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NECO 2019 Financial Accounting Obj And Essay Answer – June/July Expo

NECO Financial Accounting Obj And Essay/Theory Solution Questions and Answer – JUNE/JULY 2019 Expo Runz.


    Account OBJ:
    1-10: ACEEEAADBA
    11-20: EECDAEBCEE
    21-30: EBCDBDBBBC
    31-40: CABDACEEDB
    41-50: BCDCABBCDA
    51-60: BDDCCBEDBD

    INSTRUCTION: Section A, Answer Two(2) Questions.
    Section B, Answer Three(3)

    (4a)
    (i) Simple Cash Book 
    (ii) Two Column Cash Book
    (iii) Petty Cash Book
    (iv) Three Column Cash Book

    (4b)
    A bad debt is an Accounting receivable that has been clearly identified as not being collectible while provision for bad debt accounts is a valuation account that represents an estimate of the amount of receivables that a company does not expect to collect.

    (4c)
    (i)Dormant / Inoperative Account; If account is dormant or inoperative then bank can dishonor the Cheque.
    (ii)Account Number; If account number is not mentioned in Cheque clearly or it is absent. Then bank dishonor the Cheque.
    (iii)Signature Differ; Sometime you forget your signatures as you did while opening your bank account. Bank will dishonor the Cheque if your(drawer) signature don’t match with specimen available in bank record.
    (iv)Payee Name; If payee name is absent then bank can dishonor the Cheque with the reason that “Payee Name Required”.
    (v)Amount in Words and Figures; Bank dishonour the Cheque if amount written in words and figures are different. So, avoid this mistake.

    (2i)
    Preference shares: Preference shares are shares in a company that are owned by people who have the right to receive part of the company's profits before the holders of ordinary shares are paid. They also have the right to have their capital repaid if the company fails and has to close.

    (2ii)
    Goodwill: Goodwill is an intangible asset that arises when a buyer acquires an existing business.The goodwill amounts to the excess of the "purchase consideration" (the money paid to purchase the asset or business) over the total value of the assets and liabilities.

    (2iii)
    Three column cashbook: Three column cashbook is the book of original Entry which is used to record all cash received and payment. It is usually a column or sometimes a bank column only.The cash book can be divided into two sides;Debit (Dr) sides and Credit (Cr)sides.

    (2iv)
    bank reconciliation statement: Bank reconciliation statement is a process that explains the difference on a specified date between the bank balance shown in an organization's bank statement, as supplied by the bank and the corresponding amount shown in the organization's own accounting records.

    (2v)
    Depreciation: Depreciation can be defined as a reduction in the economic service potential of an asset as a result of wears, tears, usage and passage of time. When fixed assets are sold, the part of cost are recovered is termed depreciation

    (1a)
    (i)discount allowed means the discount which is given by a seller to the buyer. While discount received means the discount received by the seller for purchases made
    (ii)Discount allowed is that amount which is given by our company to others while discount received is that amount which is received by our company from others. 

    (1b)
    (i)Petty cash book
    (ii)Cash book
    (iii)Returns outwards book
    (iv)Sales returns book 
    (v)Purchase day book or journal

    (1ci)
    (i)An item that is entered on the wrong side of the trial balance.
    (ii)An item can be omitted from the trial balance. 
    (1cii )
    (i)Error of omission 
    (ii)Error of compensation 
    (iii)Error of principle

    (6a)
    Adjustment cash book as at 31st March 2016

    TABULATE 
    -DR-
    Balance b/f 182,932 
    IFCKS (Ltd) dividend 1050
    Total = 183,982
    Balance b/d 183,562

    -CR-
    Bank charges 420
    Balance c/d 183,562
    Total = 183,982

    (6b)
    Bank reconciliation statement as at 31st March 2016
    Balance as per Cash book. 183,562
    Add up presented cheque (Adamu A) 2420
    Less uncredited cheque (Ade H) 5546
    Balance as per bank statement. =     180,436

    (7a)
    STATEMENT OF AFFAIR AS AT 1ST JANUARY 2017

    TABULATE 
    -DR-
    Accumulated funds 43,800
    CURRENT LIABILITIES 
    Bar supplies 2,400
    Total = 46,200


    -CR-
    FIXED ASSET 
    Equipment 25,000
    Furniture/fittings 20,000

    CURRENT ASSET 
    Stock bar 1,200
    Total = 46,200

    (7b)
    BAR TRADING ACCOUNT FOR THE YEAR 2017

    TABULATE 
    -DR-
    Opening stock 1,200
    Add purchase 28,500
    Less C/stock 3,200
    Cost of goods sold 26,500
    Gross profit 18,500
    Total = 45,000

    Wage bar 3,500
    Bar expenses 800
    Net profit 14,200
    Total = 18,500

    -CR-
    Sales. 45,000
    Total = 45,000
    Gross profit b/d 18,500
    Total = 18,500

    (7c)
    INCOME AND EXPENDITURE ACCOUNT 
    General expenses 4,000
    Printing & stationary 1,200
    Ameno day celebration 30,000
    Excess of income 24,000
    Over expenditure = 59,200    CLICK HERE FOR THE IMAGE

    (9a)
    Zino Enterprise : Trading, profit and loss account for the year ended 31st December 2015

    TABULATE 
    -DR-
    Stock 1/1/15 18,000
    Add purchase 31,500
    Less outward return 600
    Less closing stock 12,000
    = 36,900
    Gross profit c/d 23,700
    Total. = 60,600

    Admin. Expenses 
    Interest on loan 2,400
    Discount allowed 600
    Bad debt 300
    Rent 7,500
    Wages & salaries (4,900+2,400) 5400
    Electricity (3,900-2,400) 1,500
    Depr on land & Build (78,000*5/100) 3,900
    Increase in provision for doubtful debt 150
    Net profit c/d 3,750
    Total = 25,500

    -CR-
    Sales 61,500
    Less Return inward 900
    Total = 60,600

    Gross profit c/d 23,700
    Discount received 1,800
    Total = 25,500
    (9b)
    Balance sheet as at 31st December, 2015

    TABULATE 
    -DR-
    Capital 22,800
    Add Net profit 3,750
    Total = 26,550
    Less drawings 6,000
    Total = 20,550

    Credit liabilities
    Bisi (loan) 24,000
    Creditors 1,800
    Wages Accrued 900

    -CR-
    FIXED ASSETS 
    Cost - land & wages 7,800
    Depr - land & wages 18,150
    MBV - land & wages 59,890

    Current Asset 
    Stock 12,000
    Debtors 6,000
    Less provisions 150
    Total 5,850
    Electricity prepaid 2,400
    Cash at hand 22,800
    CLICK HERE FOR THE IMAGE - Accurate




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