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WAEC GCE 2017: Verified Financial Accounting Questions & Answers Now Available
WAEC September 5, 2017 • 3 years ago • 2 Comments

Tags: Free Financial Accounting Obj & Theory Answers, Free Financial Accounting Expo, Free Financial Accounting Runz, Free Financial Accounting Questions & Answers, free Financial Accounting choke, Free Financial Accounting Dubs, Financial Accounting Expo, Financial Accounting Runz, Financial Accounting Chock, complete Financial Accounting Expo, verified Financial Accounting Runz, correct Financial Accounting Chock, Confirmed Financial Accounting Dubs, wace gce Financial Accounting Obj & Theory Answers, waec gce Financial Accounting Expo, waec gce Financial Accounting Runz, waec gce Financial Accounting Questions & Answers, Free F A Obj & Theory Answers, waec GCE f. accounting dubs, Free 2017 waec gce Fin Accounting Expo, Free 2017 waec gce Account Runz, Free  2017 waec GCE Financial Accounting Questions & Answers, free  2017 waec gce F. Accounting choke, free 2017 waec GCE Account dubs.

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100% VERIFIED F. ACCOUNTING QUESTIONS

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? 2017 WAEC GCE F. ACCOUNTING ANSWERS?

100% VERIFIED F. ACCOUNTING OBJ ANSWERS
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100% VERIFIED F. ACCOUNTING THEORY ANSWERS
SECTION A (Answer 3 Questions Only)
1a)
i. Trade discount: This is An amount or rate by which the catalog, list, or retail price of an item is reduced when sold to a reseller.
ii. Cash Discount: This is a deduction allowed
by the seller of goods or by the provider of services in order to motivate the customer to pay within a specified time.
iii. Bad Debt: This is a monetary amount owed to a creditor that is unlikely to be paid and, or which the creditor is not willing to take action to collect because of various reasons, often due to the debtor not having the money to pay
iv. Provision for Doubtful Debt: This is the estimated amount of bad debt that will arise from accounts receivable that have been issued but not yet collected.
v. Dad Debt Recovery: This is business debt from a loan, credit line or accounts receivable that is recovered either in whole or in part after it has been written off or classified as a bad debt.
1b)
i. Error of commission
ii. Error of principle
iii. Error of compensation
iv. Error of original entry
v. Error of transition
=======================
(3a)
A suspense account is an account used on a temporary basis for any transaction or balance that cannot be identified.
3b
i. A reserve is an appropriation of profits for a specific purpose. The most common reserve is a capital reserve, where funds are set aside to purchase fixed assets. By setting aside a reserve, the board of directors is segregating funds from the general operating usage of a company.
A provision is the amount of an expense or reduction in the value of an asset that an entity elects to recognize now in its accounting system, before it has precise information about the exact amount of the expense or asset reduction
ii. Revenue is the term used to describe income earned through the provision of a business’ primary goods or services, while expense is the term for a cost incurred in the process of producing or offering a primary business operation.
3C
i. ​Capital reserve​ denotes funds set aside out of profits generated from exceptional transactions not occurring in ordinary course of business. e.g sale of Assets (being agoing concern), Profits arising in Forfeiture of Shares due to non payment of calls in arrear etc.They are not available for distribution to share holders in normal circumstances.
ii. ​Revenue reserve​ denotes profits set aside from transactions involving ordinary & usual business activities. e.g sale of goods & services, investment profits if it is in ordinary course of business etc. They are available for distribution to share holders in normal circumstances.
======================
4a.
i. Contractual Relationship
ii. Existence of Lawful Business
iii. Utmost Good Faith and Honesty
iv. Unlimited Liability
v. Principal-Agent Relationship
==============================
SECTION B (Answer 3 Questions Only)
Snapped Answers
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Typed Answers
5a)
(NOTE: UNDERLINE EACH PART AND TABULATE)
JOURNAL
TBULATE
————— dr ——- cr
————— NGN —— cr
(i)
suspense — 19,000 —-
purchase —————- 19,000
__________________________________
ii)
returns inwards —— 8,000 ——
suspense —————————– 8,000
__________________________________
iii)
suspense ——- 19,600 ———
cashbook ——- ——— 19,000
__________________________________
iv)
suspense(49,000×2) — 98,000 —–
cashbook————- —– 98,000
__________________________________
v)
repairs of plant —— 11,000 ——-
plant and machinery — ——- 11,000
__________________________________
vi)
customer ———– 158,950 ——–
sales ————– ——– 158,950
__________________________________
vii)
suppliers(25,500×2) —- 51,000 —–
suspense ————— —– 51,000
=================
5b)
TABULATE
suspense account
NGN
purchase 19,000
cash book 19,600
cash book 98,000
= 136,600
NGN
returns in 8,000
supplier 51,000
c/f 77,600
= 136,600
==============================
6)
Tabulate
Sales lodger control account
Mar 2016
Sale journal =GH$112,415
cheque dishonoured =GH$300
cash refuned =GH$150
set off =GH$500
interested charge =GH$50
bal c|d =GH$125
total =GH$113,540
apr 2016
bal b|d =GH$6,540
-Left-Table-
Mar 2016
Bal b|d ={113540-112540} GH$1000
cash received =GH$101600
returnted inwards =GH$1700
discount allowwed =GH$2500
bad debt written off =GH$200
bal c|d =GH$6540
apr 2016
bal cld =GH$125
total =GH$113,540
==============================
(8)
Goodwill:
++++++++++++++++++++++
debit side:
daura(21000)
Agu(140000) Ssena(70000)
420000 credit side:
bal(420000)
420000 loac a/c:
Debit side:
bk(600000)
Credit side:
bal(600000) Partners capital A/c:
++++++++++++++++++++++
debit side:
D:A:S
Bal c/d:
110000, 340000, 370000 110000, 340000, 370000 Credit side:
D:A:S
bal: 900000,-, 300000
goodwill: 210000, 140000, 70000
Mator vehicle: -, 200000,- 110000,340000, 370000 Balance Sheet as at 1/1/2015
++++++++++++++++++++++
Debit side: Capital:
diara(1110000)
Agu(340000)
sena(370000)
1820000 current liab:
creditors(240000) credit side:
equip(800200)
m/v(600800)
1500000 Current Asset:
stock(309000)
stock(420000)
Bank(110000)
=============================
=================================
(9)
king star enterprises
departmental, trading, profit & loss acct
Debit side:
A le, B le
opening stock: 1000, 800 add purchases: 147200, 132800
148200, 123,600
add carriage: 1000, 1000
149200, 124600
less closing stock: 1200, 600
148000,124000 gross profit: 12000,16000
160000, 140000
office exp: 480, 120
rates: 176, 94
insurance: 692, 173
light: 384, 96 repairs: 240, 60
net profit: 10028, 159507
12000, 160000 credit side
A le, B le
sales: 160000,140000
160000, 140000
gross profit: 12000, 16000
12000, 160000

====COMPLETED====

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  • WAEC GCE Free Financial Accounting Questions and Answers – 2019 Second Series
    1 year ago • 1
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