WWW.SOLUTIONFANS.COM - MASTER OF ALL EXAM RUNS

Home
Stories
News
Edu
Waec 2019 Financial Account Theory & Obj Answers – May/June Expo Runs - solutionfans.com
   

  • Waec 2019 Financial Account Theory & Obj Answers – May/June Expo Runs - solutionfans.com
  • Share
    Tweet
    Whatsapp
    Mail

    WAEC-Financial-Accounting -ANSWERS
    F/Acct-Obj
    1BCABABBCCC
    11ACADBCBDDB
    21ACBCCACBAB
    31BDBADCCDAB
    41CBBBBBDCCB

    Done
    ===================================

    (5)
    CLICK HERE FOR THE IMAGE
    ===================================

    (9)
    CLICK HERE FOR THE IMAGE

    (9)
    Stock turnover Ratio = COGS/Avg stock
    = 160,000/(3,0000 + 4,0000)/2)
    = 200000 x 2/10000 = 11.43 times
    (9b)
    Gross Profit Margin = Gross Profit/Sales x 100/1
    = 160,000/360,000 x 100/1 = 44.44%
    (9c)
    Net Profit Margin = Net Profit/Sales x 100/1
    = 40,000/360,000 x 100/1 = 11.11%
    (9d)
    Current Ratio = current Assets/Current Liabilities
    Current Assets = 90,000/45,000 = 2:1
    (9e)
    Acid Test Ratio = Current Assets – Stock / Current Liabilities
    = 90,000 – 40,000/45,000
    = 50,000/45,000 = 10:9
    ===================================

    (6)
    CLICK HERE FOR THE IMAGE

    (6a)
    TABULATE
    In the books of Ubochi and Hassanah
    Profit and Loss appropriation account for the year ended 31/12/2015
    DEBIT SIDE:
    Int. on Capital:
    U-8/100*300000=24000
    H-8/100*250000=20000
    Salary:
    Hassanah: 10000
    Share of profit:
    U-3/5*247750=148650
    H-2/5*247750=99100
    TOTAL 301750
    CREDIT SIDE:
    Net profit:300000
    Int. on drawing
    U-5/100*2000=1000
    H-5/100*15000=750
    TOTAL=301750
    (6b)
    TABULATE
    Patner’s current account
    DEBIT SIDE: U|H
    Drawing|20000|15000
    Int on Drawing|10000|750
    Bal c/d|151650|113350
    CREDIT SIDE: U|H
    Int. on cap|24000|20000
    Salary|-|10000
    Share of profit:|148600|99100
    ===================================

    (7)
    CLICK HERE FOR THE IMAGE
    ===================================

    (4a)
    (i)Insufficient Funds: Salaries sometimes reach late in accounts leaving insufficient funds in your account which may lead to bouncing of cheque.
    (ii)Irregular Signature: Bank will not honour a cheque if the signature of the drawer on the cheque don’t match the specimen signature available with the bank.
    (iii)Alterations: Alterations on cheques are not allowed. Even if you sign the alteration to verify it, the cheque will not be considered as valid and will not be honoured by the bank.
    (4b)
    (i)Petty cash float: these is small amount of cash kept at hand for making immediate payments for miscellaneous small expenses.
    (ii)Contra entries: is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, it will be recorded on the credit side and vice-versa.
    (iii)Imprest system: is a form of financial accounting system. The most common imprest system is the petty cash system. In other words it is a fixed amount that is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.
    (4c)
    (i)Reduction in numbers of transactions: Many expenses of small nature recorded in petty cash book, the number of transactions is reduced in the cash.
    (ii)Reduction of errors: As head cashier check the accounts of previous month and gives advance for the coming month, does, errors if any are reduced.
    (iii)Savings of time and labour: As the petty expenses are recorded by petty cashier at any time so that the chances of misuse are minimised.
    ===================================

    (2a)
    Closing entries: are entries made at the end of an accounting period to zero out all temporary accounts and transfer their balances to permanent accounts. In other words, the temporary accounts are closed or reset at the end of the year.
    (2b)
    (i)branch is a subdivision of a company and is a geographical classification. While a department is a classification based on the function, activites or goods.
    (ii) the branch is an extension of the office with more or less the same features. While a department is a technical area of a office which is under the same premises
    (2c)
    (i)Depreciation of Fixed Assets: To ensure that the opening bal­ance of the fixed assets and closing balance of the fixed assets (of course deducting depreciation) are shown in the Branch Account.
    (ii)Goods in Transit: To ensure that the difference between goods sent by Head Office and received by the Branch. Such goods will be shown either on both sides of the Branch Account or will be ignored altogether while preparing the Branch Account.
    (iii)Expenses Incurred by Branch: To ensure that the the amount remitted by Head Office to Branch for meeting expenses is debited in Branch Account. If actual amount spent by Branch is less, the cash balance is shown as a part of closing balance, in the credit side of the Branch Account.
    (iv)Loss of Stock, Surplus of Stock: To ensure that the Shortage or surpluses of stock at the Branch due to normal or abnormal reasons are not shown in the Branch Account.
    ===================================
    Theory Completed!
    ===================================



    If you like this story, please share it on Facebook, Twitter, Google+, Pinterest ETC.
    also don't forget to leave a Reply, we would very MUCH appreciate Your Comments On This Post Below. Thanks!
    Master Solution May 10, 2019 Categories: WAEC 785


    Related Posts In » WAEC
    Waec 2025 Tourism Objective And Theory Questions And Answers
    Waec 2025 Chemistry Practical Alternative B Questions And Answers
    Waec 2025 Office Practice Objective And Theory Questions And Answers
    Waec 2025 Office Practice Objective And Theory Questions And Answers
    Waec 2025 Fisheries Objective And Theory Questions And Answers
    Waec 2025 Animal Husbandry Objective And Theory Questions And Answers
    Waec 2024 Commerce Objective And Theory Questions And Answers
    Waec 2024 Civics Education Objective And Theory Questions And Answers
    Waec 2024 Marketing Objective And Theory Questions And Answers
    Waec 2024 Government Objective And Theory Questions And Answers
    Waec 2024 Islamic Religious Knowledge Objective And Theory Questions And Answers
    Waec 2024 Christian Religious Studies Objective And Theory Questions And Answers
    Waec 2024 Economics Objective And Theory Questions And Answers
    » See More Posts in- WAEC
    Be The First To Add A Comment

    1 Comment

    1. Idris Amina says:
      May 13, 2019 at 7:17 am

      I like it bt i need for maths, econs nd gov

      Reply
    Leave a comment
    Click here to cancel reply.

     Disclaimer                
    Comments, Pictures and culled stories posted on this website will be given due credit and is not the fault of Solutionfans.com if they are given original credit from site culled from. If you have a complaint or a story, Please Send To Us Via [email protected]
    Top
    Forum
    Contact
    © 2018 Solutionfans.com
    © 2016 - solutionfans.com Inc