Nabteb Gce 2016 Financial Account Obj And Theory Answers – Nov/Dec Expo

Nabteb Gce 2016 Financial Account Obj And Theory Answers – Nov/Dec Expo
Nabteb Account Obj
1BCDBCCCDCB
11BCCDBBDDCB
21CAACABCCCB
31AABBCCBDBB
41CBCCBBBBCB
===============
1a)
the sources of income to non-profit making organization are
i)Donations
ii)Entrance fees
iii)Subscriptions
iv)Through interest on bank deposit
v)Through Sundry receipts
1b)
Differences between receipts and payments, account and income and expenditure account.
RECEIPT AND PAYMENTS a/c
i)It includes capital items
ii)Only cash transactions are recorded
iii)Balance represents cash in hand or bank overdraft
INCOME AND EXPENDITURE a/c
i)It excludes capital items
ii)There is adjustment for accruals and prepayment.
iii)Balance represents surplus or defficiency
============
2a)
The items are:
i)Uncredited Cheque: there are cheque received and entered on the debit side of the cash book statement due to lateness or the bank statement had been prepared before the cheques were paid in.
Effort: the cash book will show a balance that will be more than the balance of the bank statement.
Correction: uncredited cheques must be deducted from the balance of the cash book.
ii)Standing Order: this is an order made by the customer to the bank to make regular payment to somebody e.g hire purchase instalments. it can be weekly, quarterly or yearly.
Effect: the balance of the bank statement will be less than the balance of the cash book.
Correction: The cheque must be deducted from the cash book.
iii)Bank charges and interest: this is the amount deducted by the bank for services rendered. the bank will deduct the charges without informing the firm untill they receive the bank statement.
Effect: the balance of the bank statement will be less than the cash book balance.
iv)Errors by the bank: bank can make mistakes. a sum paid by a customer may be credited to another customer account e.g Gunji pays in a sum to his bank on Jan 12 and this is credited to ogun in order.
v)Dividend: this the part of the profit for shares held by the customers paid directly into his bank account.
Effect: the balance of the statement will show a balance that can be more than the balance of the cash book since the dividend will not be reflected in the cash book.
Correction: dividend must be added back to the balance of the cash book.
2b)
The contents are:
i)then amount of authorised share capital
ii)the types of shares to be subscribed for
==================
4a) in the ledger of big
Draw a table, BIG JOINT VENTURES ACCOUNT WITH SMALL
Purchase – #2800
carriage -60
Repairs -120
Advertising -200
Insurance -40
Profile &loss -780
Total = #4000
I.e
Sales = #4000
In the ledger of small
Draw a table, JOINT VENTURE WITH BIG ACCOUNT
Purchase -#960
Warehouse – 80
Profile &loss – 560
Total – #1600
I.e
Sales == #1600
4b)
Draw a table, Memorandum joint VENTURE ACCOUNT
Purchase – [2800+960] #3760
Carriage -60
Repair -120
Warehouse charges -80
advertising – 200
Insurance -40
Share of profit – big (3/5×1340) 804
,,,,,,,,,,,,,,- small (2/5×1340) 536
Total – #5600
I.e
Sales -[4000+1600] #5600
Sales – #5600