FIN. ACCOUNT OBJ:
1-10: BADADCBBBD
11-20: AADADDACAC
21-30: DDCDBBDACB
31-40: DBCADCDDAC
41-50: CBCAADBDBA

(1a)
Tabulate

UNDER
Receipt & Payment;
-it is a real account
-balance is cash-in hand

Under
Income & Expenditure;
-it is a nominal account
-balance represent surplus or deficit

(1b)
-it is the amount received from the new members who intends to join the club
-it is a sum of money prepaid by the members of club representing dues for next year. it is a liability
-it is sum due but which has not been paid for that year. it is a current asset
-it is the financial gift received by the club

(1c)
(i)
-direct and indirect tax
-mining
(ii)
-statutory allocation
-investment earning
(iii)
-tenement rate
-finest



(2a)
-correction of error
-purchase of asset on credit
-for recording opening entries
-for double entry transaction
-for recording acquisition of new business
-recording of disposal of fixed assets

(2b)
(i)
to segregate the activities of the business organisation into smaller and more controllable unit
(ii)
toassertain gross profit or loss
(iii)
to ascertain prime cost overhead cost and cost of production and cost of production
(iv)
to ascertain net profit or loss
(v)
it shows the financial postion of an organisation in a financial year.

(2c)
receipt:acknowledges that payment has been received from the buyer.
credit note: is sent by the seller to the buyer to correct an over charge.



(5)
Adjusted Cash Book

Debit Side:
Bal B/D (12409.44)
12409.44

Credit Side:
undercast(120)
Dishonoured cheque(156)
Bank CHarges(30)
Cheque book(18.96)
Bal c/d(12084.48)
12409.44

Bank Reconciliation statement

Balance as per Adjusted cash book(12084.4)
Add unpresented Cheque:
Abel(132)
Amufu(246.84)
378.81
12463.32

Less uncreditied cheque;
okeke(243.96)
Ojimekwe(174)
Owale(562.92)
980.88
Balance as per Bank Statement(11482.44)



(6)
Departmental, trading profit and loss A/c for the year end 31/12/2010

Debit Side;

tabulate

Under cosmetics
stock(10000)
purchases(480000)
490000
carriage(100000)
590000
closing stock(12000)
578000
gross profit(2222000)
2800000
carriage out(11250)
Rent& rate(148167)
Admin exps(24500)
wages & salary(48067)
light & heat(400000)
insurance(150000)
dep fixed asset(150000)
net profit(1290016)

Under clothings
stock(30000)
purchases(790000)
820000
carriage(100000)
920000
closing stock(36000)
884000
gross profit(3916000)
4800000
carriage out(11250)
Rent& rate(25400)
Admin exps(42000)
wages & salary(82400)
light & heat(400000)
insurance(150000)
dep fixed asset(150000)
net profit(2826350)
3916000

Under utensils
stock(45000)
purchases(950000)
995000
carriage(100000)
1095000
closing stock(54000)
104000
gross profit(335900)
4400000
carriage out(22500)
Rent& rate(232833)
Admin exps(38500)
wages & salary(75533)
light & heat(400000)
insurance(150000)
dep fixed asset(150000)
net profit(2289634)
3359000

Under total
stock(85000)
purchases(2220000)
2305000
carriage(300000)
2605000
closing stock(102000)
2503000
gross profit(9497000)
12000000
carriage out(4500)
Rent& rate(635000)
Admin exps(105000)
wages & salary(206000)
light & heat(1200000)
insurance(450000)
dep fixed asset(450000)
net profit(6406000)
9497000

Credit side

tabulate
Under cosmetics
sales(2800000)
2800000

Under Clothing
sales(4800000)
4800000

Under Utensils
sales(4400000)
4400000

Under Total
sales(12000000)
12000000


Under cosmetics
G.p b/d(2222000)
2222000

Under clothing
G.p b/d(391600)
3916000

Under Utensils
G.p b/d(3359000)
33590000

Under Total
G.p b/d(99497000)
9497000


===COMPLETED===

GOOD BYE TO NABTEB GCE
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