πŸ’―% CORRECT 2019 WAEC FINANCIAL ACCOUNTING ANSWERS HERE!

WAEC 2019 – FINANCIAL ACCOUNTING

Monday 13th May, 2019

Financial Accounting 2 (Essay) – 09:30 a.m. – 12:00 noon
Financial Accounting 1 (Objective) – 12:00 noon – 1:00 p.m.

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ACCOUNTING OBJ:
1-10: BCABABBCCC
11-20: ACBDBCBDDB
21-30: ACBCCABBAB
31-40: BDBADCCDAB
41-50: CBBBBBDCCB

(Number 2)

(2a)Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts.

(2b)
(i)Branches are separated from the main organization while Department are attached with the main organization under a single roof

(ii)Branches are geographically separated while Department are not separated rather exist under the same roof

(iii)Allocation of branch common expenses does not arise while allocation of departmental common expenses is a tough job

(2c)
(Pick four)
(i)It enables the organization to determine the branch that is making either profit or loss

(ii)It helps to determine the performance of the organization as a whole

(iii)It allows proper control over the branch by the head office

(iv)it also assists the organization to determine the performance of a branch manager

(v)it prevent wastage and fraud from the staff

(4a)
(i) Insufficient fund
(ii) Wrong signature
(iii) If the cheque is post dated

(4b)
(i)Petty cash float: This is small amount of cash kept at hand for making immediate payments for miscellaneous small expenses.
(ii)Contra entries: This is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, it will be recorded on the credit side and vice-versa.
(iii)Imprest system: This is a form of financial accounting system. The most common imprest system is the petty cash system. In other words it is a fixed amount that is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.

(4c)
(i)Reduction in numbers of transactions: Many expenses of small nature recorded in petty cash book, the number of transactions is reduced in the cash.
(ii)Reduction of errors: As head cashier check the accounts of previous month and gives advance for the coming month, does, errors if any are reduced.
(iii)Savings of time and labour: As the petty expenses are recorded by petty cashier at any time so that the chances of misuse are minimised.

(6a)
TABULATE
In the books of Ubochi and Hassanah
Profit and Loss appropriation account for the year ended 31/12/2015
DEBIT SIDE:
Int. on Capital:
U-8/100300000=24000 H-8/100250000=20000
Salary:
Hassanah: 10000
Share of profit:
U-3/5247750=148650 H-2/5247750=99100
TOTAL 301750
CREDIT SIDE:
Net profit:300000
Int. on drawing
U-5/1002000=1000 H-5/10015000=750
TOTAL=301750
(6b)
TABULATE
Patner’s current account
DEBIT SIDE: U|H
Drawing|20000|15000
Int on Drawing|10000|750
Bal c/d|151650|113350
CREDIT SIDE: U|H
Int. on cap|24000|20000
Salary|-|10000
Share of profit:|148600|99100

(9)
Stock turnover Ratio = COGS/Avg stock
= 160,000/(3,0000 + 4,0000)/2)
= 200000 x 2/10000 = 11.43 times

(9b) Gross Profit Margin = Gross Profit/Sales x 100/1
= 160,000/360,000 x 100/1 = 44.44%

(9c) Net Profit Margin = Net Profit/Sales x 100/1
= 40,000/360,000 x 100/1 = 11.11%

(9d) Current Ratio = current Assets/Current Liabilities
Current Assets = 90,000/45,000 = 2:1

(9e) Acid Test Ratio = Current Assets – Stock / Current Liabilities
= 90,000 – 40,000/45,000
= 50,000/45,000 = 10:9

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