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100 Reall Financial Account Neco Gce 2016 Obj And Theory Answers Available Here...
Author: Adera02
Posted on: 09:05:10 Thu, 08 Dec 2016


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ACCT OBJ
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7ai)
current ration
current asset: Current liability
102753 : 37370
2 . 75 : 1

7aii)
working capital = C. A- C. L
102753 -37370
= # 65383

7aiii)
shareholders fund = #215883

7aiv )
liquid asst= #22890

7av)
acid test ration = ( C. A-stock) : Current
liability
( 102753- 48219) : 37370
54534 : 37370
= 1 . 45 : 1

7b)
in the book of saidu’s accound balance sheet as at 31-12-2008

Ord share cap. 150,000
share premium 37,000
retained profit 28383/215883

3% debenture 45000/260883

current liability
creditors 34930
rent 2440___37370

Fixed Asstt
machinery 105,900
– dep. 38100/67800
building 127500

current asset
stock 48219
debtors 31644
bank 22890
__102753
==============

1a)
tabulate

Reciept And Payment A/ C
– only cash transactions are recorded
– it includes capitals items
– balance represents cash in hand and
bank over draft

Income And Expenditure #
– there is adjustment for accruals and
prepayment
– it excludes capital items
– balance represent surphis and
defficiency

1 b)
– gift and donation
– grants
– loan financing and equity capital
– contract
– trading

1 c)
– tax
– sale of services
– other revenue
================

2a)
Bank reconciliation statement is defined as a statement that is prepared to reconcile the disagreement of the cash book and that of the bank statement

2b)
i. To correct errors
ii. To show customers balance at the end of the period.
iii. To know some dishonoured cheque returned at the end of the period.

2c)
i. Uncredited cheque
ii. Unpresented cheque
==================

3 ai)
-General Partnerships (GP ) –
This represents a default version of a partnership , which governs the
relationships between the individual
partners as well as between the
partnership and the outside world .
3 aii )
-Limited Partnerships (LP ) –
In a limited partnership , a general
partner may collaborate with a limited
partner. A limited partner has no
managerial authority , nor in most
situations would they earn equal returns .
3 aiii)
-Joint Liability Partnerships –
Exactly as it sounds , a joint liability
partnerships holds all partners equally
liable for any financial and legal issues .
As opposed to a several liability concept,
in which liability may be distributed
based on certain proportionate responsibility, joint liability partnerships
are equal across the board .
3 bi )
-Percentage of ownership –
You should have a record of how much
each partner is contributing to the
partnership prior to its opening . (People
have short memories . )
3 bii)
-Allocation of profits and losses –
You must decide if the profits and
losses will be allocated in proportion to
a partner ’s ownership interest which
is the way it is handled unless otherwise indicated .
3 biii )
-Resolving disputes –
What happens if you and your partners
reach a point where you can ’t agree ? Do
you head to court ? Well , only if you want
to spend a lot of time and money.
3 biv )
-Making decisions –
in a business is often like trying to make decisions in a committee , nothing gets done. In fact, it can often stalemate a company , which results in business failure .
3 bv )
-The death of a partner –
What happens if one partner dies or
wants to leave the partnership ? To
manage these situations you need a
buy/ sell agreement .
3 c)
partnership A type of business organization in which two or more individuals pool money,skills ,and other resources , and share profit and loss in accordance with terms of thepartnership agreement .

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[*] Guest - 16:41:48 Tue, 10 Jan 2017
Keep on writing and chngigug away!

[1]

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