(ANSWERS POSTED 1.2.3.4.5.6.9)
F/ACCOUNTING OBJ

1-10 ABBCCBACCA
11-20 CCACCACCAB
21-30 CACBCCABBD
31-40 BCCDADDBBD
41-50 DBABAABBDC

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1a)
A source document is the original record
containing the details to substantiate a transaction
entered in an accounting system.

1b)
i)Dispatch Note
ii)Receipt
iii)Invoice
iv)Credit Note
v)Debit Note
vi)Purchase Order

1c)
i)to record all the cash receipts and payments.
ii)to record all the credit purchases
iii)to record all the credit sales keep refreshing

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2a)bank reconciliation is a process that explains
the difference on a specified date between the
bank balance shown in an organization’s bank
statement, as supplied by the bank , and the
corresponding amount shown in the organization’s
own accounting records.

2b)
i)To detect items not entered and errors in the
cash book
ii)To discover dishonored cheques
iii) To discover bank errors
+++++++++++++++++++++++++

3ai)
Accumulated fund:This is the funds that
correspond to the capital of the partnership or sole
trader and it will be calculated using the statement
of affairs

3aii)
Subscription in arrears:This is the sum of money
due for members but remained unpaid.It is treated
as debtors in the balance sheet

3aiii)
Reciepts and payments:this is the accounts that
shows the summary of a cash book over a
particular period of time

3aiv)
Income and expenditure account:This is type of
account being prepared based on the same
principle as the profit and loss accounts.It is
described as the equivalent of profit and loss
account

3av)
Entrance fees:This is the money paid on
application for membership of an association or
club.It is normally treated as income in income
and expenditure account

3b)
A share is defined as that portion of the joint stock
companies capital owned by a share holder while
debentures are documents in form of borrowing
(eg bond issued under the seal of company in
respect of money lent to it) on which the company
agree to pay a certain fixed rate of interest

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4a
i) Liquidity
ii) Solvency
iii) Solvency
iv) Profitability

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5a)
tabulate
journal entries
details
i)suspens A/c
salako’s A/C
being an omission in salako’s A/C
DR(&) 1,000
CR(&) 1,000
ii)suspense A/C
sale A/C
being an undercast in the sales A/C
DR(&) 560
CR(&) 560
iii)Return outward A/C
suspense A/C
being overstatement in the account
DR(&) 140
CR(&) 140
iv)suspense A/C
dami a’s A/C
being omission in the account
DR(&) 410
CR(&) 410
v)supplier’s A/C
suspense A/C
being Wrong figure in the supplier account
DR(&) 180
CR(&) 180
vi)suspense A/C
discount allowed
being overstatement
DR(&) 310
CR(&) 310
vii)discount received A/C
suspense A/C
being an overstatement
DR(&) 400
CR(&) 400

5b)
tabulate
suspense A/C
salako 1000 $
sale 560
dami a 410
discount allowed 310/2,280
balance % 1,560
tabulate
return outward $140
supplier 180
discount allowed 410
balance % 1560/2,280

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(6)
MANUFACTURING TRADING PROFIT AND
LOSS A/C FOR THE YEAR END 31/12/2014
DEBIT SIDE Le)
Stock:56000
Purchases:150000
=206000
Add carriage inwards:7500
=213500
Add direct expenses:11400
=224900
Less closing stock:40000
=184900
Wages(16500)
Add acrrued(4000)
=20500
Prime cost:205400
Overheads Exp br /> fuel:15000
Dept. Equip:12000
=27000
Add WIP @start:60000
=87000
Less WIP @ end:64000
=23000
less Gross profit on manufactured
goods:22840
Market value=251240
Stock F.G:80000
Add Market value:251240
=331240
Less stock F.G:72000
=259240
240760
=500000
Carriage out:7600
Office expenses:3800
Salaries:19200
Net profit:233000
=263600
CREDIT SIDE Le)
Market value:21240
=251240
Sales:500000
=500000
G.p b/d:240760
G.P on manufactured:22840
=263600

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