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

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

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(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.

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(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

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(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

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(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

CLICK HERE FOR THE IMAGE

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(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 = 59,200CLICK HERE FOR THE IMAGE

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(8)
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(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
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