WAEC EXPO: 2015/2016 Biology & Financial Accounting Essay/OBJ Questions & Answers Now Available

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ACCOUNT OBJ
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(7)
statement of affairs
debit side:
opening capital(6000)
6000
credit side:
debtors(1750)
cash(2100)
stock(150)
motor(2000)
6000
statement of affairs
debit side:
opening capital(5150)
bills payable(300)
creditors(1900)
loan(500)
7850

credit side
investments(1000)
debtors(3400)
cash(200)
motor(2000)
stock(1250)
7850

statement of profit
closing capital(51)
crawing (50)
opening capital(6000)
capital(200)
net profit(6200)

balance sheet
debtor side:
capital(5150)
bill payable(300)
creditor(1900)
loan(500)

creditor side
motor(200)
investment(1000)
stock(1250)
debtors(3400)
cash(200)
7850

1a)
i)Bank statement;This can be defined as the book which the bank prepares showing the transactions between it and the customer
ii)Bank reconciliation statement;This can be defined as a statement that is prepared to reconcilemthe disagreement of the cash book and that of the bank statement

1b)
-Uncredited cheque;There are cheques recieved and entered on the debit side of the cash book but have not been entered in the bank statement due to lateness or the bank statement had been prepared before the cheques were paid in
-Dividend;This is part of the profit for shares held by the customers paid directly into his bank account
-Standing order;This is an order made by the customer to the bank to make regular payment to somebody
-Dishonoured cheques;These are cheques recieved from customers and paid by the firm and rejected by the bank as a wrong signatures,incorrect number
-Bank charges and interest;This is the amount deducted by the bankfor services rendered.The bank will deduct money without informing the firm until they recieved the bank statement

2a)
Suspence account;This can be defined as the account used to record the difference on a trial balance temporarilynuntil the errors are detected and corrected
2b)
-Error of omission;This error occurs when transactions are completely ommited from the debit and credit side of the books
-Error of original entry;This is where a wrong amount is entered on the debit and credit side
-Error of principe;Here wrong classes of accounts are involved,a real account item isentered in a nominal account or vice-versa
-Error of ocommission;This is a situation whereby an item of transaction is recorded in a wrong person’s account
-Compensation error;The debit and credit side may be overcast or undercast on the same amount.the errors will definitely cancel each other out

2c)
i)Debit balance;Return inwards
ii)Credit balance;Return outwards

(5)
debtors control
debit side:
bal(96000)
sales(4000000)
dishonoured cheque(480)
disct disallowed(240)
4096720

Credit side
cash & cheque received(2,320,000)
return inwards(40,000)
discount allowed(44,000)
bad debt(1200)
set-off(8000)
bills receivable(1280)
credit note issued(39440)
service charges(832)
bal c/d(400,000)
bal c/d (1,2411968)
4096720

creditors control
Debit side:
cheque(1,200,000)
return inwards(24000)
discount received(1680)
set off(800)
petty cash(16000)
bills payable(2520)
bal c/d(24000)
bal c/d (483800)

credit side:
bal(160,000)
purchases (1,600,000)
1,760,0000

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