WAEC GCE ( FINANCIAL ACCOUNTING THEORY AND OBJECTIVE) AND PRACTICAL BIOLOGY.call:08164520586

♣ACCOUNTING THEORY ANS♣
(1a). departmental account means account prepared separately for the department and here ledgers will be opened, trial balance will be prepared and also profit and loss account.it determines the financial status of each department in an institution. (1b). apportinate is a term used for differentiation and division of each department financial status into different account.
(1c) purpose of departmental account - to determine the financial status of each department - it is used to determine profitability of each department - it is useful for decision - making processes. - it is used for determine gross profit of each department - it is used for monitoring the progress of each department.


(3ai)prime cost are the cost that can be traced to a
particular production unit.
(3aii)
-direct materials: this is the expenditure on raw materials
which can be traced to aparticular production unit
-Direct expenses: these are expenses which have direct
indentfication with production e.g royalties
-direct labour: this refers to the wages of employeess who
are directly engaged in the production process
(3b)
-it saves time
-it allow homogenous accoutn
-it used to detect missing figures
-it helps in locating errors
-it provide a check on the accuracy of balance of the
ledgers
-total debtors and creditors can be easily calculated.

(
Debtor\'s account
Debit Side
Bal(1200)
sales(8200)
int Charge(140)
Dishouned cheque(1400)
Carriage out(110)
Dishourned(1200)
int on overdue(100)
12,350
Credit side
cheque received(9200)
return inwards(240)
bad debt(800)
set-off(400)
bal c/d (1710)
10640
Creditor\'s control
Debit side
cash paid(250)
cheques paid(4200)
return out(220)
set-off(400)
bal c/d(5,250)
10,320
credit side
bal(720)
purchases(9600)
10,320
bal b/d(5250)

ACCOUNTING OBJ
1-10 ACBBCBACAB
11-20 ADDBABDDAB
21-30 ABDDBBACBB
31-40 CDDDABACBB
41-50 BDDCBAACDB

[b] ♣ACCOUNTING THEORY ANS♣
1a. departmental account means account prepared
separately for the department and here ledgers will be
opened, trial balance will be prepared and also profit and
loss account.it determines the financial status of each
department in an institution.
1b. apportinate is a term used for differentiation and
division of each department financial status into different
account.
C. purpose of departmental account
- to determine the financial status of each department
- it is used to determine profitability of each department
- it is useful for decision - making processes.
- it is used for determine gross profit of each department
- it is used for monitoring the progress of each department

(3ai)prime cost are the cost that can be traced to a
particular production unit.
(3aii)
-direct materials: this is the expenditure on raw materials
which can be traced to aparticular production unit
-Direct expenses: these are expenses which have direct
indentfication with production e.g royalties
-direct labour: this refers to the wages of employeess who
are directly engaged in the production process
(3b)
-it saves time
-it allow homogenous accoutn
-it used to detect missing figures
-it helps in locating errors
-it provide a check on the accuracy of balance of the
ledgers
-total debtors and creditors can be easily calculated.

(7)
Tabulate Debit(dr) and Credit(cr)
Subscription
Debit:
Balance(960) + I &E(34,560) + Balance(420) = 35940.
Credit:
Balance(360) +Cash(35,160) +Bal (420) = 35940. Balance
b/d (420)
Wages A/C
Debit:
Cash (26,976) + Bal (768) = 27,744
Credit:
Bal (696)+ I&E(27,048) = 27,744
Club House
Debit:
Bal (48,600)= 48,600
Credit:
Dep (I&E) 4860 + Bal (43,740) = 48600
Sundry Exp
Debit:
Cash (1,248) = 1248
Credit:
Bal (696) + I&E (552) = 1,248
INCOME AND EXPENDITURE
Debit (#)
Subscription (34,560)+ Income from dance (23604)+
Interest (720)+ Donation (3612) = 62516
Credit
LESS EXPENSES (#)
Dance (3,660) + Repairs (1,752)+ Wages (27048) +
Sundry Exp(552)+ Dep: Club house (4860) = Surplus
(37872)= 24,644
Balance sheet as at 31/12/2010
Tabulate (Cost ) ,(Dep) , NBv
Land (cost: 48,000) , (Dep: ), (NBv : 4800) + Club house
(cost: 57,420) , (Dep: 22788), (NBv : 34632 ) = NBV
(82632)
C/A cash (28824) - Less C/L Subcription (420)= 28404
+82632 = 111036
ACCount Fund (86064) + 24644 =110708


(5)
manufacturing trading profit & loss Account for the year
ended 31/12/20010
Debit Side
Stock Rm(105000)
purchases(210000)
315000
expenses(56000)
371000
stock(90,000)
281000
wages(69000)
royalties(50,000)
prime cost(400000)
over head expense
gen exps(1/3*(33000)) (11,000)
indirect labour(20,000)
dep building (5/100*(120,000) (6,0000)
equipmet (5/100*(100000) (5000)
42000
add WIP @ start(25000)
67000
less WIP@end(35000)
32000
g.p on Manufactured(78000)
market value(510000)
Stock F.G(135000)
market value(510000)
stock F.G(645000)
80,000
G.p(565000)
125000
690000
general exps(2/3*(33000) (22000)
admin exps(40000)
S&(45000)
net profit(96000)
203,000
credit side
market value(510,000)
510,000
sales(700,000)
ret inwards(10000)
690000
690000
G.p b/d(125000)
G.p on manifest(78000)
203,000.

