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2020 NABTEB Financial Accounting Questions and Answers
NABTEB September 21, 2020 • 1 month ago • No Comment Yet

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👑 2020 NABTEB FINANCIAL ACCOUNTING ANSWERS👑

100% VERIFIED FINANCIAL ACCOUNTING OBJ ANSWERS

1-10: BAADBACDCB
11-20: CADBACCBAD
21-30: DBCCBDDCBC
31-40: CDDDABADAB
41-50: DCABABADDD

100% VERIFIED FINANCIAL ACCOUNTING THEORY ANSWERS

(1)
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(1a)
Software is a generic term which refers to standard programs and subroutines provided by a company manufacturer. Also it can be referred to as the programs used in computer system.

(1b)
(i) Application software
(ii) System software

(1c)
Advantages of packages
(i) Reduction in errors in design. Packages should already be well treated
(ii) Reductions in time needed for implementation
(iii) Provision of expertise not normally available to the small users
(iv) Reduction in systems and programming effort and cost.

Disadvantages of packages
(i)Inefficiency resulting from the inclusion of features not relevant to every application
(ii) No one on site can help when problem occurs
(iii)A package may be asked which is not completely suitable to the application
==============================

(2a)
Debenture: Is a form of loan stock legally defined as a written acknowledgement of debts incurred by a company, usually given under the company’s seal and normally containing provisions about the payment of the interest and the eventually repayment of capital.

(2b)
Authorised share capital: It can be defined as the total amount of share capital which the company is allowed to issued. Dividends are normally paid as a percentage of the norminal value of each share.

(2c)
Issued share capital: Is which of the norminal of share capital actually allotted to the shareholders. A company need not to issue all it’s capital at once.

(2d)
Revenue reserve: which is that part of the uncalled capital in respect of which a limited company has passed a special resolution that it shall not be capable of being called up except in the event of and for the purposes of winding up.

(2e)
Proposed Dividend: Is the dividends declared to be distributed among the shareholders of the company during the financial year which will be paid in the next financial year.
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(4)
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(4a)
1-N√residual value/cost
= 1-5√200/6,400
= 1-5√1/32
= 1 – 1/2= 1/2 or 50%

MOTOR CAR ACCOUNT

DR
1991 Jan
Jan. 9 Cash 6,400

(4b)
TABULATE.

PROVISION FOR DEPRECIATION ACCOUNT

DEBIT SIDE
1991
Dec. 31 balance c/d 3,200

1992
Dec. 31 balance c/d 4,800

1993
Dec. 31 balance c/d 5,600

1994
Dec. 31 balance c/d 6,000

1995
Dec. 31 balance c/d 6,200

CREDIT SIDE
1991
Dec. 31 profit & loss 3,200

1992
Jan. 1 balance b/d 3,200
Dec. 31 profit & loss 1,600
= 4,800

1993
Jan. 1 balance b/d 4,800
Dec. 31 profit & loss 800
= 5,600

1994
Jan. 1 balance 5,600
Dec. 31 profit & loss 400
= 6,000

1995
Jan. 1 balance c/d 6,000
Dec. 31 profit & loss 200
= 6,200

(4c)
PROFIT & LOSS ACCOUNT

1991 Depreciation 3,200
1992 Depreciation 1,600
1993 Depreciation 800
1994 Depreciation 400
1995 Depreciation 200

(4d)
DEPRECIATION SCHEDULE

TABULATE PLEASE

Year ; 1,2,3,4,5

Book value of beginning: 6400, 3200, 1600, 800, 400

Depreciation: 3200, 1600, 800, 400, 200

Accumulated depreciation: 3200, 4800, 5600, 6000, 6200

Net book value: 3200, 1600, 800, 400, 200
===================================

(5)
(i) Realization account
TABULATE

Dr
Book value of asset

Fixed asset #24,780
Stock #13,552
Debtor #30,000
Cost of liquidation #750

____
#69,082
____

Cr
Cash realized
Debtor #28,000
Stock #13,000
Fixed asset #20,000
Discount from creditor #1067
Take over by:
Bayo #800

