NECO GCE:100% CORRECT ACCOUNT OBJ AND THEORY ENTRER HERE

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ACCOUNT OBJ TYPE C:
1BDBDCEEECA
11DCBEDEEBBD
21BADDACEAEB
31DEAECDADAD
41CDCCCCECDD
51CBCBEEADDD.

(2a)
-The capital to be contributed to each partner
-The rate of interest on capital
-The rate of interest on drawings
-The division of profit and losses
-Partner's salaries,commisions and other renumerations
-The basis of valuing goodwill on the death or retirement of a partner
(2b)
-The name,reputation and connection of a business ie a fim that has been existing for a long time would have necessary connections
-Quality goods
-Possesion of partial monopoly
-Good managerial skill
-For patant and copyright production

(2c)
-The gross profit of each department can be ascertained
-Unprofitable departments will be revealed
-The progress of each department can be monitored

(3a)
Joint venture is simply a venture undertaken jointly by two or more persons with the view of making profits
(3b)
i)METHODS
-Straight line method
-Diminishing or reducing balance method
-Annuity method
-Sinking fund method
-Retirement or replacement method
(ii)CAUSES
-Wear and tear
-Obsolescence
-Passage and time
-Depletion
-Inadequacy

(5)
sales ledger:
debit side:
Bal(98720)
sales(998310)
Dishourned cheque(150)
1097180

credit side:
return inward(22780)
cash received(929800)
disct allowed(29150)
bad debt((1970)
contra((5180)
Bal c/d(108290)
bal c/d(10)
1097180

purchases ledger:
debit side:
return out(13240)
cheque paid(730500)
discount received(10670)
contra(5180)
bal c/d(72650)
bal b/d(390)
832630
credit side
bal(59370)
purchases9773260)

(6)
Approximation account:
debit side:
int on capital:
bala(5/100(40000)=2000
ike(5/100(20000)=1000)
salary(ike)7200
share of profit:
Bala(2/3(13500)=9000
ike((1/3(4500)=4500
23700
credit side:
net profit(22600)
int on drawing
bala(5/100(12000)=600
ike(5/100(10000))=500

(8)
income & Expenditure A/c for the year ended 31/12/07
Debit side:
furniture (10% of 55000)=5500
laboratory equipt(10% of 28300)=2830
school bus(10% of 4500)=4500
salaries(94200+1200)=106200
electricity(31100)
books & stationeries(17800)
office exps(9400)
bus exps(23400)
repairs(19200)
insurance(1900)
librabry books(4500)
surplus(63670)
290000
credit side;
school fees(253000)
donations(37000)
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