(7)
Tabulate Debit(dr) and Credit(cr)
Subscription
Debit:
Balance(960) + I &E(34,560) + Balance(420) = 35940.
Credit:
Balance(360) +Cash(35,160) +Bal (420) = 35940. Balance
b/d (420)
Wages A/C
Debit:
Cash (26,976) + Bal (768) = 27,744
Credit:
Bal (696)+ I&E(27,048) = 27,744
Club House
Debit:
Bal (48,600)= 48,600
Credit:
Dep (I&E) 4860 + Bal (43,740) = 48600
Sundry Exp
Debit:
Cash (1,248) = 1248
Credit:
Bal (696) + I&E (552) = 1,248
INCOME AND EXPENDITURE
Debit (#)
Subscription (34,560)+ Income from dance (23604)+
Interest (720)+ Donation (3612) = 62516
Credit
LESS EXPENSES (#)
Dance (3,660) + Repairs (1,752)+ Wages (27048) +
Sundry Exp(552)+ Dep: Club house (4860) = Surplus
(37872)= 24,644
Balance sheet as at 31/12/2010
Tabulate (Cost ) ,(Dep) , NBv
Land (cost: 48,000) , (Dep: ), (NBv : 4800) + Club house
(cost: 57,420) , (Dep: 22788), (NBv : 34632 ) = NBV
(82632)
C/A cash (28824) - Less C/L Subcription (420)= 28404
+82632 = 111036
ACCount Fund (86064) + 24644 =110708
(
Debtor\'s account
Debit Side
Bal(1200)
sales(8200)
int Charge(140)
Dishouned cheque(1400)
Carriage out(110)
Dishourned(1200)
int on overdue(100)
12,350
Credit side
cheque received(9200)
return inwards(240)
bad debt(800)
set-off(400)
bal c/d (1710)
10640
Creditor\'s control
Debit side
cash paid(250)
cheques paid(4200)
return out(220)
set-off(400)
bal c/d(5,250)
10,320
credit side
bal(720)
purchases(9600)
10,320
bal b/d(5250)














ACCOUNTING OBJ
1-10 ACBBCBACAB
11-20 ADDBABDDAB
21-30 ABDDBBACBB
31-40 CDDDABACBB
41-50 BDDCBAACDB

[b] ♣ACCOUNTING THEORY ANS♣
1a. departmental account means account prepared
separately for the department and here ledgers will be
opened, trial balance will be prepared and also profit and
loss account.it determines the financial status of each
department in an institution.
1b. apportinate is a term used for differentiation and
division of each department financial status into different
account.
C. purpose of departmental account
- to determine the financial status of each department
- it is used to determine profitability of each department
- it is useful for decision - making processes.
- it is used for determine gross profit of each department
- it is used for monitoring the progress of each department

(3ai)prime cost are the cost that can be traced to a
particular production unit.
(3aii)
-direct materials: this is the expenditure on raw materials
which can be traced to aparticular production unit
-Direct expenses: these are expenses which have direct
indentfication with production e.g royalties
-direct labour: this refers to the wages of employeess who
are directly engaged in the production process
(3b)
-it saves time
-it allow homogenous accoutn
-it used to detect missing figures
-it helps in locating errors
-it provide a check on the accuracy of balance of the
ledgers
-total debtors and creditors can be easily calculated.

(7)
Tabulate Debit(dr) and Credit(cr)
Subscription
Debit:
Balance(960) + I &E(34,560) + Balance(420) = 35940.
Credit:
Balance(360) +Cash(35,160) +Bal (420) = 35940. Balance
b/d (420)
Wages A/C
Debit:
Cash (26,976) + Bal (768) = 27,744
Credit:
Bal (696)+ I&E(27,048) = 27,744
Club House
Debit:
Bal (48,600)= 48,600
Credit:
Dep (I&E) 4860 + Bal (43,740) = 48600
Sundry Exp
Debit:
Cash (1,248) = 1248
Credit:
Bal (696) + I&E (552) = 1,248
INCOME AND EXPENDITURE
Debit (#)
Subscription (34,560)+ Income from dance (23604)+
Interest (720)+ Donation (3612) = 62516
Credit
LESS EXPENSES (#)
Dance (3,660) + Repairs (1,752)+ Wages (27048) +
Sundry Exp(552)+ Dep: Club house (4860) = Surplus
(37872)= 24,644
Balance sheet as at 31/12/2010
Tabulate (Cost ) ,(Dep) , NBv
Land (cost: 48,000) , (Dep: ), (NBv : 4800) + Club house
(cost: 57,420) , (Dep: 22788), (NBv : 34632 ) = NBV
(82632)
C/A cash (28824) - Less C/L Subcription (420)= 28404
+82632 = 111036
ACCount Fund (86064) + 24644 =110708


