Neco 2016 FINANCIAL ACCOUNT Obj And Theory Answers – May/July Expo

                                      

NECO (ACCOUNT) ANSWER

F/acct
1ddddeaeddd
11beacbebcca
21 eebdebbdcc
31bddabeabeb
41 cddaddabed
51acceabccbb

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Part I answer 2 Questions only


3a )
i)federal allocation share
ii )loans
iii )grants in aids
iv )licence of kiosk
v )tenement rate
vi )arket ticket fees
vii)registration of business
viii)pack ticket fees
ix )staff monthly tax
x )fees charged naming of streets
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3b )
i)business entity : state that every economic unit regardless of it legal form is treated as separate entity from its owners
ii )going concern: it assumes that the business unit will operate in perpetuity
iii )matching concept : holds that for any accounting period they earned reveune and the incomed cost must be matched and reported for the period
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4a )
i)error of omission
ii )error of original entry
iii )compensating error
iv )error of original entry
v )error of commission
vi )error of complete reversal of entry
vii)error of commission
viii)error of omission
ix )error of principle
x )error of complet reversal of entry
4b )
i)error
ii )credit transfer
iii )standing order
iv )uncredited cheque
v )dishonoured cheque
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part II answer 3 Questions only
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6a )
adamu cash book adjusted as at 31 st march 1990
Tablulate N
Balance b/ f 14415
credit transfer 3500
=17915
balance b/ d 9595
Tabulate N
Bank charges 145
standing order 4525
dishonoured cheque 3650
balance c/ d 9595
=17915
6b )
bank reconciliation statement N
balance as per ajusted cash book = 9595
add unpresented cheque =11390
=20985
less uncredited cheque =(4160)
balance as per bank statement = 16825
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8)
tabulate
manufacturing,trading ,profit and loss account for the year 31st dec 2001
stock = 5064
purchase =38000
carriage =520
=43 ,584
less stock =(7138)/ 36446
manuf wagies =33850 /70 ,296
factory exp = 2180
exp : p/ m =2800
wip- tp =630
wip- cl = (750 )
fuel =2100
maintenace = 9450
lighting = 4500
salaries =3700
insurance = 3000/97 , 906
cost of prod =97906
sales 185 , 600
stock = 8216
cost of prod =97906 /106 ,122
stock = (9864)/96258
cross profit =89342 /185 ,600
c =ross profit 89342
off rent =1050
dep- M / V = 800
advert =410
runing exp =1350
commission =690
lighting = 3000
salaries =2300
insurance = 1500
net profit =78242 /89342
total 89342
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9a )
tabulate
straight line method
dep= 1000000 - 400000/ 4 =150000
year |1 |2| 3| 4|
cost| 1000000 |850000 |700000 | 550000|
dep| 150 ,000 |15000| 15000| 15000|
Ac dep |150000 | 300000| 450000 |600000 |
NBV |850000 |700000 | 550000| 400000 |
9b )
tabulate
reducing balance method
year |1 |2| 3| 4|
cost| 1000000 |795000 |632025 | 502460|
dep(20 . 5 % )|205000 |162975 | 129565| 103004 |
Ac Dep |205000 |367975 |497540 | 600544|
NBV |795000 |632025 | 502460| 399456 |
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COMPLETED
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