WAEC GCE 2015 ACCOUNT ANSWER PAGE......VIEW THE ACCOUNT ANSWERSRUNZ/EXPO HERE

ACCOUNT
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(1a)
Partnership business can be defined as the relationship which subsists between persons carrying on a business in common with a view of profit. It can be formed by one to twenty persons in business.

(1b)
Dormant partner is define a person who does not partake in the day to day running of the business but only contribute capital. it can also be called a sleeping partner

(1c)
i. The capital to be contributed by each partner

ii. the rate of interest on capital

iii. the rate of interest on drawings

iv. the division of profits and losses

v. the basis of valuing goodwill on the death or retirement of a partner

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(4a.)
computer is any device that is capable of accepting data automatically, applying a sequence of process to the data and supplying the results of these processes.
(4bi.) input data is a data or raw information accepted by a computer to be processed into a useful information eg

(4bii.) output data is the result information from a computer when it has been processed

(4biii.) input components are devices used to insert commands into computer for processing eg keyboard

(4biv.) output components are devices which displays the useful information that has been processed from raw data eg monitor.

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(5a)
tabulate, debit side and credit side must be side by side

trial balance:
Dr:
motor van(15,000)
equipment(40000)
furniture(10500)
stock(8500)
purchases(60000)
debtors & creditors(4300)
cash(15500)
discounts(1500)
bad debt(500)
salaries(3500)
drawings(800)
gen exps(500)
lighting(750)
insurance(400)

Cr:
sales(9,000)
debtors&creditors(2000)
rent(1000)
loan(5000)
provision(1000)
capital(60800)


(5b)
Trading profit & loss A/c for the yr end 31/12/2014
debit side:
Stock(8500)
purchases(60,000)
68500
stock(3820)
GP(64680)
26320
G.P(64680)
26320
9,000
Dep:
motor van((5/100)*15,000=750)
equipt((5/100*40,000=2000)
int on loan(325)
disct alld(1500)
bad debt(1500)
salaries 500+1500 (2000)
gen exps(500)
lighting(750)
Ins(400)
19545
28770

Credit:
sales(9,000)
9,000
G.P b/d(26320)
rent recd(1000)
disct rcd(1000)
provision for bad debt(450)
28770
28770

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