(5)
manufacturing trading profit & loss Account for the year
ended 31/12/20010
Debit Side
Stock Rm(105000)
purchases(210000)
315000
expenses(56000)
371000
stock(90,000)
281000
wages(69000)
royalties(50,000)
prime cost(400000)
over head expense
gen exps(1/3*(33000)) (11,000)
indirect labour(20,000)
dep building (5/100*(120,000) (6,0000)
equipmet (5/100*(100000) (5000)
42000
add WIP @ start(25000)
67000
less WIP@end(35000)
32000
g.p on Manufactured(78000)
market value(510000)
Stock F.G(135000)
market value(510000)
stock F.G(645000)
80,000
G.p(565000)
125000
690000
general exps(2/3*(33000) (22000)
admin exps(40000)
S&(45000)
net profit(96000)
203,000
credit side
market value(510,000)
510,000
sales(700,000)
ret inwards(10000)
690000
690000
G.p b/d(125000)
G.p on manifest(78000)
203,000.

(7)
Tabulate Debit(dr) and Credit(cr)
Subscription
Debit:
Balance(960) + I &E(34,560) + Balance(420) = 35940.
Credit:
Balance(360) +Cash(35,160) +Bal (420) = 35940. Balance
b/d (420)
Wages A/C
Debit:
Cash (26,976) + Bal (768) = 27,744
Credit:
Bal (696)+ I&E(27,048) = 27,744
Club House
Debit:
Bal (48,600)= 48,600
Credit:
Dep (I&E) 4860 + Bal (43,740) = 48600
Sundry Exp
Debit:
Cash (1,248) = 1248
Credit:
Bal (696) + I&E (552) = 1,248
INCOME AND EXPENDITURE
Debit (#)
Subscription (34,560)+ Income from dance (23604)+
Interest (720)+ Donation (3612) = 62516
Credit
LESS EXPENSES (#)
Dance (3,660) + Repairs (1,752)+ Wages (27048) +
Sundry Exp(552)+ Dep: Club house (4860) = Surplus
(37872)= 24,644
Balance sheet as at 31/12/2010
Tabulate (Cost ) ,(Dep) , NBv
Land (cost: 48,000) , (Dep: ), (NBv : 4800) + Club house
(cost: 57,420) , (Dep: 22788), (NBv : 34632 ) = NBV
(82632)
C/A cash (28824) - Less C/L Subcription (420)= 28404
+82632 = 111036
ACCount Fund (86064) + 24644 =110708
(
Debtor\'s account
Debit Side
Bal(1200)
sales(8200)
int Charge(140)
Dishouned cheque(1400)
Carriage out(110)
Dishourned(1200)
int on overdue(100)
12,350
Credit side
cheque received(9200)
return inwards(240)
bad debt(800)
set-off(400)
bal c/d (1710)
10640
Creditor\'s control
Debit side
cash paid(250)
cheques paid(4200)
return out(220)
set-off(400)
bal c/d(5,250)
10,320
credit side
bal(720)
purchases(9600)
10,320
bal b/d(5250)














ACCOUNTING OBJ
1-10 ACBBCBACAB
11-20 ADDBABDDAB
21-30 ABDDBBACBB
31-40 CDDDABACBB
41-50 BDDCBAACDB

[b] ♣ACCOUNTING THEORY ANS♣
1a. departmental account means account prepared
separately for the department and here ledgers will be
opened, trial balance will be prepared and also profit and
loss account.it determines the financial status of each
department in an institution.
1b. apportinate is a term used for differentiation and
division of each department financial status into different
account.
C. purpose of departmental account
- to determine the financial status of each department
- it is used to determine profitability of each department
- it is useful for decision - making processes.
- it is used for determine gross profit of each department
- it is used for monitoring the progress of each department

(3ai)prime cost are the cost that can be traced to a
particular production unit.
(3aii)
-direct materials: this is the expenditure on raw materials
which can be traced to aparticular production unit
-Direct expenses: these are expenses which have direct
indentfication with production e.g royalties
-direct labour: this refers to the wages of employeess who
are directly engaged in the production process
(3b)
-it saves time
-it allow homogenous accoutn
-it used to detect missing figures
-it helps in locating errors
-it provide a check on the accuracy of balance of the
ledgers
-total debtors and creditors can be easily calculated.

