NABTEB GCE F. ACCOUNTS ANSWERS +++++++++++++++++++++ KEEP REFRESHING THIS PAGE +++++++++++++++++++++ Verified ACCOUNTS OBJ: 1-10: BADADCBBBD 11-20: ABDDDDACAC 21-30: DDBADCBABB 31-40: DCCADCDDAA 41-50: CBCAADADBA (1a) Tabulate: Under Receipt And Payment Account; - Ealy earth transaction are recorded - It includes capital items Under Income And Expenditure Account; - There is adastment for actuals and prepayment - It exclude capital items (1b) - Entrance fees:- This is the money paid can application for membership of an association or clud it is normally treated as income an the income and expenditure Account. The amount to be paid will be determined by the committee of the club. - Subscription in Advance:- This the sum of money paid for future years by the members. It is treated as current liability item - Subscription in Arrears:- This is the sum of money due from members but recomment in paid subscription in arrears are treated as debtors in in the balance sheet - Doanations:- It can referred to as gifts of money or goods from any members or cantsider to the club. (1c) * Federal Government - Direct tax eg. personal income tax, company income tax - Earning and sales eg. federal government estrenly proceeds from persons fees * State Government - Licenses of car, motorcycle, volucles etc - Fines eg. Count * Local Government - Special grants - Fines eg. Count (2a) - Opening entries - Closng entries - Correction of errors - Transfer between account - Purchase of fixed assets on credit - Sales of fixed assets on credit (2b) - Departmental account aim at separating the several actwitles of a business in order to compare results and to assist the proprotor in formulating policies. - Trading account aim at prepared to show the grass profit or loss for the period. - Manufacturing Account: To as certain the cost of the goods manufactured - Profit and loss Account: To show the net profit or net loss of an organization - Balance Sheet: To shows the presentation of the summary of assets and liabilities in a well arranged form, so that the financial position may be clearly ascertained (5) Adjusted Cash Book Debit Side: Bal B/D (12409.44) 12409.44 Credit Side: undercast(120) Dishonoured cheque(156) Bank CHarges(30) Cheque book(18.96) Bal c/d(12084.48) 12409.44 Bank Reconciliation statement Balance as per Adjusted cash book(12084.4) Add unpresented Cheque: Abel(132) Amufu(246.84) 378.81 12463.32 Less uncreditied cheque; okeke(243.96) Ojimekwe(174) Owale(562.92) 980.88 Balance as per Bank Statement(11482.44) (6) Departmental, trading profit and loss A/c for the year end 31/12/2010 Debit Side; Tabulate Under cosmetics stock(10000) purchases(480000) 490000 carriage(100000) 590000 closing stock(12000) 578000 gross profit(2222000) 2800000 carriage out(11250) Rent& rate(148167) Admin exps(24500) wages & salary(48067) light & heat(400000) insurance(150000) dep fixed asset(150000) net profit(1290016) Under clothings stock(30000) purchases(790000) 820000 carriage(100000) 920000 closing stock(36000) 884000 gross profit(3916000) 4800000 carriage out(11250) Rent& rate(25400) Admin exps(42000) wages & salary(82400) light & heat(400000) insurance(150000) dep fixed asset(150000) net profit(2826350) 3916000 Under utensils stock(45000) purchases(950000) 995000 carriage(100000) 1095000 closing stock(54000) 104000 gross profit(335900) 4400000 carriage out(22500) Rent& rate(232833) Admin exps(38500) wages & salary(75533) light & heat(400000) insurance(150000) dep fixed asset(150000) net profit(2289634) 3359000 Under total stock(85000) purchases(2220000) 2305000 carriage(300000) 2605000 closing stock(102000) 2503000 gross profit(9497000) 12000000 carriage out(4500) Rent& rate(635000) Admin exps(105000) wages & salary(206000) light & heat(1200000) insurance(450000) dep fixed asset(450000) net profit(6406000) 9497000 Credit side tabulate Under cosmetics sales(2800000) 2800000 Under Clothing sales(4800000) 4800000 Under Utensils sales(4400000) 4400000 Under Total sales(12000000) 12000000 Under cosmetics G.p b/d(2222000) 2222000 Under clothing G.p b/d(391600) 3916000 Under Utensils G.p b/d(3359000) 33590000 Under Total G.p b/d(99497000) 9497000 ======= COMPLETED =======
Posted on: Fri, 05 Dec 2014 09:13:16 +0000
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