F/account-Obj!
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COMPLETED

SECTION: B. ANSWER ONLY 3(THREE) FROM THIS PART!!!

(8)

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(6a&b)

(6c&d)

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(9a)

(9b)

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(5a)
Dupe enterprises

TABULATE

DR
Dividend 315,000
Receipt 513,626
Credit transfer 1,050,000
Total= 1,878,626

CR
Balance b/d 216,126
Payment 332,500
Standing order 420,000
Bank charges 8,750
Dishourned cheque 700,000
Balance c/d 201,250

Total= 1,878,626

(5b)
Bank Reconciliation statement

Balance as per Adjusted cash book 201,250
Add unpresented cheque 1,165,500

Total= 1,366,750

Less;
uncredited cheque 192,375
Bank errors 350,000
2,272,375
Overdraft as per bank statement 905,625

(5)

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SECTION: A. ANSWER ONLY 2(TWO) FROM THIS PART!!!
(1a)
(i) Sales ledger account
(ii) Purchase Ledger account
(i) General ledger account

(1b)
(i) It is used to detect missing figures
(ii) It helps to prevent fraud

(1ci)
(i) Cheques to creditors
(ii) Cash to suppliers
(iii) Discount received
(iv) Bill payable

(1cii)
(i) Dishonoured cheque
(ii) Carriage outward
(iii) Discount disallowed
(iv) Debit note issue
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(3ai)
An accumulated fund holds excess money received by a non-profit organization (NPO). Similar to the retained earnings of a for-profit firm, the accumulated fund grows when revenues are greater than expenses and there is a budgetary surplus.

(3aii)
Statement of Affairs – or a SOA – is a document typically prepared by an accountant, which details a company’s assets and liabilities. It is designed to provide an overview of the company’s financial position and is particularly useful during when a com.

(3b)
– Donations.
– Subscriptions/ Dues.
– Entrance fees.
– Fines.
– Profits from bar.

(3c)
(I) Nature

• Receipts and Payments Account
– It is a summary of cash and bank transactions

• Income and Expenditure Account
– It is a summary of current year income and expenses

(II)
Revenue and Capital

• Receipts and Payments Account
– It records transactions related to both revenue and capital nature.

• Income and Expenditure Account
– It records transactions related to revenue nature only.

(III)
Type of account

• Receipts and Payments Account
– It is a Real Account

• Income and Expenditure Account
– It is a Nominal Account
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(2a)
Goodwill is an intangible asset that is associated with the purchase of one company by another. In other words goodwill is the portion of the purchase price that is higher than the sum of the net fair value of all of the assets purchased in the acquisition and the liabilities assumed in the process.

(2b)
(i)goods and services
(ii)wages and salaries
(iii)interest payments
(iv)subsidies and transfers.

(2c)
(i)Raw materials; are the basic components that are used by the manufacturer to process or convert them into finished goods or subassemblies.
(ii)Work in progress; is inventory type which is described as partially finished goods or raw materials awaiting completion.
(iii)Finished goods; is the form of inventory on which complete manufacturing/ processing costs are incurred and the product is ready to be sold/ distributed.

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Completed!