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Accounts - Principles of Accounts Past Questions

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2846

What is a general journal?

State six uses of the general journal

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2847

Momoh enterprise cashbook showed a debit balance of Le4,500 on December 31, 2014. Further examination revealed the following:

- A direct debit of Le350 for subscription had been paid by the bank
- Bank charges of Le500 had not been reflected in the cash book
- Payment settled by standing orders were omitted from the cash book; electricity bill Le70, insurance Le100 and medical bill Le120.
- A dividend of Le320 paid directly into the bank had not been entered in the cash book
- It was discovered that the cash book balance brought down was undercast by Le180.
- Cheques amounting to Le4,800 issued had not been presented for payment
- Cheques amounting to Le1990 paid into the bank had not yet been credited

You are required to prepare; 

(a) The revised cash book

(b) The bank reconciliation statement as at December 31, 2014

View Answer & Discuss WAEC 2016
2848

The following is the receipt and payments account of Kayode social club for the year ended 31st December 2014.

Receipts and payments for the year ended 31st December 2014

                                            N       N
cash in hand 1/1/2014                 500
cash in bank 1/182014               1,000
Subscription:
2013                                1,200
2014                                4,000
2015                                2,300    7,500
Donations                                    2,000
End of yr show                          15,000
Transfer from deposit acc          3,000
                                                             
                                                 29,000
                                                     N
purchase of sports equipment   1,800
Repairs                                      1,500
salaries                                      1,700
Insurance                                   1,000
Show expenses                          3,200
Transport expenses                      500
Secretarial expenses                    300
Purchase of furniture                  3,000

Balance c/d                               16,000
                                                  29,000

Additional  Information;

i. Equipment was valued at N3,250 and furniture N1,550 on 31st December 2013
ii. Depreciation to be provided as follows:
Equipment N505
Furniture N55
iii. The following expenses were outstanding
 Salaries   N300
Transport  N100
Repairs     N250
iv. Subscriptions owing by members were as follows:
31st December 2013    N1,200
31st December 2014    N2,100
v. The balance in the bank deposit account at 31st December 2013 was N300

 You are required to prepare;

(a) Statement of affairs as at 31st December 2013.

(b) Subscription account for the year ended 31st December 2014.

(c) Income and Expenditure account for the year ended 31st December 2014

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2849

The following information relates to the books of accounts of Adom Ltd.

                      Trading, profit, and loss account for the year ended 31st December 2014

opening stock         20,000
purchase                160,000
                               180,000
less closing stock    36,000
cost of goods sold  144,000
Gross profit c/d        96,000
                               240,000
selling & distri. exp  73,200
administrative exp   14,800
Net profit                  8,000
                               96,000
sales                240,000





                       240,000
Gross profit b/d 96,000

                                      
                          96,000


                                                        Balance sheet as at 31st December 2014

Share capital:
Ordinary shares              100,000
Preference shares            10,000
General reserve   24,000
Profit & loss acc    8,000   32,000
                                        142,000
Current liabilities
Trade creditors   28,000
Accruals             12,000   40,000
                                       182,000 
Fixed assets at cost   125,000
Less depreciation        25,000
                                   100000
Current assets:
Stock              36,000
Debtors          39,000
Cash in bank   7,000   82,000

                                                 
                                    182,000

 

You are required to calculate any six of the following
(a) Gross profit percentage 
(b) Net profit percentage 
(c) Return on capital employed 
(d) Current ratio
(e) Acid test ratio
(f) Rate of stock of turnover
(g) Working capital
(h) Shareholders fund 
(i) Liquid assets

View Answer & Discuss WAEC 2016
2850

The following information was extracted from the books of Daudu Manufacturing company for the year ended 31st December 2012.

Stock of goods 1st January 2012:
Raw materials------------------8,000
Finished goods-----------------28,000
Work-in-progress ---------------2,000
Purchases of raw materials---40,000
Carriage inwards------------------1,000
Manufacturing wages-----------100,000
Sales------------------------------- 390,000
Rent--------------------------------  50,000
Factory expenses--------------   60,000
Royalties-------------------------      1500
Stock of goods - 31st December 2012
Raw materials-----------------------6,000
Finished goods---------------------26,000
Work-in-progress------------------1,5000
Depreciation:
Machinery----------------------------7,500
Delivery van------------------------- 1,280
Selling expenses ------------------ 3,000
Discount allowed------------------- 1,500

Additional information:
i. Factory expenses prepaid amounted to D5,000
ii. Selling expenses accrued was D2,500
iii. Rent is apportioned between factory and selling department in the ratio 5:3 respectively.

You are required to prepare Manufacturing, Trading, and Profit and Loss Account for the year ended 31st December 2012.

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