/2014 Financial Accounting Objective and Essay/Theory Questions And Answers

Kingsley ibe

Re: NABTEB GCE 2013/2014 Financial Accounting Objective and Essay/Theory Questions And Answers

Anthco

Re: NABTEB GCE 2013/2014 Financial Accounting Objective and Essay/Theory Questions And Answers

olusuxm07

Re: NABTEB GCE 2013/2014 Financial Accounting Objective and Essay/Theory Questions And Answers

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