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100% VERIFIED 2016 WAEC BOOK KEEPING THEORY & OBJ QUESTIONS AND ANSWERS

Poster: alexical | Date: 3:52am, 25th Apr 2016. | Views: 781 | 1 Replies
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alexical . Jalingo, Taraba
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Answers
1ii) difference between discount allowed
and discount received?
discount allowed means the discount
which is
given by a seller to the buyer. while
discount
received means the discount received by
the
seller for purchases made
2a) Source document is the original
record containing the details to
substantiate a transaction entered in an
accounting system. For example, a
company’s source document for the
recording of merchandise purchased is
the supplier’s invoice supported by the
company’s purchase order and receiving
ticket.
2b)
1.Quotation
2.Purchase Order
3.Sales Order
4.Credit Note
5.Invoice
6.Debit Note
7.Goods Dispatch Note

(2b)
The provision for doubtful debts is the
estimated amount of bad debt that will
arise from accounts receivable that have
been issued but not yet collected. It is
identical to the allowance for doubtful
accounts.

(2c)
Accrued income is the income that is
earned in a fund or by company by
providing a service or selling a product,
but has yet to be received. Mutual funds
or other pooled assets that accumulate
income over a period of time but only pay
it out to shareholders once a year are, by
definition, accruing their income.

(2d)
Prepaid expenses are future expenses that
have been paid in advance. You can think
of prepaid expenses as costs that have
been paid but have not yet been used up
or have not yet expired. The amount of
prepaid expenses that have not yet
expired are reported on a company’s
balance sheet as an asset.

(2e)
An accrued expense is an
accounting expense recognized in
the books before it is paid for. It is
a liability, and is usually current.
These expenses are typically
periodic and documented on a
company’s balance sheet due to
the high probability that they will
be collected.

3a)A source document is the original
record containing the details to
substantiate a transaction entered in an
accounting system. For example, a
company’s source document for the
recording of merchandise purchased is
the supplier’s invoice supported by the
company’s purchase order and receiving
ticket.Source documents also detail the
particulars of transactions that include
the date, name, address, terms, and
product description among other
relevant pieces of information.
3b)
– Quotation
– Sales order
– Purchase order
– Invoice
– Credit note
– Debit note
– Goods receipt note

Goods receipt note
(5)
Sales Ledger control:
debit side:
bal b/fwd(16264)
sales(27067)
cash refund(560)
43891
Credit side:
return inwards(2825)
cash received(18429)
discount allowed(2518)
bad debt(1136)
bal c/d(18983)
43891
Purchases ledger control:
Debit side:
return outwards(2386)
cash paid(7123)
Discount recieved(1197)
bal c/d(6610)
credit side:
bal b/fwd(6975)
purchases(10341)
17316
===================================
(6)
Subscription Acc:
Debit side:
Bal b/d fwd(60000)
Income & expenditure(180,000)
bal c/d(10,000)
250,000
Credit side:
cash(200,000)
bad debt(50,000)
250,000
Statement of Affairs:
Debit side:
Accumulated Fund(570,000)
Loan(alabi)(100,000)
subscription(10,000)
credit side:
van(500,000)
equiptment(180,000)
680,000

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