2019 FINANCIAL ACCOUNTING ANSWERS

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FINANCIAL ACCOUNT OBJ



1-10 BCAAAACCAA

11-20 ACABACBDDB

21-30 ABBDDCBBAD

31-40 BDBADBDACB

41-50 ABBBACCDCB

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(2a)

Closing entries: are entries made at the end of an accounting period to zero out all temporary accounts and transfer their balances to permanent accounts. In other words, the temporary accounts are closed or reset at the end of the year.



(2b)

(i) Branch is a subdivision of a company and is a geographical classification. While  a department  is a classification based on the function, activites or goods. 

(ii) The branch is an extension of the office with more or less the same features.  While a department is a technical area of a office which is under the same premises



(2c)

(i)Depreciation of Fixed Assets: To ensure that the opening balance of the fixed assets and closing balance of the fixed assets (of course deducting depreciation) are shown in the Branch Account.

(ii)Goods in Transit: To ensure that the difference between goods sent by Head Office and received by the Branch. Such goods will be shown either on both sides of the Branch Account or will be ignored altogether while preparing the Branch Account.

(iii)Expenses Incurred by Branch: To ensure that the the amount remitted by Head Office to Branch for meeting expenses is debited in Branch Account. If actual amount spent by Branch is less, the cash balance is shown as a part of closing balance, in the credit side of the Branch Account.

(iv)Loss of Stock, Surplus of Stock: To ensure that the Shortage or surpluses of stock at the Branch due to normal or abnormal reasons are not shown in the Branch Account.



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*3a*

i. Drawings will reduce the capital of a sole proprietor



ii. Drawings will reduce the profit earned by a sole proprietor



iii. Drawings slowdown growth price of a sole proprietor



*3b*



*•Accrued expenses:* These are expenses that have been incurred before being paid for by the firm.



*•Prepaid expenses:* this is the prepayment for services in advance of their use. Where the payment is made in respect of a period beyond the date of account, it is referred to as prepaid expenses.



*• Accrued income:* This is the revenue that has been earned but for which cash has not yet been received*

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(4a)

(i) Insufficient fund

(ii) Wrong signature

(iii) If the cheque is post dated



(4b)

(i)Petty cash float: This is small amount of cash kept at hand for making immediate payments for miscellaneous small expenses.

(ii)Contra entries: This is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, it will be recorded on the credit side and vice-versa.

(iii)Imprest system: This is a form of financial accounting system. The most common imprest system is the petty cash system. In other words it is a fixed amount that is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished. 



(4c)

(i)Reduction in numbers of transactions: Many expenses of small nature recorded in petty cash book, the number of transactions is reduced in the cash.

(ii)Reduction of errors: As head cashier check the accounts of previous month and gives advance for the coming month, does, errors if any are reduced.

(iii)Savings of time and labour: As the petty expenses are recorded by petty cashier at any time so that the chances of misuse are minimised.



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(6a)

TABULATE

In the books of Ubochi and Hassanah

Profit and Loss appropriation account for the year ended 31/12/2015

DEBIT SIDE:

Int. on Capital:

U-8/100*300000=24000

H-8/100*250000=20000

Salary:

Hassanah: 10000

Share of profit:

U-3/5*247750=148650

H-2/5*247750=99100

TOTAL 301750

CREDIT SIDE:

Net profit:300000

Int. on drawing

U-5/100*2000=1000

H-5/100*15000=750

TOTAL=301750

(6b)

TABULATE

Patner's current account

DEBIT SIDE: U|H

Drawing|20000|15000

Int on Drawing|10000|750

Bal c/d|151650|113350

CREDIT SIDE: U|H

Int. on cap|24000|20000

Salary|-|10000

Share of profit:|148600|99100



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(9a) 

Stock turnover Ratio = COGS/Avg stock

= 160,000/(3,0000 + 4,0000)/2)

= 200000 x 2/10000 = 11.43 times



(9b) Gross Profit Margin = Gross Profit/Sales x 100/1

= 160,000/360,000 x 100/1 = 44.44%



(9c) Net Profit Margin = Net Profit/Sales x 100/1

= 40,000/360,000 x 100/1 = 11.11%



(9d) Current Ratio = current Assets/Current Liabilities

Current Assets = 90,000/45,000 = 2:1



(9e) Acid Test Ratio = Current Assets – Stock / Current Liabilities

= 90,000 – 40,000/45,000

= 50,000/45,000 = 10:9

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Time and Date for Financial Accounting Objective and Essay 2019 WAEC Examination. 

Monday 13th May, 2019

  • Financial Accounting 2 (Essay) – 09:30 a.m. – 12:00 noon

  • Financial Accounting 1 (Objective) – 12:00 noon – 1:00 p.m.



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