(7)
Tabulate Debit(dr) and Credit(cr)
Subscription
Debit:
Balance(960) + I &E(34,560) + Balance(420) = 35940.
Credit:
Balance(360) +Cash(35,160) +Bal (420) = 35940. Balance
b/d (420)
Wages A/C
Debit:
Cash (26,976) + Bal (768) = 27,744
Credit:
Bal (696)+ I&E(27,048) = 27,744
Club House
Debit:
Bal (48,600)= 48,600
Credit:
Dep (I&E) 4860 + Bal (43,740) = 48600
Sundry Exp
Debit:
Cash (1,248) = 1248
Credit:
Bal (696) + I&E (552) = 1,248
INCOME AND EXPENDITURE
Debit (#)
Subscription (34,560)+ Income from dance (23604)+
Interest (720)+ Donation (3612) = 62516
Credit
LESS EXPENSES (#)
Dance (3,660) + Repairs (1,752)+ Wages (27048) +
Sundry Exp(552)+ Dep: Club house (4860) = Surplus
(37872)= 24,644
Balance sheet as at 31/12/2010
Tabulate (Cost ) ,(Dep) , NBv
Land (cost: 48,000) , (Dep: ), (NBv : 4800) + Club house
(cost: 57,420) , (Dep: 22788), (NBv : 34632 ) = NBV
(82632)
C/A cash (28824) - Less C/L Subcription (420)= 28404
+82632 = 111036
ACCount Fund (86064) + 24644 =110708


(5)
manufacturing trading profit & loss Account for the year
ended 31/12/20010
Debit Side
Stock Rm(105000)
purchases(210000)
315000
expenses(56000)
371000
stock(90,000)
281000
wages(69000)
royalties(50,000)
prime cost(400000)
over head expense
gen exps(1/3*(33000)) (11,000)
indirect labour(20,000)
dep building (5/100*(120,000) (6,0000)
equipmet (5/100*(100000) (5000)
42000
add WIP @ start(25000)
67000
less WIP@end(35000)
32000
g.p on Manufactured(78000)
market value(510000)
Stock F.G(135000)
market value(510000)
stock F.G(645000)
80,000
G.p(565000)
125000
690000
general exps(2/3*(33000) (22000)
admin exps(40000)
S&(45000)
net profit(96000)
203,000
credit side
market value(510,000)
510,000
sales(700,000)
ret inwards(10000)
690000
690000
G.p b/d(125000)
G.p on manifest(78000)
203,000.

(7)
Tabulate Debit(dr) and Credit(cr)
Subscription
Debit:
Balance(960) + I &E(34,560) + Balance(420) = 35940.
Credit:
Balance(360) +Cash(35,160) +Bal (420) = 35940. Balance
b/d (420)
Wages A/C
Debit:
Cash (26,976) + Bal (768) = 27,744
Credit:
Bal (696)+ I&E(27,048) = 27,744
Club House
Debit:
Bal (48,600)= 48,600
Credit:
Dep (I&E) 4860 + Bal (43,740) = 48600
Sundry Exp
Debit:
Cash (1,248) = 1248
Credit:
Bal (696) + I&E (552) = 1,248
INCOME AND EXPENDITURE
Debit (#)
Subscription (34,560)+ Income from dance (23604)+
Interest (720)+ Donation (3612) = 62516
Credit
LESS EXPENSES (#)
Dance (3,660) + Repairs (1,752)+ Wages (27048) +
Sundry Exp(552)+ Dep: Club house (4860) = Surplus
(37872)= 24,644
Balance sheet as at 31/12/2010
Tabulate (Cost ) ,(Dep) , NBv
Land (cost: 48,000) , (Dep: ), (NBv : 4800) + Club house
(cost: 57,420) , (Dep: 22788), (NBv : 34632 ) = NBV
(82632)
C/A cash (28824) - Less C/L Subcription (420)= 28404
+82632 = 111036
ACCount Fund (86064) + 24644 =110708
(
Debtor\'s account
Debit Side
Bal(1200)
sales(8200)
int Charge(140)
Dishouned cheque(1400)
Carriage out(110)
Dishourned(1200)
int on overdue(100)
12,350
Credit side
cheque received(9200)
return inwards(240)
bad debt(800)
set-off(400)
bal c/d (1710)
10640
Creditor\'s control
Debit side
cash paid(250)
cheques paid(4200)
return out(220)
set-off(400)
bal c/d(5,250)
10,320
credit side
bal(720)
purchases(9600)
10,320
bal b/d(5250)

Transaction school theory.... Do not refer me to dead zone