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Author Topic: Real WAEC Financial Accounting Obj and Theory (Essay) 2012 Questions and Answers  (Read 4075 times)

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Offline Uman

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2012 WAEC GCE FINANCIAL ACCOUNT ONLINE ANSWERS:-


(1a) shares can be defined as the units of capital or ownership of a limited liabitity company. it is the division of the company's ownership into numerous equal parts. i.e the in terest which a shareholder has in the conmpany.
(1b)
 
-payable by installment
 
-payable in full application
 
- payable re- issue of forfeited shares
 
-payable call in arreas
 
(1c.)i) Ordinary share: these are the shareholders that are entitled to totality of d profit after all other shareholders hav bn settled.
(ii) preference share: these are shares that has a fixed rate of divided and normally receive their dividend b4 any other class of share.
(ii) redeemable shares: these are shares issued on terms that d company will, or may, buy them back at some future date.

(2ci.) Wear & tear: An asset may depreciate as a result of constant usage. Physical factors like erosion, flood,rust and decay can cause an asset to reduce in value.
(ii) passage of time: depreciation occurs in some asset wit effusion of time e.g household patents and copyright.
(iii) obsolescence: An asset can become obsolete due to changes in technology. When this occurs, it is due for replacement. Eg is the steam engine train whch was replaced by diesel engine train.


(3a)
-Donation
-subscrition
-Rent Recieved
-Profit on bar
-surplus
 
(3b) Tabulate 
Reciept and payments account:
i- only cash transactions are recorded
ii- it includes capital items
iii- balance represent cash in hand or bank overdraft
Income and Expenditure account:
i-it includes capital items
ii- balance represent surplus or deficiency
iii-  there is adjustment of accurals and prepayments.

3b (i) all capital & revenue expenditure are recognize in receipt & payment acct while only revenue expenditure are recognize in income & expenditure acct
(ii) receipt & payment is like cash book while income & expenditure is profit & loss account 

(5)MANUFACTURING TRADING P&C A/C FOR THE YEAR END 31-12-2016
 
 
 
Tabulate:
Stock RM:12000
 
ADD purchases: 47500
 
59500
 
 
 
Add carriage inward: 180
 
59680
 
 
 
Less stock: 13500
 
46180
 
Wages(12675+325): 13000
 
Royalties: 24200
 
Prime cost: 83380
 
Overhead: 
 
Rates: (3/4)*800
 
Dep: building (5/100)*4500*(1/2)
 
=1125

(8a)IKECHUKWU LTD TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2010 
 
Tabulate 
 
debit side: 
Opening stock: depta(3500), deptb(1500), deptc(2500)   
Add purchases: depta(22000), deptb(11000), deptc(16500) 
Add carriage inward: depta(700), deptb(467), deptc(933) 
Total: depta(26,200), deptb(12967), deptc(19933) 
 
Less closing stock: depta(600), deptb(3000), deptc(6000) 
Gross profit: depta(20200), deptb(9,967), deptc(13933) 
Total: depta(32500), deptb(20700), deptc(24100) 
credit side: 
depta(34000), deptb(21500), deptc(25000) .
less return inward: depta(1500), deptb(800), deptc(900)  .
total: depta(32500), deptb(20700), deptc(24100). 
 
gross profit: depta(12300), deptb(10,733), deptc(10,162).

(9a) (G.p/turnover)*100= (150,000/600,000)*100= 25%
(b) (N.p/ turnover)*100 =(120,000/600,000)* 100= 20%
(c) current asset: currentliability= 120,000 :80,000= 12:8= 3:2
(d)current asset. less stock:current liability120,000- 20,000: 80,000 = 100,000:80,000=10:8=5:4
(e) cost of sales/ averagestockaverage stock = (opening+ closing) stock/2= (35,000+ 20000)/2=55,000/2 = 27500 450,000/27500=16.36

(8b)
Tabulate
Debit
Salaries: 1800,1200,2400
Wages: 8000,533,1067
Rent & rate: 500,333,667
Electricity: 900,600,1200
Discount allowed: 700,467,933
Insurance: 850,567,1133
Postage & stationary: 400,267,533
Advertising: 500,333,667
Net profit: 5,250,6,033,762
12,300,10,733,10162
 
Credit side:
Gross profit: 12300,10733, 10,162
12300,10733,10162

Verified Acct obj: 
1-10: ACBADABCDB
11-20: DCADCBDBDB
21-30: CCDDDCACAD 
31-40: AAAADCDCAC
41-50: CABCDDCAAA.



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    Offline terryson

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