WAEC Account Answers

1-10: CACDDCCCCA
11-20: CCADADDBDC
21-30: DBDBCACCBD
31-40: BDDCBCBBBA
41-50: ACCBCBDADC 
(1a) Cash book: this is a double entry account used to record cash transactions and also transactions with the bank. It is a subsidiary book and also performs the function of aledger.  (1b) (i) it provides a written record which is essential for the proper conduct of business.
(ii)the existence of reliable financial records help in management decision making.
(iii)good book-keeping practice enables one to ascertain the profit or loss made during a trading period. (iv)it make it possible to find out how a business stands in relation to its customers (v)it facilities reference making to past transactions. (vi)it shows purchase and sales made within a given period. (vii)it also facilitates inter-firm comparison 
(1c) (i)invoice (ii)credit note (iii)debit note (iv)petty cash voucher (v)receipts 
(2ai) Assets: the assets are set out in order of permanence or liquidity. it is the possession of an organisation which creates revenue for the business.the two classification of assets are; current and fixed assets. 
(2aii)liability: this can be defined as business indebtedness which is acquired for business purposes but has to be repaid at the agreed period.it is classified into short term and long term liability. 
(2b). (i)the value of asset;this determine the annual charge of depreciation of assets.
(ii)nature of asset; this is whether an asset I. current or fixed for the value used in each has something to do with the asset nature.
(iii)time; the life span of a assets determines the value to charged for the asset depreciation. 
7. TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST/12/2010. Debit Side Stock(85716) Purchases(389814)=475530 Return Outward(165)=475365 Less Stock(9500)=380365 G.P(157375)= Rent&rate(7500+4000)= 11400 Insurance(8000-2800)= 5200 General Expenses=9000 Salaries(59628+7000)=66628 Interest=5000 Bad debt=1629 Provision for bad debt=3029 Directors salaries=28000 Depreciation M.v 20%*12000 =24000 Net Profit= 3389 Total= 157375 Credit side Sales(538266) Return inward(526)=537740 G.P (157375) total:(157375) PROFIT AND LOSS APPROPRIATION A/C FOR THE YEAR ENDED 31/12/2010 Debit side Proposed Dividend 10/100*100000 =10000 Retained Profit = 80789 Total= 90789 Credit side N.p B/D (3389) Balance B/D (87400) Total= 90789 
9. BALANCE SHEET AS AT 30/9/2012 Debit side  Ordinary share(156,000) Reserve/Net Profit (65883) Long term liability/6% Debenture(45,000)  C/L  Creditors(34730) Rent(2440)=37170 Total= (298053) Credit Side Fixed assets Premises(127500) Plant & machinery(165900) Less exp (38100)  C/A Stock(48219) Debtors(31664) Bank(22890)=162773. Total=298073 
(9b) (i.) (C/A-stock)/CL= (102773-48219)/347303=54554:34730/1.57:1  (ii.) Capital emloyed = Total asset-Current Liability=298073-37170=260903  (iii.) Working capital=CA-CL = 102773-37170= 65603  (iv.) CA:CL=102773:37170= 2.76:1