Share of loss
Bayo=3/9 × 6215 = 2071.7
Victor=4/9 × 6215 = 2762.2
Tunde= 2/9 × 6215 = 1381.1

____
#69,082
____

(ii)
Cash account

TABULATE
Dr
Balance b/f #2,780
Debtor #28,000
Stock #13,000
Fixed asset 20000

____
#63,780
____

Cr
Cost of liquidation #750
Creditor #13,500
Capital:
Bayo #10928.3
Victor #22,237.8
Tunde #14,693.9
Loan #1670

____
#63,780
____

(iii)
Capital account

TABULATE
Dr
Particular || Bayo || Victor || Tunde

Bayo
Motor car #800
Have of loss #2,071.7
Cash #10,928.3
____
#13,800
____

Victor
Motor car ———-
Have of loss #2,762.2
Cash #22,237.8
____
#25,000
____

Tunde
Motor car ———
Have of loss #1,381.1
Cash #14,693.9
____
#16,075
____

Cr
Particular || Bayo || Victor || Tunde

Particular
Balance b/f

Bayo
#13,800

___
#13,800
____

Victor
#25,000

___
#25,000
___

Tunde
#16,075

___
#16,075
___
=============================

(6)
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(6i)
Tabulate
ABIBUKS ENTERPRISE

Trial balance as at 21st December 1998

DESCRIPTION DR
Free property 50,000
Capital 81445
Trade debtors/creditors 28,750 26,150
Furniture and fittings 16,150
Rent 950
Electricity 675
Provision for bad debt 1/1/98 288
Office equipment cost 15,500
Stock 1/9/98 7,750
General expenses 2,350
Rates 625
Cash in hand 137
Bank overdraft 4,475
Bank charges 373
Purchase and sales 60,750
Carriage inwards 395
Salaries 1,700
Discount allowed & received 485 332

Total 186,690 186,690

(6ii)
Tabulate.

ABIBUKS
ENTERPRISE

Trading, profit and loss account for the year ended 31st December 1998

DEBIT SIDE
Opening stock 7,700
Add purchase 60,750
Carriage inwards 395
Goods available for sale 68,895
Less closing stock 6,635
Cost of goods sold 62,260
Gross profit c/d 11,740
TOTAL 74,000

Rent (950-150) 800
Electricity 675
Current expenses 2,350
Rates (625-138) 489
Bank charges 375
Salaries (1,700 -875) 2575
Discount allowed 485
DEPRECIATION
Free hold property 2,500
Furniture fittings 1,125
Office equipment 1,000

Total 12,370

CREDIT SIDE
Opening stock 74,000
Total 74,000

Gross profit b/d 11,740
Decrease in provision
For bad debts (285-225)
Discount received 332
Net loss c/d 235

Total 12,370
===========================

(7)
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(7a)
Calculation of cost of goods sold

Opening stock 20,000
Add purchase 25,000
45,000
Less opening stock 20,000
Cost of goods sold 25,000

(7b)
Calculation of Net profit

Sales 45,000
Less cost of goods sold 25,000
Gross profit 20,000
Less expenses 15,000
Net profit 5,000

(7c)
Current Ratio
Current asset: Current liabilities

Current asset
Debtors 10,000
Stock 20,000
30,000

Current liabilities
Creditors 5,000

Current ratio = 30,000 : 5,000
= 1:6

(7d)
Working capital = Current asset – current liabilities
= 30,000 – 5,000
= 25,000

(7e)
Gross profit percentage
=Gross profit/sales ×100/1
=20,000/45,000 ×100/1
=44.4%

(7f)
Net profit percentage
= Net profit/sales ×100/1
=5,000/45,000×100/1
=11.11%

(7g)
Rate of stock turnover
= Cost of goods sold/Average stock
=25,000/(20,000+30,000)÷2
=25,000/25,000
=1 times

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