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Author Topic: Real NECO GCE Financial Accounting OBJ, Essay, Theory 2012 Questions and Answers  (Read 1687 times)

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Offline MEGAX

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NECO ACCOUNT:
1-10: ADEACBDADD 
11-20: ECCDDDABDA 
21-30: EEEAACDECD
31-40: DAEEECBEAA
41-50: CADDCBDBCA
51-60: CCEABDDDBA

THEORY ANSWERS:
(1a)
(I)Bank reconcilation can be defined as a stament that us prepared to reconcile the disagreement of the cashbook and that of the bank stament.
 
(Ii)Bank statement is the book which the bank prepares showing the transactions between it and the customers. As a matter of necessity, the balances of the cashbook and bank statement must be equal.

(1b)
-unpresented cheques
-uncredited cheque
-dishoured cheques
-bank charges and interest
-divided
-credit transfer
-direct debit

(4a)
The journal is a book of original entries or prime entries which recorded transactions in chronological order(I.e the day to day recording of transactions arranged according to when something applied
 
(4b)
-purchase journal
-sales journal
-return outward journal
 
(4c)
-closing entries
-correction of errors
-transfer between accounts

(5)
Adjusted cash book
Tabulate
Credit side: bal(2831), Cr transfer(54), total(2885)
Debit side: bank charges(22), bal(2863), total(2885)
(5 continues)
Bank reconcilation statement:
Bal as per adj cash book 2863
Add unpresented cheque 115
Total:2978
Less uncredited:
James (249)
Gabriel(178)
Total:427
Bal as per bank statement 2551

(6)
Manufacturing trading profit and loss account for the year ending
 
Debit side:
Stock(8565)
Purchase(39054)
 
Total:47619
 
Wages:45470
Ace nod 305 45770
 
Prime cost 84339
 
Overhead:
Light(2589)
Rent(4800)
Gen exps(5640)
Dep machines(2000)
15299
Total:99638

Credit cost of production(99638)
Stock F.G(29480)
Cost of production(99638)
129118
Stock F.G(- 31200)
97918
G.P(38582)
Total:136500
 
Credit sales(136500)
Delivery van(2500)
Light(1110)
Rent(2200)
Less prepand(2092)
Gen exps(3816)
Salesmen comm(7860)
Salary(6285)
Dep equipt(1500)
Premises(1000)
Net profit(12419)
 
Total:38582
 
Credit side 
Gross profit(38582)

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    Offline cananland

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    D brain ur people gvs u kudos 4 ur delivery in agriculture, keep it up, smbody like me av advertised ur site to all my colleagues to patronize u. Pls we ar expecting ur solution at financial accounting.

    Offline Olamide686

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    Mr brain my God bless, i knw u will bless me with the account obj and theroy
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    Offline Olamide686

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    Am ready already i knw u won't fall my hand's thanks
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    Offline Olamide686

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    Time is moving ooooo abeg help me
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    Offline Olamide686

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    Am waiting Sir, i still need ur help
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    Offline Olamide686

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    Mr Megax ples post the objetive i have 30 min left 2 go
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    Offline Olamide686

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    thanks   men   u   are   the   best
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    Offline MEGAX

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    never forget that we're fully loaded for all your exams in life. JAMB, post-utme, WAEC, NECO, GCE, all in 2013
       
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    Offline joseph

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    D brain ur people gvs u kudos 4 ur delivery in agriculture, keep it up, smbody like me av advertised ur site to all my colleagues to patronize u. Pls we ar expecting ur solution at financial accounting.
    .me joseph nkor.Earlyface now na him be my homepage.no be chyse :)

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    Offline rashe5

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    bros na kaduna me i day oooo,pls wht about hausa language

     

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