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Financial Accounting Neco 2015 Answers


Thursday 2nd July Paper III: Objective –
Financial
Accounting – 10:00am – 11:20am
Paper II: Theory & Practice –
Financial Accounting – 11:20am –
1:50pm
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account obj
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Account Theory
1a)
Add unpresented cheque,add credit tansfer
and add dividends
1b)
i)personal account
ii)personal account
iii)Nominal account
iv)Nominal account
v)Debtors
vi)Real account
vii)Real account
viii)Nominal account
ix)Nominal account
x)Real account
xi)Nominal account
3)
i)Accumulated fund;this is the fund that
correspond to the capital of a patnership or
sole trader and it can be calculated using
statement of affairs.It is also the excess of
the assets over liabilities of a non profit
making organization which takes place of
the
capital found in a trading organization
ii)Depreciation;this can be defined as the fall
or decrease in the economic service
potential
of an asset as a result of
wear,tear,useage,obsolescence and
inadequacy
3 continues
iii)Bad debts;These are debts,which have
become irrecoverable.It will appear on the
side of debit side of profit and loss account
in
charge.Bad debts occur as a result of
inability
of the consumer to pay debt
iv)Gross profit;This is the excess of sales
over
cost of goods sold.Itis the total profit before
deducting the expenses
v)Nominal capital;This is the amount stated
in
the memorandum association as the amount
of capital used.
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(5)
opening stock(40000)
add purchase(50000)
90000
less closing stock(60000)
g.p(30,000)
60000
less exps(30000)
Net profit(60000)
(a)cost of goods sold=N30,000
(b)net profit(N60000)
(c)current asstes: current liability
20,000:10,000
2:1
(d)
workinbg capital=current nassets less
current liabilities
=20000-10000
=N10000
(e)
rate of turnover
= cost of goods sold/average stock
av. stock= (opening + closing )stock)/2
=(400000+60000)/2=100000/2
=50000
=30000/50000
=0.6
=1 approx
(f)
G.p/sales *100
=600000/90000 *100
=66.6%
=67 approx
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(8)
Adjusted cash book:
tabulate
credit side:
bal(12680
credit transfer (1040)
13700
Debit side:
Bank(800)
BAl(12920)
Bank reconcilation Statement:
Balance as per adjustment cash book 12900
add unpresented cheque:
olades o (2120)
olajide (840)
2960
15880
less uncredited cheque(obiocha) 2320
bal as per bank statement(2320)
bal as per bank statement


Good luck!!!
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