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2019 WAEC BOOKKEEPING & OFFICE PRACTICE QUESTIONS AND ANSWERS

BOOKKEEPING ANSWERS (1a) A trading account can be any investment account containing securities, cash or other holdings. (1b) (i) Purchase (ii) Sales (iii) carriage inward (iv) Carriage outward (v) Expenses (vi) Gross profit (vii) Net profit (viii) Opening stock ========================================= (2a) Discount is an allowance or concession in price. Discount is given so that the buyer is induced (lured) to place an order and later to make payment in time. (2bi) (i)Lower Business Costs. A significant trade discount advantage is the small business’ ability to lower operational business costs. (ii) Increase Purchasing Power. (iii) Improve Goodwill. (iv) Higher Consumer Sales. (2bii) (i)Attracting New and Repeat Customers. (ii)Increase Sales Across the Board. (iii)Free Up Room in Your Store. (iv)Meet Sales Goals. ========================================== (4a) Depreciation refers to two aspects of the same concept: The decrease in value of assets The allocation of the cost of assets to periods in which the assets are used. Depreciation is a method of reallocating the cost of a tangible asset over its useful life span of it being in motion. (4b) (i) To Calculate the True Profits (ii) To show true Financial Position (4ci) Fixed Instalment: fixed installment method of depreciation the amount of depreciation each year is fixed and equal. At the end of each year, a fixed amount is removed from the book value of the asset concerned and charged to profit and loss account (or income statement ). (4cii) Dimishing Balance:Diminishing balance depreciation method is one of the three depreciation methods that mention in This kind of depreciation method is said to be high charged at the first period, and then subsequently reduce. This is because the charging rate is applying to the Net Book Value of Assets and the Net Book Value of Assets is reduce from time to time after charging ============================================ (5a) Provision for doubtful debt account Debit side 2015 Dec 31 balance c/d 400,000 2016 Dec 31 balance c/d 600,000 Total =1,000,000 Credit side 2015 Dec 31 profit & loss 380,000 2016 Dec 31 profit & loss 570,000 Total=1,000,000 ================================================== (7)  
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  ============================================ BOOKKEEPING: (8a) Journal entry Sales account Dr 49,000 Suspense of account being error of principle and now corrected Cr 49,000 Lammidu’s Account Dr 76,200 Suspense account being error of parties omission now corrected Cr 76,200 Discount allowed Dr 57,000 Discount received Dr 57,000 Suspense account being error of principle of complete Cr 114,000 Return inward account Dr 30,000 Suspense account under cast in return inward now corrected Cr 30,000 (8b) difference in trial balance recorded Dr 269,200 Total =269,200 Credit side Sales 49,000 Lammidu’s AK 76,200 Discount allowed 57,000 Discount received 57,000 Return inward 30,000 Total =269,200 ================================================= (9)  
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  ============================================ +++++++++++++++++++++++++++++++++++++++++++++++++++++++ TOURSIM ANSWERS (1) (i) International passport – Immigration office (ii) Yellow card – Port Health Services office ========================================== (4) (i) Leather Shoe (ii) Leather belt (iii) Leather slippers (iv) Leather bags ============================================= (No 5) (Pick any two) (i) Taking tourist to place where they can relax (ii) Planning special holidays packages (iii) Help in coordinating the accommodation and transportation of tourist (iv) Ensuring that the tour agencies advertise the holiday packages (v) Properly directing the tourist to his place of interest ======================================== (No 6) (i) Immigration (ii) Police (iii) National drug law enforcement agencies (iv) Car hire services ========================================== (No 7) (i) Electronic media (ii) Print media (iii) Electronic bill board (iv) E reservation (v) E banking ======================================== (No 8) (i) Tour guild: provide information to tourist (ii) Ticket retailer: Sales ticket to intending tourist (iii) Cook: Helps in serving food to tourist (iv) Waiter: He or she prepare bills/receipt ========================================= (No 9) (i) Benin City National Museum (ii) Nigerian National Museum,Lagos ====================================== (13a) (i) Domestic tourism is a voyage that you do not need passport while international tourism needs a passport or visa (ii) Domestic tourism does not lead foreign exchange while international tourism earns foreign exchange (13b) (i) physiological reasons: It involves how people feel,their physical health and their levels of fatigue (ii) Holiday: This is a period of rest from work, school or whatever one does (iii) Economic reason: This has to do with business transaction which involves moving from one place to another +++++++++++++++++++++++++++++++++ Answers Loading………… ++++++++++++++++++++++++++++++++ ]]>

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