BEST EXPO RUNZ ASSISTANCE WEBSITE. NO.1 BEST DELIVERY OF EXAM RUNZ
100% GUARANTEE OF GETTING ANSWERS MIDNIGHT..IT’S OUR CULTURE, NO DOUBT
===================================
F/ACCOUNT OBJ
01-10: EDABCBCCBC
11-20: BDECADBECC
21-30: DABCAAEEED
31-40: ECCBBCAEDA
41-50: CDEACCBBBB
51-60: EDCBDDDACD
COMPLETED
===================================
SECTION A: ANSWER TWO(2) QUESTIONS ONLY
(1a)
(i) Trading Account: The trading account calculates the gross profit or loss by comparing the sales revenue earned from goods sold to the cost of purchasing or producing those goods. It shows the initial profitability before expenses are deducted.
(ii) Profit and Loss Account: This account takes the gross profit from the trading account and adjusts it by adding incomes and deducting all business expenses to arrive at the net profit or loss. It reflects the overall financial performance of the business.
(iii) Balance Sheet: The balance sheet presents the financial position of the business at a specific date by listing assets owned, liabilities owed, and the owner’s equity. It helps assess the business’s solvency and capital structure.
(1b)
(PICK ANY SEVEN)
(i) Rates and tenement rates
(ii) Licences and permits (e.g., motor park permits, liquor licence)
(iii) Fines and penalties
(iv) Market fees and stalls rent
(v) Motor park/transport revenue
(vi) Fees from slaughter slabs and abattoirs
(vii) Local taxes and levies
(viii) Grants from State and Federal Government
(ix) Earnings from investments
(x) Revenue from public utilities
===================================
(2a)
A partnership business is an association of two or more persons who agree to carry on a business together, sharing its profits and losses as per their agreement. Partners contribute capital, skills, or labor and are jointly liable for the business debts. This structure is common for small to medium enterprises due to its simplicity.
(2b)
(I) Work Certified: This is the portion of work on a contract that has been approved by the architect or project surveyor as satisfactorily completed. It forms the basis for payments made to the contractor.
(ii) Work Uncertified: This refers to the portion of work that has been completed but not yet approved or certified by the contract architect/surveyor.
It is valued at cost and appears in the contract account but is not paid for until certification is issued.
(iii) Retention Money: This is the portion of the value of work certified that is withheld by the contractee (client) until the contractor fully completes the contract and defects liability period ends.
It acts as a security to ensure proper performance and correction of defects.
(2c)
(i) Wear and Tear: The physical deterioration of an asset due to regular use over time.
(ii) Obsolescence: Reduction in the value of an asset due to technological advancements or changes making the asset outdated or less useful.
===================================
(3a)
(PICK ANY FIVE)
(i) Names, addresses and occupations of partners
(ii) Amount of capital contributed by each partner
(iii) Profit and loss-sharing ratio
(iv) Duties, roles, and obligations of partners
(v) Admission, retirement, or removal of partners
(vi) Interest on capital, drawings, and loans
(vii) Salary or commission payable to partners
(3b)
A Journal is the book of original entry in which business transactions are recorded chronologically using the double-entry principle before they are posted to the ledger accounts. It contains details such as the date, accounts involved, narration, and amounts.
(3ci)
Goodwill:
Goodwill is an intangible asset that represents the value of a business’s reputation, customer loyalty, good location, skilled workforce, or efficient management. It is recorded when one business is purchased for an amount higher than the value of its net assets.
(3cii)
Drawings:
Drawings refer to assets or cash taken by the owner or partner from the business for personal use. It reduces both the capital of the owner and the total assets of the business.
(3ciii)
Active Partner:
An active partner is a partner who takes part in the daily management and operations of the business. He contributes capital, shares in profits and losses, and participates in decision-making and business administration.
===================================
(4a)
=DIFFERENCES=
(i) Subscription in advance is paid before it is due, while subscription in arrears is paid after it is due.
(ii) Subscription in advance is treated as a liability in the Balance Sheet, whereas subscription in arrears is treated as an asset.
=SIMILARITY=
Both are adjustments made to subscription income of a non-profit organization and affect the Income and Expenditure Account and the Balance Sheet.
(4bi)
Memorandum of Association:
The Memorandum of Association is the foundational document of a company that states its objectives and external relationships. It defines the scope of activities the company is permitted to undertake and includes details such as the company’s name, registered office, objectives, liability of members, and capital clause. It is submitted to the Corporate Affairs Commission during incorporation.
(4bii)
Articles of Association:
The Articles of Association contain the internal rules and regulations for running the company. It describes how directors are appointed, how meetings are conducted, dividend policies, voting rights, and procedures for keeping records. It governs the internal management and administration of the company.
(4biii)
Certificate of Incorporation:
The Certificate of Incorporation is the official document issued by the Corporate Affairs Commission (CAC) confirming that the company has been legally registered. Once issued, the company becomes a separate legal entity, capable of suing and being sued, owning property, and carrying on business under its registered name.
===================================
SECTION A: ANSWER THREE(3) QUESTIONS ONLY
(5)
===================================
(6)
===================================
(9)
===================================
COMPLETED….We Remain Your Favourite Site.
Ensure You Subscribe For Your Next Paper
===================================
Leave a Reply