Earlyface
News => Education => EarlyFace Examination Center (EEC) => Topic started by: Ezra Newton on September 22, 2020, 07:56:53 am
-
l Accounting Answers
OBJ
01-10: AAADBBCACB
11-20: CAABDCCBAD
21-30: ABCCBDBCBC
31-40: CBCDCBADAB
41-50: DCABABADDA
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
TAKE NOTE: Wherever you see something like this under the credit side, just leave it blank. It means no value
___
___
THEORY :
(1a) Software can be refered to as the programs used in computer system.
(1b)
Two types of software are
(i) Systems software.
(ii) Application software.
(1c)
Advantages of Application packages
(i) Reduction in time needed for implementation.
(ii) Reduction in systems and programming effort and cost.
(iii) Provision of expertise not normally available to the small users
(iv) Reduction in errors in design.
Disadvantages of applications Packages
(i) A package may be asked which is not completely suitable to the application.
(ii) No one on site can help when problem occur.
(iii) Inefficiency emanating from the inclusion of features not relevant to every application.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
(4a)
Motor Car Account
TABULATE
Dr
Jan 1 1991 cash #6,400
Cr ____
(4b)
Provision for depreciation account
TABULATE
Dr
Dec. 31 1991 balance c/d 3200
Cr
Dec. 31 1991 profit and loss #3,200
Dr
Dec 31 1992 balance c/d #4,800
_____
#4,800
_____
Cr
Jan. 1 1992 balance b/d #3,200
Dec. 31 profit and loss #1,600
___
#4,800
___
Dr
Dec. 31 1993 balance c/d #5,600
__
#5,600
___
Cr
Jan. 1 19932 balance b/d #4,800
Dec. 31 profit and loss #800
__
#5,600
___
Dr
Dec. 31 1994 balance c/d #6,000
___
#6,000
___
Cr
Jan. 1 1994 balance b/d #5,600
Dec. 31 profit and loss #400
___
#6,000
___
Dr
Dec. 31 1995 balance c/d #6,200
___
#6,200
___
Cr
Jan. 1 1995 balance b/d #6,000
Dec. 31 profit and loss #200
___
#6,200
___
(4c)
Profit and loss account
TABULATE
Dr
1991 Depreciation #3,200
1992 Depreciation #1,600
1993 Depreciation #800
1994 Depreciation #400
1995 Depreciation #200
Cr
__
__
__
__
__
(4d)
Depreciation Schedule
Year 1 2 3 4 5
Book value at beginning 6, 400 3, 200 1,600 800 400
Depreciation
3,200 1,600 800 400 200
Accumulated Depreciation 3,200 4,800 5,600 6,000 6,200
Net book value 3,200 1,600 800 400 200
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
(5)
(i) Realization account
TABULATE
Dr
Book value of asset
Fixed asset #24,780
Stock #13,552
Debtor #30,000
Cost of liquidation #750
____
#69,082
____
Cr
Cash realized
Debtor #28,000
Stock #13,000
Fixed asset #20,000
Discount from creditor #1067
Take over by:
Bayo #800
Share of loss
Bayo=3/9 × 6215 = 2071.7
Victor=4/9 × 6215 = 2762.2
Tunde= 2/9 × 6215 = 1381.1
____
#69,082
____
(ii)
Cash account
TABULATE
Dr
Balance b/f #2,780
Debtor #28,000
Stock #13,000
Fixed asset 20000
____
#63,780
____
Cr
Cost of liquidation #750
Creditor #13,500
Capital:
Bayo #10928.3
Victor #22,237.8
Tunde #14,693.9
Loan #1670
____
#63,780
____
(iii)
Capital account
TABULATE
Dr
Particular || Bayo || Victor || Tunde
Bayo
Motor car #800
Have of loss #2,071.7
Cash #10,928.3
____
#13,800
____
Victor
Motor car ----------
Have of loss #2,762.2
Cash #22,237.8
____
#25,000
____
Tunde
Motor car ---------
Have of loss #1,381.1
Cash #14,693.9
____
#16,075
____
Cr
Particular || Bayo || Victor || Tunde
Particular
Balance b/f
Bayo
#13,800
___
#13,800
____
Victor
#25,000
___
#25,000
___
Tunde
#16,075
___
#16,075
___
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
-
Plz biology answer plz
-
Join us here for your NECO midnight Expo
https://chat.whatsapp.com/BcyWXfoaZzFD78ceIG5dZA