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Verified ACCOUNT OBJ:
1-10: CACDDCCCCA
11-20: CCADADDBDC
21-30: DBDBCACCBD
31-40: BDDCBCBBBA
41-50: ACCBCBDADC

(1a)
Cash book: this is a double
entry account used to record
cash transactions and also
transactions with the bank. It is
a subsidiary book and also
performs the function of a
ledger.

(1b)
(i) it provides a written record
which is essential for the
proper conduct of business.

(ii)the existence of reliable
financial records help in WAPBAZE .COM management decision making.

(iii)good book-keeping practise
enables one to ascertain the
profit or loss made during a
trading period.

(iv)it make it possible to find
out how a business stands in
relation to its customers
(v)it facilities reference making
to past transactions.
(vi)it shows purchase and sales
made within a given period.
(vii)it also facilitates inter-firm
comparison

(1c)
(i)invoice
(ii)credit note
(iii)debit note
(iv)petty cash voucher
(v)receipts

(2ai)
Assets: the assets are set out in
order of permanence or
liquidity.it is the possession of
an organisation which creates
revenue for the business.the
two classification of assets are;
current and fixed assets.

(2aii)liability: this can be defined
as business indebtedness which WAPBAZE .COM is acquired for business
purposes but has to be repaid
at the agreed period.it is
classified into short term and
long term liability.

(2b)
(i)the value of asset;this
determine the annual charge of
depreciation of assets.

(ii)nature of asset; this is
whether an asset is current or
fixed for the value used in each
has something to do with the
asset nature.

(iii)time; the life span of a assets
determines the value to
charged for the asset
depreciation.


(9)
BALANCE SHEET AS AT
30/9/2012

Debit side
Ordinary share(156,000)
Reserve/Net Profit (65883)
Long term liability/6%
Debenture(45,000)

C/L
Creditors(34730)
Rent(2440)=37170
Total= (298053)

Credit Side
Fixed assets
Premises(127500)
Plant & machinery(165900)
Less exp (38100)

C/A
Stock(48219)
Debtors(31664)
Bank(22890)=162773.
Total=298073

(9b)
(i.) (C/A-stock)/CL=
(102773-48219)/347303=54554:3

(ii.)
Capital emloyed = Total asset-
Current Liability
=298073-37170=260903

(iii.)
Working capital=CA-CL
=102773-37170=65603

(iv.)
CA:CL=102773:37170= 2.76:1


(7)
TRADING PROFIT AND LOSS
ACCOUNT FOR THE YEAR
ENDED 31ST/12/2010.

Debit Side
Stock(85716)
Purchases(389814)=475530
Return Outward(165)=475365
Less Stock(9500)=380365
G.P(157375)=
Rent&rate(7500+4000)= 11400
Insurance(8000-2800)= 5200
General Expenses=9000
Salaries(59628+7000)=66628
Interest=5000
Bad debt=1629
Provision for bad debt=3029
Directors salaries=28000
Depreciation M.v 20%*12000
=24000
Net Profit= 3389
Total= 157375

Credit side
Sales(538266)
Return inward(526)=537740
G.P (157375)
total=(157375)
PROFIT AND LOSS

APPROPRIATION A/C FOR THE
YEAR ENDED 31/12/2010
Debit side
Proposed Dividend
10/100*100000 =10000
Retained Profit = 80789
Total= 90789
Credit side
N.p B/D (3389)
Balance B/D (87400)
Total= 90789


(6a) JOHNSON'S ADJUSTED CASH BOOK FOR
MONTH OF DEC,2012

DEBIT SIDE
Dividend (400)
Underdraft(700)
Bal c/d(3800)
Total= 4900

CREDIT SIDE
Bal b/d-(3000)
Cost of cheque book-(400)
Bank error(cheque)-(1200)
Bank charges-(300)
Total-(4900)
Bal b/d-(3800)

(6b)
BANK RECONCILIATION STATEMENT

Balance as per adjusted cash book- (3800)
Adj. unpresented cheque-(5000)
Total= 8800
Less uncredited cheque=2500
Dishonoured cheque=500
Total= 3000
Balance as per bank statement= 5800.



Verified ACCOUNT OBJ:
1-10: CACDDCCCCA
11-20: CCADADDBDC
21-30: DBDBCACCBD
31-40: BDDCBCBBBA
41-50: ACCBCBDADC

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