NECO 2016 Financial Accounting Answers


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3a.
They are
I.federal allocation share
2.loans
3.grants in aid
4.licenses of kiost
5.tenement rate
6.market tickect fee
7.registration of business premisses
8.pack tickect fee
9.staff monthly tax
10.fees changed naming of streets
.
3b
Business entity state that every economy unit regardless of its legal form is treated as separate entity from its owner.
.
Ii.GOING CONCERN.it assumes that the business unit will operate in perpetivity.
Iii.MARKETING CONCEPTS holds that for any accounting period the earned revenue and the incurred costs must be
Matched and reported for the period
==============================
.
4a
-error of omission
-error of original entry
-compasating error
-error of commission
-error of complete reversal entry
-error of omission
-error of principle
-Error of complete revisal gentry
.
4b
-unrepresented cheque
-uncredited cheque
-standing order
-dishonoured cheque
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.
6a)
adamu cash book adjusted as at 31st march 1990
Tablulate N
Balance b/f 14415
credit transfer 3500
=17915
balance b/d 9595
Tabulate N
Bank charges 145
standing order 4525
dishonoured cheque 3650
balance c/d 9595
=17915
.
6b)
bank reconciliation statement N
balance as per ajusted cash book =9595
add unpresented cheque =11390
=20985
less uncredited cheque =(4160)
balance as per bank statement =16825
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.
8)
tabulate
manufacturing,trading,profit and loss account for the year 31st dec 2001
stock =5064
purchase =38000
carriage =520
=43,584
less stock =(7138)/36446
manuf wagies =33850/70,296
factory exp =2180
exp:p/m =2800
wip-tp =630
wip-cl =(750)
fuel =2100
maintenace =9450
lighting =4500
salaries =3700
insurance =3000/97,906
cost of prod =97906
sales 185,600

stock =8216
cost of prod =97906/106,122
stock =(9864)/96258
cross profit =89342/185,600
c=ross profit 89342
.
off rent =1050
dep-M/V =800
advert =410
runing exp =1350
commission =690
lighting =3000
salaries =2300
insurance =1500
net profit =78242/89342
total 89342
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9a)
tabulate
straight line method
dep=1000000-400000/4 =150000
year|1|2|3|4|
cost|1000000|850000|700000|550000|
dep|150,000|15000|15000|15000|
Ac dep|150000|300000|450000|600000|
NBV|850000|700000|550000|400000|
===============

9b)
tabulate
reducing balance method
year|1|2|3|4|
cost|1000000|795000|632025|502460|
dep(20.5%)|205000|162975|129565|103004|
Ac Dep|205000|367975|497540|600544|
NBV|795000|632025|502460|399456|

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