Member

merrylarry

Re- waec may/June assistance

(Apr 21 2015 at 09:47am)

(2b) -Error of omission;This error occurs when transactions are completely omitted 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 principle;Here wrong classes of accounts are involved,a real account item is entered in a nominal account or vice-versa. (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

Member

merrylarry

Re- waec may/June assistance

(Apr 21 2015 at 09:49am)

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

Member

merrylarry

Re- waec may/June assistance

(Apr 21 2015 at 09:50am)

4a). Manufacturin accnt: may be
defined
as a goods that transformed from raw
materials into finished goods.
4b)
i. Prime cost may be defined as a cost that can
be traced to a particular production
4b)
ii.
Factory overheads: these are
expenditure incurred in running the
factory which cannot be traced to a
particular production on it
4b)
ii. Work-
in-progress: can be defined as the partly finished goods
4b)
iii. Cost of goods
transferred: are goods or raw materizls
which have
been used up in manufacturing process
4b)
iv. Cost of
goods transferred: this are goods of raw
materials which have been used up in
the manufacturing process 4b)
v. These
are cost of goods used after
manufacturing proces

Member

sheyllux

Re- waec may/June assistance

(Apr 21 2015 at 10:04am)

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
4a). Manufacturin accnt: may be defined
as a goods that transformed from raw
materials into finished goods.
4b)
i. Prime
cost may be defined as a cost that can
be traced to a particular production
4b)
ii.
Factory overheads: these are
expenditure
incurred in running the
factory which cannot be traced to a
particular production on it
4b)
ii. Work-
in-progress: can be defined as the partly
finished goods
4b)
iii. Cost of goods
transferred: are goods or raw materizls
which have been used up in
manufacturing process
4b)
iv. Cost of
goods transferred: this are goods of
raw
materials which have been used up in
the manufacturing process
4b)
v. These
are cost of goods used after
manufacturing process.
(5)
debtors control
debit side br /> 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 (1,241196
4096720
creditors control
Debit side br /> 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 br /> bal
(160,000)
purchases (1,600,000)
1,760,0000
(7)
statement of affairs
debit side br /> opening capital(6000)
6000 credit side br /> debtors(1750)
cash(2100)
stock(150)
motor(2000)
6000 statement of affairs
debit side br /> 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 br /> capital(5150)
bill payable(300) creditor(1900)
loan(500)
creditor side
motor(200)
investment(1000)
stock(1250) debtors(3400)
cash(200)
7850

Member

sheyllux

Re- waec may/June assistance

(Apr 21 2015 at 10:06am)

i wish u guys GOODLUCK!!!

Member

merrylarry

Re- waec may/June assistance

(Apr 21 2015 at 10:14am)

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Member

merrylarry

Re- waec may/June assistance

(Apr 21 2015 at 10:18am)

(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