2019 WAEC Bookkeeping Questions and Answers Now Available

2019 WAEC Fisheries

NOTE: THIS IS THE LAST FREE ANSWERS WE WILL POST.

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BOOKKEEPING OBJ:
1-10: CDBBBCDDCB
11-20: CDBACCAAAA
21-30: ACDCDAADAA
31-40: CBBACCACDB
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BOOKKEEPING ANSWERS
(1a)
A trading account can be any investment account containing securities, cash or other holdings.

(1b)
(i) Purchase
(ii) Sales
(iii) carriage inward
(iv) Carriage outward
(v) Expenses
(vi) Gross profit
(vii) Net profit
(viii) Opening stock

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(2a)
Discount is an allowance or concession in price. Discount is given so that the buyer is induced (lured) to place an order and later to make payment in time.

(2bi)
(i)Lower Business Costs. A significant trade discount advantage is the small business’ ability to lower operational business costs.
(ii) Increase Purchasing Power.
(iii) Improve Goodwill.
(iv) Higher Consumer Sales.

(2bii)
(i)Attracting New and Repeat Customers.
(ii)Increase Sales Across the Board.
(iii)Free Up Room in Your Store.
(iv)Meet Sales Goals.

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(4a)
Depreciation refers to two aspects of the same concept: The decrease in value of assets The allocation of the cost of assets to periods in which the assets are used. Depreciation is a method of reallocating the cost of a tangible asset over its useful life span of it being in motion.

(4b)
(i) To Calculate the True Profits
(ii) To show true Financial Position

(4ci)
Fixed Instalment: fixed installment method of depreciation the amount of depreciation each year is fixed and equal. At the end of each year, a fixed amount is removed from the book value of the asset concerned and charged to profit and loss account (or income statement ).

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(4cii)
Dimishing Balance:Diminishing balance depreciation method is one of the three
depreciation methods that mention in This kind of depreciation method is said to be high charged at the first period, and then subsequently reduce.
This is because the charging rate is applying to the Net Book Value of Assets and the Net Book Value of Assets is reduce from time to time after charging

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(5a)
Provision for doubtful debt account

Debit side
2015
Dec 31 balance c/d 400,000

2016
Dec 31 balance c/d 600,000

Total =1,000,000

Credit side
2015
Dec 31 profit & loss 380,000

2016
Dec 31 profit & loss 570,000

Total=1,000,000

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(8a)
Journal entry

Sales account
Dr 49,000

Suspense of account being error of principle and now corrected
Cr 49,000

Lammidu’s Account
Dr 76,200

Suspense account being error of parties omission now corrected
Cr 76,200

Discount allowed
Dr 57,000

Discount received
Dr 57,000

Suspense account being error of principle of complete
Cr 114,000

Return inward account
Dr 30,000

Suspense account under cast in return inward now corrected
Cr 30,000

(8b)
difference in trial balance recorded
Dr 269,200
Total =269,200
Credit side
Sales 49,000
Lammidu’s AK 76,200
Discount allowed 57,000
Discount received 57,000
Return inward 30,000
Total =269,200

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