ACCOUNTS THEORY ANSWERS

FINACIAL ACCOUNTING THEORY ANSWERS

THEORY PART
8 )
Adjusted cash book :
tabulate
credit side:
bal(12680
credit transfer (1040 ) 13700

Debit side:
Bank(800 )
BAl (12920 )
Bank reconcilation Statement :
Balance as per adjustment cash
book 12900
add unpresented cheque :
olades o (2120)
olajide (840 )
2960
15880 less uncredited cheque
(obiocha) 2320
bal as per bank statement (2320 )
bal as per bank statement

(5 )
opening stock (40000)
add purchase(50000 ) 90000
less closing stock (60000)
g. p(30 , 000 )
60000
less exps(30000 )
Net profit (60000)

(a )cost of goods sold = N30 , 000

(b)net profit (N 60000)

(c )current asstes : current liability
20 , 000 : 10 , 000
2 : 1

(d) workinbg capital= current
assets less current liabilities
=20000 – 10000
=N 10000

(e )
rate of turnover = cost of goods
sold /average stock
av. stock = (opening +
closing )stock )/ 2
=(400000 +60000 )/ 2 = 100000/
2
=50000
=30000 / 50000
=0 .6 =1 approx

(f) G. p/ sales * 100
=600000 / 90000 * 100
=66 . 6 %
=67 approx
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1 a )
Add unpresented cheque, add
credit tansfer and add dividends

1 b )

i)personal account

ii )personal account

iii )Nominal account

iv )Nominal account

v )Debtors

vi )Real account

vii)Real account

viii)Nominal account

ix )Nominal account

x )Real account

xi )Nominal account
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3 )
i)Accumulated fund ; this is the
fund that correspond to the
capital of a patnership or sole
trader and it can be calculated
using statement of affairs . It is
also the excess of the assets over
liabilities of a non profit making
organization which takes place of
the capital found in a trading
organization

ii )Depreciation ;this can be
defined as the fall or decrease in
the economic service potential of
an asset as a result of wear, tear ,
useage, obsolescence and
inadequacy

iii )Bad debts;These are debts,
which have become irrecoverable
.It will appear on the side of debit
side of profit and loss account in
charge .Bad debts occur as a
result of inability of the consumer
to pay debt

iv )Gross profit ;This is the excess
of sales over cost of goods sold
.Itis the total profit before
deducting the expenses

v )Nominal capital ;This is the
amount stated in the
memorandum association as the
amount of capital used.

(9)
draw the table. please know how to input the values, AND DO NOT WRITE THIS
Journal:
suspense a/c dr(120)
Sales A/c cr (120)
Being sales undercast
==================
discount allowed dr (90000)
suspense(90000)
being amt wrongly posted
====================
suspense dr(20)
debtors cr(20)
being amt omitted in the book
=====================
suspense dr(50)
purchases cr(50)
Suspense A/c:

debit side:
bal(100)
sales(120
debtors(20)
purchases(50)
bal(89710)
90000

credit side:
DIscount allowed 90000
90000
– – – – KEEP REFRESHING – – – –
– – – – KEEP REFRESHING – – – –

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