NECO 2015 MAY/JUNE FINANCIAL ACCOUNTING OBJ & THEORY PAPER I&II QUESTION AND ANSWERS AVAILABLE NOW
(FINANCIAL ACCOUNTING)
Verified Acct Obj
1ABAADDAEBC
11BCDEBCCDAE
21CAABDCCDDE
31CEBBCDDDDD
41EADCEECADC
51BDCDDEACEB
1a)
Add unpresented cheque,add credit tansfer and
add dividends
1b)
i)personal account
ii)personal account
iii)Nominal account
iv)Nominal account
v)Debtors
vi)Real account
vii)Real account
viii)Nominal account
ix)Nominal account
x)Real account
xi)Nominal account
3)
i)Accumulated fund;this is the fund that
correspond to the capital of a patnership or
sole trader and it can be calculated using
statement of affairs.It is also the excess of the
assets over liabilities of a non profit making
organization which takes place of the capital
found in a trading organization
ii)Depreciation;this can be defined as the fall or
decrease in the economic service potential of
an asset as a result of
wear,tear,useage,obsolescence and inadequacy
iii)Bad debts;These are debts,which have
become irrecoverable.It will appear on the side
of debit side of profit and loss account in
charge.Bad debts occur as a result of inability
of the consumer to pay debt
iv)Gross profit;This is the excess of sales over
cost of goods sold.Itis the total profit before
deducting the expenses
v)Nominal capital;This is the amount stated in
the memorandum association as the amount of
capital used
8)
Adjusted cash book:
tabulate
credit side:
bal(12680
credit transfer (1040) 13700
Debit side:
Bank(800)
BAl(12920)
Bank reconcilation Statement:
Balance as per adjustment cash book 12900
add unpresented cheque:
olades o (2120)
olajide (840)
2960
15880 less uncredited cheque(obiocha) 2320
bal as per bank statement(2320)
bal as per bank statement
(5)
opening stock(40000)
add purchase(50000) 90000
less closing stock(60000)
g.p(30,000)
60000
less exps(30000)
Net profit(60000)
(a)cost of goods sold=N30,000
(b)net profit(N60000)
(c)current asstes: current liability
20,000:10,000
2:1
(d) workinbg capital=current assets less
current liabilities
=20000-10000
=N10000
(e)
rate of turnover = cost of goods sold/average stock
av. stock= (opening + closing )stock)/2
=(400000+60000)/2=100000/2
=50000
=30000/50000
=0.6 =1 approx
(f)
G.p/sales *100
=600000/90000 *100
=66.6%
=67 approx
Verified Acct Obj
1ABAADDAEBC
11BCDEBCCDAE
21CAABDCCDDE
31CEBBCDDDDD
41EADCEECADC
51BDCDDEACEB
1a)
Add unpresented cheque,add credit tansfer and
add dividends
1b)
i)personal account
ii)personal account
iii)Nominal account
iv)Nominal account
v)Debtors
vi)Real account
vii)Real account
viii)Nominal account
ix)Nominal account
x)Real account
xi)Nominal account
3)
i)Accumulated fund;this is the fund that
correspond to the capital of a patnership or
sole trader and it can be calculated using
statement of affairs.It is also the excess of the
assets over liabilities of a non profit making
organization which takes place of the capital
found in a trading organization
ii)Depreciation;this can be defined as the fall or
decrease in the economic service potential of
an asset as a result of
wear,tear,useage,obsolescence and inadequacy
iii)Bad debts;These are debts,which have
become irrecoverable.It will appear on the side
of debit side of profit and loss account in
charge.Bad debts occur as a result of inability
of the consumer to pay debt
iv)Gross profit;This is the excess of sales over
cost of goods sold.Itis the total profit before
deducting the expenses
v)Nominal capital;This is the amount stated in
the memorandum association as the amount of
capital used
8)
Adjusted cash book:
tabulate
credit side:
bal(12680
credit transfer (1040) 13700
Debit side:
Bank(800)
BAl(12920)
Bank reconcilation Statement:
Balance as per adjustment cash book 12900
add unpresented cheque:
olades o (2120)
olajide (840)
2960
15880 less uncredited cheque(obiocha) 2320
bal as per bank statement(2320)
bal as per bank statement
(5)
opening stock(40000)
add purchase(50000) 90000
less closing stock(60000)
g.p(30,000)
60000
less exps(30000)
Net profit(60000)
(a)cost of goods sold=N30,000
(b)net profit(N60000)
(c)current asstes: current liability
20,000:10,000
2:1
(d) workinbg capital=current assets less
current liabilities
=20000-10000
=N10000
(e)
rate of turnover = cost of goods sold/average stock
av. stock= (opening + closing )stock)/2
=(400000+60000)/2=100000/2
=50000
=30000/50000
=0.6 =1 approx
(f)
G.p/sales *100
=600000/90000 *100
=66.6%
=67 approx
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