FREE CHOCKS!!! NECO 2015 Financial Accounting Paper I, II & II (obj, Essay & Practice) ANSWERS

FREE CHOCKS!!! NECO 2015 Financial Accounting Paper I, II & II (obj, Essay & Practice) ANSWERS  
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Upnext 2015 SSCE Exam Schedule.
NECO Exam
Thursday, 2nd July, 2015
Financial Accounting Paper I, II & II (obj, Essay & Practice) 
10.00a.m - 1.50p.m


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Verified Financial Accounting Paper I Obj
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Financial Accounting obj

1-10: ABAADDAEBC
11-20: BCDEBCCDAE
21-30: CAABDCCDDE
31-40: CEBBCDDDDD
41-50: EADCEECADC
51-60: BDCDDEACEB

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NECO Financial Accounting Paper II 2015 ANSWERS ESSAY
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================(1)=====================

(1a) Add unpresented cheque , add credit tansfer and add dividends

1b) i ) personal account
ii ) personal account
iii ) Nominal account
iv ) Nominal account
v ) Debtors
vi ) Real account
vii ) Real account
viii) Nominal account
ix ) Nominal account
x ) Real account
xi ) Nominal account

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(3)
i ) Accumulated fund ; this is the fund that correspond to the capital of a patnership or sole trader and it can be calculated using statement of affairs. It is also the excess of the assets over liabilities of a non profit making organization which takes place of the capital found in a trading organization

ii ) Depreciation ; this can be defined as the fall or decrease in the economic service potential of an asset as a result of wear, tear, useage , obsolescence and inadequacy

iii ) Bad debts ; These are debts , which have become irrecoverable .It will appear on the side of debit side of profit and loss account in charge .Bad debts occur as a result of inability of the consumer to pay debt

iv ) Gross profit ; This is the excess of sales over cost of goods sold .Itis the total profit before deducting the expenses

v ) Nominal capital; This is the amount stated in the memorandum association as the amount of capital used .

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================(5)=====================

( 5)
opening stock( 40000 )
add purchase( 50000 ) 90000
less closing stock( 60000 )
g.p ( 30, 000)
60000
less exps ( 30000 )
Net profit ( 60000 )

( a) cost of goods sold =N 30, 000
( b) net profit ( N 60000 )
( c ) current asstes : current liability
20, 000 : 10, 000
2: 1
( d) workinbg capital =current assets less
current liabilities
=20000 – 10000
=N10000
( e )
rate of turnover = cost of goods sold /average
stock
av . stock= ( opening + closing ) stock) /2 =( 400000 +60000 ) /2 =100000 /2
=50000
=30000 /50000
=0. 6 =1 approx
( f)
G . p/sales *100
=600000 /90000 *100
=66. 6%
=67 (approximately)

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(8.) Application and Allotment A /C Tabulate Debit
(Dr ) Ordinary share 800000
Ordinary Share 600000
Total 1400000
Credit (cr )
Cash 14 ,000000
Total 14 ,000000 First call A/ C

Tabulate Debit( Dr ) Ordinary share 400000
Credit (Cr )
Cash 400000
Final Call A / c

Tabulate Debit (Dr ) Ordinary share 200000 Credit ( cr )
Cash 200000
Cash Book

Tabulate
Debit( Dr )
Application and allotment 1 ,400 ,000 First call 400 ,000
Final call 200 ,000
Total 2 ,000 ,000
Credit (Cr )
Balance 2 ,000 ,000
Total 2 ,000 ,000





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NECO Financial Accounting Paper III 2015 ANSWERS Practice
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================(1)=====================

(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 reconcilem the
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 statementstatement.

================(2)=====================

(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

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(5) Tabulate

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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(7) Tabulate:

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

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