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WAEC 2017 BOOKS KEEPING ESSAY AND OBJ ANSWERS

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SECTION B ANS 3
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5ai)
TABULATE
ochebaba enterprises
trading profit and loss account for the year
3rd march 2015
Tabulate
opening stock 34800
add purchases 160500
add carriage involvs 2600/163100/4400
less returns 158700
C.O.G.A.F.S 193500
Less closing stock 29600
C.O.G.S 163900
cross profit 81000/244900
Expenses
carriage outwards 9300
bad debts 1600
salaries&wages (29800-5800) 24000
electricity (8700+4000) 12700
gen. Office expenses 5900
discount allowed 3600
dep land&building 12500
dep equipment 10000
net profit 9900/89500

5aii)
Sales 250400
less return 5500
net sales 244900/244900
gross profit b/d 81000
decrease indeabfut/debt 1300
discount received 7200

5b)
balance sheet as at 31st march 2015

5bi)
Tabulate
capital 350000
add profit 9900/359900
less drawings 7200/352700
current liablility
creditor 27000
electricity owning 4000
total 383700

5bii)
tabulate
Fixed assetss
land/building 350000, 37500, 212500
equipment 100,000, 29000, 71000
current assets
debtors 52000
less pro 1500, 50500
cash & bank 14300
salaries propaid 5800
stock 29600/383700

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8)
Total debtors' control account.
TABULATE DR. & CR.
Under Debit side ie Left handside:
Debit bal N43,900
Sales day book N349,500
Cash paid to customers N600
Interest to customers N500
Customers credit bal N120
------- 
N394,620
-------
Bal b/d N66,900


UNDER CREDIT SIDE ie left handside.
Credit bal N100
Sales return N3,580
Contra entries N800
Cash frm customers N320,760
Bad debts N1,230
Discount allowed N1,250
Bal c/d N66,900
----------
N394,620


8b)
Total creditors control account

PLS TABULATE DR. & CR.
UNDER DEBIT SIDE ie left handside:
Debit bal N23,140
Purchase return N3,200
Contra entry N800
Cash refund to suppliers N126,500
Discount received N260

N153,900
---------
Bal c/d N3,020

UNDER CREDIT SIDE ie right handside:
Credit bal N200
Purchase day book N148,680
Cash refund frm suppliers N1,500
Interest by suppliers N200
Suppliers debit bal N300

Bal b/d N3,020
----------
N153,900

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SECTION A ANS 2
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1a)
Payment voucher is an internal document used in a company's accounts payable department in order to collect and organize.

1b)
i)Purchase Book or Purchase Journal: Purchase book is a book of original entry in which only credit purchases of goods are recorded.
ii)Sales Book or Sales Journal: Sales book is a book of original entry in which only credit sales of goods are recorded.
iii)Purchases Return Book or Purchases Return Journal: Purchases return book is a book of original entry in which
transactions related to the return of purchases of goods are recorded.
iv)Sales Return Book Or Sales
Return Journal:S ales return book is a book of original entry in which
transactions related to the return
of sales of goods are recorded

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2a)
Commerical account usually refers to a checking or other type of demand deposit account in other words is owned and used by a business or corporation.

2b)
i)Assisting and educating officers about their financial responsibilities. 
ii)Insuring the accuracy of comprehensive financial records.
iii)Aiding organizations in keeping their activities in sound financial condition. 
iv)Facilitating continuity between financial officers and their successors.

2c)
i)Control accounts provide a summary of transactions recorded in various subsidiary ledger. Hence these are very useful to management in policy formulation.
ii)It makes possible the division of accounting work among ledger keepers, thereby resulting in specialisation in work.

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3a)
Trial balance is the statement of all debits and credits in a double-entry account book, with any disagreement indicating an error.

3bi)
Ommision of Errors :A mistake that consists of not doing something you should have done, or not including something such as an amount or fact that should be included

3bii)
Principle of Error :An accounting mistake in which an entry is recorded in the incorrect account, violating the fundamental principles of accounting
3biii)
Error of Commission – This occurs where proper double entry is observed except an entry is made to the wrong personal account.

3biv)
Original entry of errors :An error of original entry occurs when an incorrect amount is posted to the correct accounts. 


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