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2021 WAEC BOOK KEEPING VERIFIED ANSWERS

2021 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.

==================================

 

(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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