Tuesday, 12 June 2018

NECO 2018 Financial Accounting Obj And Theory Answer – June/July Expo



NECO Financial Obj And Essay/Theory Solution Questions and Answer – JUNE/JULY 2018 Expo Runz.


    Account OBJ:
    1DCEBDACCED
    11EBDDAECECB
    21AEAADCEDEB
    31CEBACDDCAA
    41BCECAAEDDB

    51EBACAAEBDC


    Please Note: You Are To Answer Two(2) Questions In Section A
    While Three(3) Questions In Section B



    1a)
    i)Higher Supplier Costs: One of the simplest factors that can lead to declining margin is higher costs of goods sold. Over time, your suppliers naturally want to increase their own revenue and margins. Their own costs to produce or supply may go up. These factors may lead to them negotiating or simply charging you higher rates on goods. 
    ii)Lower Prices: Lowering your prices to generate sales can also reduce gross profit margin. While you may get a sale, large price cuts minimize the gross profit you get on it. Over time, maintaining a strong brand image allows you to maintain stable price points, or even increase prices. If you constantly discount, you run the risk that customers get familiar with the price declines and won't pay top rates.
    iii)Intense Competition: New competitors or increased rivalry from competitors also impact your gross profit margin. The more attractive customer offerings become to the market, the more difficult it is to get customers to pay desirable prices for your solutions.

    1b)
    For company the appropriation account will start with profits before taxes and then subtract corporate taxes and dividends to arrive at retained profits while For a partnership, the primary purpose of the appropriation account is to show how profits are distributed among the partners.



    3i)
    Preference shares are shares of a company's stock with dividends that are paid out to shareholders before
    common stock dividends are issued.
    3ii)
    Goodwill in accounting is an intangible asset that arises when a buyer acquires an existing business. Goodwill
    represents assets that are not separately identifiable.
    3iii)
    Three column cash book (also known as triple column cash book) has three money columns on both debit and credit side – one on each side for recording discount, cash and bank amounts.
    3iv)
    A bank reconciliation statement is a summary of banking and business activity that reconciles an entity's bank account with its financial records. The statement outlines the deposits, withdrawals, and other activity impacting a bank account for a specific period.
    3v)
    Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life and is used to
    account for declines in value over time. Business depreciate long-term assets for both tax and accounting purposes.



    CLICK HERE FOR No.5 IMAGE
    5)
    Locogi Local Government In Kunddi State
    Receipts and payment account for the local government as at 31|12|2007

    TABULATE
    RECEIPTS- state subvention|Fed subvention|Rates|Sunday Income|Licences|Tenement|
    N(naira)- 2,000|3,000|1,535|5.263|12.548|25,000|
    PAYMENT - wages and salaries|vechicle exp|vechicle purchase|stationary|maintenace of building|hospital drugs|bank charges|UBE scheme|balance|
    N(naira)- 20,430|248|5.020|1,520|2,014|4,000|378|6.290|9.446|
    Total 49,346



    CLICK HERE FOR No.8 AND 9 IMAGE
    8i)
    in The Book Of both jeremiah,johnson and jacob memorandum joint venture A/C
    -TABULATE-
    UNDER-RIGHT-TABLE
    Jaremaiah 
    Rent 10000 
    Light 3000
    Sunday exp 5200
    15200
    Johnson
    Transport 6500
    Jacob
    Labour 5000
    Net profit 128300
    155000
    Share Of Profit
    jeramiah 4/10*128300
    51320
    johnson -3/10*128300
    38490
    jacob 3/10*128300
    Total 128300
    UNDER-LEFT-TABLE
    Sales
    Jacob 15000
    100000
    115000
    johnson
    electric iron 40000
    155000
    Total 128300

    In The Book Of Jeremiah
    Joint Venture with johnson and jacob
    TABULATE
    UNDER-RIGHT-TABLE
    1|11 rent 10000
    12|11 lightdebt 3000
    15|11 sunday exp 5200
    15200
    Bal/b|d 15200
    profit 51320
    Total 66520
    UNDER-LEFT-TABLE
    Bal/b|d 15200
    15200
    bank 66520
    Total 66520

    8ii)
    TABULATE
    In the book of Johnson Joint ventures with jeremiah and jacob

    8i)
    in The Book Of both jeremiah,johnson and jacob memorandum joint venture A/C
    -TABULATE-
    UNDER-RIGHT-TABLE
    Jaremaiah 
    Rent 10000 
    Light 3000
    Sunday exp 5200
    15200
    Johnson
    Transport 6500
    Jacob
    Labour 5000
    Net profit 128300
    155000
    Share Of Profit
    jeramiah 4/10*128300
    51320
    johnson -3/10*128300
    38490
    jacob 3/10*128300
    Total 128300
    UNDER-LEFT-TABLE
    Sales
    Jacob 15000
    100000
    115000
    johnson
    electric iron 40000
    155000
    Total 128300

    In The Book Of Jeremiah
    Joint Venture with johnson and jacob
    TABULATE
    UNDER-RIGHT-TABLE
    1|11 rent 10000
    12|11 lightdebt 3000
    15|11 sunday exp 5200
    15200
    Bal/b|d 15200
    profit 51320
    Total 66520

    UNDER-LEFT-TABLE
    Bal/b|d 15200
    15200
    bank 66520
    Total 66520

    8ii)
    In The Book Of Jeremiah
    Joint Venture with johnson and jacob
    TABULATE
    UNDER-RIGHT-TABLE
    9|11 transport 6500
    bal b/d 33500
    40000
    profit 38490
    Total 38990
    UNDER-LEFT-TABLE
    3|11 bank 40000
    40000
    bal b/d 33500
    bank 4990
    Total 38990

    In The book of jacob joint venture with jeremiah and johnson
    TABULATE
    UNDER-RIGHT-TABLE
    7|11 labour 5000
    bal b/d 110000
    115000
    profit 38490
    bank 71510
    Total 110000

    UNDER-LEFT-TABLE
    25|11 bank 15000
    30|11 bank (sales) 100000
    115000
    bad b/d 110000
    Total 110000



    CLICK HERE FOR No.8 AND 9 IMAGE
    9)
    trading profit x Loss A/C for the year ended
    TABULATE
    -UNDER-RIGHT-TABLE
    Opening stock 6812
    +purchase 72734
    carriage 236/72970
    -Returns 1022
    Total 71 loss account
    TABULATE
    Insurance 1682
    disc allowed 684
    salesman 2444
    wages 2982
    transport 260
    gen exp 3012
    office sal 5000
    tenement 424
    Advert 2824
    provision 348
    Dep:
    FIF(Furniture and fittings) 200
    M/V(Motor Vechicle) 900
    Net Profit 2568
    Total 23346

    -UNDER-LEFT-TABLE
    gross profit 21254
    deposite 1074
    disc Rec 1018
    Total 23346

    Balance Sheet As As
    TABULATE
    -UNDER-RIGHT-TABLE
    Capital 44000
    +Net profit 2568
    Total 46568
    -Drawing 3000/43568
    Current bad b/d
    Creditors 11600
    Insurance 260
    Total 55428

    -UNDER-LEFT-TABLE
    fixedd asset
    M/V(Motor Vechicle) 6000,900,5100
    FIF(Furniture and fittings) 2000,200,1800
    freehold 16500/23400
    Current Asset
    Stock 8636
    debitor loos
    -prov 510/ 10046
    salary 220
    bank 3600
    cash 9526/32028
    Total 55428
    =========================
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