Nabteb Expo

NABTEB 2018 Financial Accounting Answer Obj and Essay– May/June Expo

NABTEB 2018 Financial Accounting ANSWER

Verified NABTEB 2018 Financial Accounting ANSWER

ACCOUNT OBJ:
1-10: DBCACBCADC
11-20: DACDABCBDA
21-30: DDCACDAADB
31-40: CADBCADDBC
41-50: ACDBBDABCD

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(1)
A. Error of omission
B. Error of commission
C. Error of original entry
D. Error of principle
E. Compensating errors

•Error of omission. This is an error whereby a translation is completely omitted from the books of account i.e from the debit and credit sides, both sides of transactions are omitted eg sales of goods 1,000 to Ayola has been omitted from the books of account.

•Error of commission. This error occurs when a correct amount is entered in a wrong persons account e.g sales of goods to Tayo entered in Taye’s account

•Error of original entry. This error occurs when a wrong amount is entered in the debit and credit sides. The original amount is transposed and passed through the double entry system for example, purchase of goods #490 from Olu entered in the accounts as #940

•Error of principle. This occurs when errors of the same amount are posted to the two sides of ledgers therefore they cancelled out each sales account is under cast by #180 as also salaries account

•Compensation error. This occurs when the same errors of the same amounts are posted to the two sides of ledgers therefore they cancelled out each other. The two sides maybe overcast or under cast by #180 as also is salaries account.

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(3)
Ogundipe Book
Sales ledger control account
Balance 2450.
Credit sales 37,600. Bad Debt. 188
Discond allowed. 168
Returns inward. 207
Cheques from debtors. 22,150
Cash from debtors. 4000
Balance C/D. 470
Balance C/D. 2867
#40,050. #40,050
Balance b/d. 470
Balance b/d. 2867

ii. PURCHASES LEDGER CONTROL ACCOUNT
balance b/f. 217. Balance b/f. 390
Discount received 683. Balance b/f. 1947
Return outward 175. Credit purchases 15,800
Cheques drawn 15,500.
Balance c/d. 240
Balance c/d. 1227
#18,637. #18,637
Balance b/d. 240
Balance b/d. 1227

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(5)
TAILORS BOOK
TRIAL BALANCE ON 31ST DECEMBER 2010(tabulate)

•Particulars. Dr # Cr #
General Exp. 1250
Rent Exp. 2400.
Discount received. 72
Wages&salaries. 5000
Stock 1zt January. 5200
Capital. 13,140
Furniture & fitting 15,200
Sales 33,000
Cash. 45
Creditors. 2800
Debtors. 3500
Bad debts 202
Bank overdrafts 560
Motor vehicles. 815
Telephone expense. 450
Stationery. 310
Purchases. 22,000
Suspense acct. 6800
=56, 372. = 56,372

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(7)
RONKE AND YAKUBU
Realisation Account(tabulate)
Book values #
•furniture&fitting =1050
•Plant&machinery=650
•equipments=1000
•Debtor=900
Cash Realized
•Furniture&fitting=1500
•Plant&machinery=700
•Equipments=1900
•Debtor=850
SHARE OF PROFIT
Ronke(3÷5 × 1350)810
Yakubu(3÷5 × 1350)540
1350\4950. 4950.

CAPITAL ACCOUNT(tabulate)
Cash book
Ronke 6300
Yakubu 4200.
•BALANCE BEFORE
Ronke 5500 Yakubu 3500
•SHARE OF PROFIT
Ronke 810 Yakubu 540.

CASH BOOK.(tabulate)
•Balance before7050
•Furniture & fittin 1500
•Plant&machinery 700
•Equipment 1900
•Debtorz 850
12,000

Creditor 1500
Capital Account:
Ronke(3÷5 × 10,500) 6500
Yakubu(2÷5 × 10,500) 4200
12,000


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