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NECO 2020/2020 Financial Account Questions and Answers |

FIN. ACCT OBJ:
1ACEEEAADBA
11EECDAEBCEE
21EBCDBDBBBC
31CABDACEEDB
41BCDCABBCDA
51BDDCCBEDBD


Essay part.

(1a)
(i)discount allowed means the discount which is given by a seller to the buyer. While discount received means the discount received by the seller for purchases made

(ii)Discount allowed is that amount which is given by our company to others while discount received is that amount which is received by our company from others.

(1b)
(i)Petty cash book
(ii)Cash book
(iii)Returns outwards book
(iv)Sales returns book
(v)Purchase day book or journal

(1ci)
(i)An item that is entered on the wrong side of the trial balance.
(ii)An item can be omitted from the trial balance.

(1cii )
(i)Error of omission
(ii)Error of compensation
(iii)Error of principle

(NUMBER 2)

(2i)
Preference shares:-Preference shares are shares in a company that are owned by people who have the right to receive part of the company’s profits before the holders of ordinary shares are paid. They also have the right to have their capital repaid if the company fails and has to close.

(2ii)Goodwill:-Goodwill  is an intangible asset that arises when a buyer acquires an existing business.The goodwill amounts to the excess of the “purchase consideration” (the money paid to purchase the asset or business) over the total value of the assets and liabilities.

(2iii)
Three column cashbook:-Three column cashbook is the book of original Entry which is used to record all cash received and payment. It is usually a column or sometimes a bank column only.The cash book can be divided into two sides;Debit (Dr) sides  and Credit (Cr)sides.

(2iv)
bank reconciliation statement:-Bank reconciliation statement  is a process that explains the difference on a specified date between the bank balance shown in an organization’s bank statement, as supplied by the bank and the corresponding amount shown in the organization’s own accounting records.

(2v)
Depreciation :-Depreciation can be defined as a reduction in the economic service potential of an asset as a result of wears,tears,usage and passage of time. When fixed assets are sold ,the part of cost are recovered is termed depreciation

(6a)
Adjustment cash book as at 31st March 2016

TABULATE

-DR-
Balance b/f 182,932
IFCKS (Ltd) dividend 1050
Total = 183,982

Balance b/d 183,562

-CR-
Bank charges 420
Balance c/d 183,562
Total = 183,982

(6b)
Bank reconciliation statement as at 31st March 2016

Balance as per Cash book. 183,562
Add up presented cheque (Adamu A) 2420

Less uncredited cheque (Ade H) 5546
Balance as per bank statement. = 180,436

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