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2020 WAEC FINANCIAL ACCOUNTING OBJ AND ESSAY QUESTIONS/ANSWERS VERIFIED EXPO

 

F/Accounting-Obj
1AAABABACAB
11CCCBABBDCC
21DDBBCCDCAA
31BDDBBBDBAB
41BADBBACCBB

(6a)

Writ the heading yourself.

 

(Dr side)

Maintenance 13,000

Stationary 1,600

Postage 600

Dance expenses 4000

Gen. Expenses 6,600

Salaries 9,600

 

Depreciation

Club house 16,000

Furniture 3,600

Surplus 93,600

 

Total 148,600

 

(Cr side)

Subscription 130,000

Proceeds from concert 9,000

Int. On deposit 2,400

Income from dance 7,200

 

Total 148,600

 

(6b)

Balance sheet as at 31/12/15

 

(Dr side)

Accumulated fund 266,000

+ Surplus 93,600

 

Total 359,600

 

Current liabilities

Stationary 400

Gen expenses 1,200

 

Total 361,200

 

(Cr side)

Fixed assets

Club house 144,000

Furniture 20,400

Bank deposit 80,000

Total 244,400

 

Current asset

Cash 116,800

 

Total 361,200

(2a)

Non-profit making organisation are organisations that do not mainly engage in buying and selling of goods. Thus, their main objective is not to make profit as they are formed to seek the welfare of their members eg mosque, churches etc.

 

(2b)

In a tabular form:

Profit making organisation

(i) It is engaging in the buying and selling of goods and services.

(ii) Their major objectives is the making of profit.

 

Non-profit organisation

(i) It does not engage in the buying and selling of goods and services.

(ii) The major object is not to make profit but to seek the welfare of members.

 

(2c)

(a) Subscription: This is the annual period dues of members of a club or social body or not for making profit organisation.

(b) Life membership fee: The club members can make payment for life. This means that they paying a fairly substantial amount now. Members can enjoy the facility of the club for the rest of his/her life.

(c) Entrance fee: These are amount payable when a person first joins a club. These are normally included as income in the year that they received.

(d) Donations: This is the amount received or given by non-trading organisation in cash or in kind in the form of gift from a person or an organisation.

(5a)

In the books of Odis Ent.

Statement of affairs as at 31/12/17

 

(Debit side)

Capital 43000.

Creditors 4000

Rent

Total=47000

 

(Credit side)

Fixed assets 8000

Stock 15900

Trade debtors 11000

Cash 12100

Total = 47000

 

(5b)

(Debit side)

Bal b/f 12100

Cash received

from debitors 100000

 

Total 112100

 

(Credit side)

Cash paid to

Suppliers 72000

Exp:

Rent 2500

Gen.exp. 1800

Drawing 52000

Bal c/d 30600

112100

(5c)

Trading profit&loss A/C for the year ended

(Credit side)

Opening stock. 15900

+Purchase. 74500

 

Total. 90400

– closing stock. 17000

73400

Gross profit. 28800

Total. = 102200

 

( Debit side)

Sales. 102200

 

 

Profit & loss a/c for the year ended 31/12/17

 

(Credit side)

Gen.exp. 1800

Rent. 3000

Depreciation 800

Wet profit. 23200

Total. = 28,800

 

(Debit side)

Gross profit. 28,800

 

 

 

Total. 28800

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