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Waec 2017 Book Keeping Obj And Theory Answers – May/June Expo

By | On May 2, 2017 (8 months ago)

VERIFIED BOOK KEEPING 2017 WAEC MAY/JUNE FROM STUDENTCLUB

_______________________________________


BOOK KEEPING OBJ:


1D 2D 3B 4D 5D 6B 7B 8A 9A 10A

11D 12D 13A 14C 15C 16D 17A 18 19D 20C

21A 22B 23C 24C 25C 26A 27B 28C 29A 30D

31B 32D 33A 34C 35B 36D 37A 38B 39A 40C


++++++COMPLETED++++

________________________________________

=====SECTION A: ANSWERS 2

QUESTIONS ONLY==========

1a) payment voucher: A document

which can be used as proof that a

monetary transaction has occurred

between two parties. In business, a

payment voucher can be used for a

variety of purposes, sometimes taking

the place of cash in a transaction, acting

as a receipt, or indicating that an invoice

has been approved for payment.

1b)

i)Purchase Book or Purchase Journal:

Purchase book is a book of original

entry in which only credit purchases of

goods are recorded.

ii)Sales Book or Sales Journal: Sales

book is a book of original entry in which

only credit sales of goods are recorded.

iii)Purchases Return Book or Purchases

Return Journal: Purchases return book

is a book of original entry in which

transactions related to the return of

purchases of goods are recorded.

iv)Sales Return Book Or Sales Return

Journal: Sales return book is a book of

original entry in which transactions

related to the return of sales of goods

are recorded

========Mr.studentclub======

2a)Commerical account usually refers to

a checking or other type of demand

deposit account.

2b)

i)Assisting and educating officers about

their financial responsibilities.

ii)Insuring the accuracy of

comprehensive financial records.

iii)Aiding organizations in keeping their

activities in sound financial condition.

iv)Facilitating continuity between

financial officers and their successors.

2c)Advantages of Control Accounts:

i) Control accounts provide a summary

of transactions recorded in various

subsidiary ledger. Hence these are very

useful to management in policy

formulation.

ii) It makes possible the division of

accounting work among ledger keepers,

thereby resulting in specialisation in

work.

iii) It facilitates prompt preparation of

profit and loss account and balance

sheet at the end of each period by

providing stock figures quickly.

==============

3a)Trial balance is defined as a

statement of all debits and credits in a

double-entry account book, with any

disagreement indicating an error.

3bi)Ommision of Errors :A mistake that

consists of not doing something you

should have done, or not including

something such as an amount or fact

that should be included: Errors of

omission are likely to be more common

than errors of commission.

3bii)Principle of Error: An accounting

mistake in which an entry is recorded in

the incorrect account, violating the

fundamental principles of accounting.

An error of principle is a procedural error

, meaning that the value recorded was

the correct value but placed incorrectly.

3biii)Error of Commission: This occurs

where proper double entry is observed

except an entry is made to the wrong

personal account.

3biv) Original entry of errors: An error of

original entry occurs when an incorrect

amount is posted to the correct

accounts. A particular example of an

error of original entry is a transposition

error where the numbers are not entered

in the correct order.

=====================

Studentclub.com.ng

=====================

 5ai)

TABULATE

ochebaba enterprises

trading profit and loss account for the

year

3rd march 2015

Tabulate

opening stock 34800

add purchases 160500

add carriage involvs 2600/163100/4400

less returns 158700

C.O.G.A.F.S 193500

Less closing stock 29600

C.O.G.S 163900

cross profit 81000/244900

Expenses

carriage outwards 9300

bad debts 1600

salaries&wages (29800-5800) 24000

electricity (8700+4000) 12700

gen. Office expenses 5900

discount allowed 3600

dep land&building 12500

dep equipment 10000

net profit 9900/89500

5aii)

Sales 250400

less return 5500

net sales 244900/244900

gross profit b/d 81000

decrease indeabfut/debt 1300

discount received 7200

5b)

balance sheet as at 31st march 2015

5bi)

Tabulate

capital 350000

add profit 9900/359900

less drawings 7200/352700

current liablility

creditor 27000

electricity owning 4000

total 383700

5bii)

tabulate

Fixed assetss

land/building 350000, 37500, 212500

equipment 100,000, 29000, 71000

current assets

debtors 52000

less pro 1500, 50500

cash & bank 14300

salaries propaid 5800

stock 29600/383700

=================

8a) Total debtors’ control account.

TABULATE DR. & CR.

Under Debit side ie Left handside:

Debit bal N43,900

Sales day book N349,500

Cash paid to customers N600

Interest to customers N500

Customers credit bal N120

——-

N394,620

——-

Bal b/d N66,900

UNDER CREDIT SIDE ie right handside.

Credit bal N100

Sales return N3,580

Contra entries N800

Cash frm customers N320,760

Bad debts N1,230

Discount allowed N1,250

Bal c/d N66,900

———-

N394,620

8b) Total creditors control account

PLS TABULATE DR. & CR.

UNDER DEBIT SIDE ie left handside:

Debit bal N23,140

Purchase return N3,200

Contra entry N800

Cash refund to suppliers N126,500

Discount received N260

N153,900

———

Bal c/d N3,020

UNDER CREDIT SIDE ie right handside:

Credit bal N200

Purchase day book N148,680

Cash refund frm suppliers N1,500

Interest by suppliers N200

Suppliers debit bal N300

Bal b/d N3,020

———-

N153,900

================== =================

++++++Completed+++++

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