1.Upnext 2015 SSCE Exam Schedule.

Waec GCE Tuesday, 8th Sept, 2015:
Financial Account 2(Essay)9.30am
– 12.00pm

Financial Account 1 (Obj)12.00am
– 1.00pm

(3a)
the journal is used for the purpose of
recording
transactions, which because of their nature
cannot be entered in any other book of
prime entry.

it is also used for opening and closing
entries, transfer of items or correction of
errors

(3b)
-sales day book
-purchase day book
-sales returns or retuns inwards
-Purchase Returns

(3c) Sales day book:-particulars
-detail Purchases day book: -date
-folio Sales returns: -particulars
-folio Purchase Returns: -Particular
-date
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Financial Account 2(Essay)9.30am
– 12.00pm

ACCOUNT OBJ:

1-10: BCBABCDBCC

11-20: CAACCCCCBB

21-30: CAABCADBCD

31-40: BACBAACDAB

41-50: ADDBCCDADB

Financial Account 1 (Obj)12.00am
– 1.00pm

(3a)
the journal is used for the purpose of
recording
transactions, which because of their nature
cannot be entered in any other book of
prime entry.

it is also used for opening and closing
entries, transfer of items or correction of
errors

(3b)
-sales day book
-purchase day book
-sales returns or retuns inwards
-Purchase Returns

(3c) Sales day book:
-particulars
-detail Purchases day book:
-date
-folio Sales returns:
-particulars
-folio Purchase Returns:
-Particular
-date

(4a)
-Private limited liability companies;-This is
defined by section 28 of the company's act
1948 as a company which by its articles
restrict
the right to transfer its shares,limit the
numbers
of its members to fifty,prohibit any
invitation to the public to subscribe to its
shares and also
ends the of their names with limited e.g Dangote ltd

-Public limited liability companies;-These are
companies which invite the public to
subscribe
to its shares.The minimum number of
shareholders requires to form a public
liumited
company is seven.There is no restriction on
the
maximum number of share holders.The
shares
are transferrable to the other person
without
informing other shareholders.The name of
the
company must end with public liability
company e.g lever brothers PLC

(4b)
-Authorized capital;-This sis the total amount
stated int the memorandum of the
association
and approved by the registrar of companies
which a company can issue out

-Issued capital;-This is the total amount that
the directors decide to issue to the public
for
subscription

-Loan capital;-This sis the alternative name
for
debenture

-Called up capital;-This is the total amount
asked for on al shares

-Paidup capital;-This is the toatal amount
paid
up or credited as paid up on the issued share capital

( Trading and profit loss Debit side:
Stock(110,000)
Purchases(680,000)
790000
Gross(695000)
205000 900000
provision for double debt(500)
bad debt(1200)
sundry exp(50000)
discount(900)
wages& salaries(24000+6000)30000 Rent &
rate(800-1500)6500
dep motor 5% of 90000(4500)
F&F 10% of 100000 (10000)
N.P (102055) int on capital
EZE (5%* 150000) 7500
kuti (5%* 100000) 5000 share of profit:
EZE (3/5 * 94300) 56580
Kuti(2/5 * 94300) 37720
106800 Credit Side:
Sales 900000
900000 G.p b/d 205000
discount received 650
205650
interest on drawings:
Eze(5/100 * 50000) 2500
Kuti (5/10 * 4500)
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