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2022 WAEC BOOK KEEPING VERIFIED ANSWERS
2022 WAEC BOOK KEEPING ANSWERS
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Theory
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(1a) payment voucher:
A document which can be used as proof that a monetary transaction has occurred between two parties. In business, a payment voucher can be used for a variety of purposes, sometimes taking the place of cash in a transaction, acting as a receipt, or indicating that an invoice has been approved for payment .
(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: Sales 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.
(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).
Advantages of Control Accounts:
(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.
(iii) It facilitates prompt preparation of profit and loss account and balance sheet at the end of each period by providing stock figures quickly.
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(3a)Trial balance is defined
as a 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: Errors of omission are likely to be more common than errors of commission
ii)Principle of Error :An accounting mistake in which an entry is recorded in the incorrect account, violating the fundamental
principles of accounting. An error of
principle is a procedural error , meaning that the value recorded was the correct value but placed incorrectly.
iv) Original entry of errors :An error of original entry occurs when an incorrect amount is posted to the correct accounts. A particular example of an error of original entry is a transposition error where the numbers are not entered in the correct order.
iv) Original entry of errors :An error of original entry occurs when an incorrect amount is posted to the correct accounts. A particular example of an error of original entry is a transposition error where the numbers are not entered in the correct order.
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(4a) 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: Errors of omission are likely to be more common than errors of commission
(4b)Principle of Error :An accounting mistake in which an entry is recorded in the incorrect account, violating the fundamental
principles of accounting. An error of
principle is a procedural error , meaning that the value recorded was the correct value but placed incorrectly.
(4c) Original entry of errors :An error of original entry occurs when an incorrect amount is posted to the correct accounts. A particular example of an error of original entry is a transposition error where the numbers are not entered in the correct order.
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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
ii)
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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(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
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Posted by admin on 18th August 2022.
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