F/A OBJ
1 DCBDBCABCC
11BDBADBBBAA
21ADCABCBDDA
31CABBDDBCDB
41CCCBACCCAC

============================
7 a )
Statement Of affairs as at 1 | 1 | 06
Tabulate
Right Table
Capital ( Opening ) N 30,000
Creditors N 1 ,000
Insurance N 2 ,000
N 33,000
Left Table
Land And Building N 15,000
Motor Vechicle N 6 ,000
Stock N 4 ,000
Cash N 6 ,000
Debtors N 2 ,000
N 33,000

7 b )
Trading Profit and loss account for the year ended 31st december 2016
Tabulate
Right Table
opening stock N 4000
purchases N 11,500
15,500
Closing Stock ( 2 ,000 )
Cost of goods sold 13500
gross profit cld 17500
31,000
salaries N 5000
rent and rates N 4000
insurance N 5000
dep on motor vechicle N 2000
net profit N 1500
17500
Left Table
Sales N 31,000
31,000
gross profit b | d N 17,500
N 17,500

7 c )
Balance Sheet as at 31| 12| 2006
Tabulate
Right Tabule
Capital N 30,000
add net profit N 1500
N 31,500
current liability
creditor N 500
insurance Owning N 6000
N 38,000
Table Left
Fixed Assests
Land and Building N 15,000
motor vehicle N 4000
19,000
current assets
stock N 2000
debtors N 3000
Cash N 14,000
N 38,000
============================

9 )
Obihan trading profit and loss account
SALES = 1 ,200 ,000
Less return inward =
15,000
= 1 ,185 ,000
Less cost of sales
Opening stock = 3000,000
Add purchase 1 ,050 ,000
Less return outward = 18,600
Net purchase = 1 ,031 ,400
Cost of goods available . = 1 ,331 ,400
Less closing stock = 360 ,000
Cost of goods sold = 971 ,400
GROSS PROFIT = 213600
LESS OPERATIVE EXPENSIVE
Rates ( 18,000 + 1 ,500 ) = 16,500
Rates ( 18,000 + 660 ) = 3 ,660
Salaries ( 90,000 + 15,000 ) = 105 ,000
Bad Debits = 600
Insurance = 93,000
Depreciation : Furniture 9 ,000
Machineries = 18,000
Provision for bad debit = 540
NET LOSS 246 ,300
32,700
============================
6 a )
Tabulate
Cash book Adjustment
Bal bld N 48,500
interest on investment N 2500
credit transfer N 3000
54,000
Left Table
Bank Charges N 1000
Dishonured cheques N 2000
bal cld N 51,000
54,000
Total Bal bld N 51,000

6 b )
Tabulate
Bank Reconcilation statement at 31/ 12/ 2016
balance as per adjusted cash book N N 51,000
add unpresented cheques 8850
add back wrong credit 3500
12,350 / 63,350
less uncredited cheques ( 8450)
balance as per bank statement N 54,900
============================
2 ai)
Direct materials consist of all of the materials that become an integral part of the finished product . Direct materials should include the actual cost of the materials, as well as freight in, import duties , purchasing costs , receiving costs , storage costs and other directly attributable costs of acquiring the materials.
Example – Orange in fanta making

2 aii )
Direct labor consists of all of the personnel costs required to manufacture the finished product . Direct labor should include wages, payroll taxes , and benefits associated with personnel who are integral to manufacturing the finished product .
Example – Wage of machine operator

2 aiii)
Factory overhead consists of all of the other costs required to manufacture the finished product that do not fit into the direct material or direct labor elements. They consist mainly of indirect material , indirect labor , depreciation , utilities , rent , repairs and maintenance and insurance .
Example – Indirect wages.

2 b )
i ) RAW MATERIALS
These are the materials or goods purchased by the manufacturer . Manufacturing process is applied on the raw material to produce desired finished goods.
ii) WORK – IN- PROGRESS ( WIP ) These are the partly processed raw materials lying on the production floor .
iii ) FINISHED GOODS
These are the final products after manufacturing process on raw materials. They are sold in the market . There are two kinds of manufacturing industries .
======================================

1 a )
i ) It can result in a business exhausting the budget , leading to spending more than what is coming in.
ii) Businesses may need to file for bankruptcy or shut their doors if they fail to keep adequate records from the beginning .
iii ) It can result in problems with suppliers , payroll, utilities , and other vital components to a running successful business.

1 b )
i ) Relevance means an account information to make a difference in decision making
ii) Comparability means an account information can be used to compare different entities
iii ) Consistency : information is consistently presented from year to year
iv ) Reliability means an account information is verifiable , factual , and neutral

1 c )
i ) Accounting is only one source of information and primarily provides information based on financial terms: Although this information is vital , decisions cannot be based solely on a monetary basis. Various decisions depend upon a diverse range of issues being considered .
ii) The historical perspective of financial accounting : In order to obtain a recent estimate of an entity ’s financial
performance, the corporate managers carefully scrutinizefinancial accounting information . In retrospect , this information is based on past performance.
====================================