2021 NEBTEB ACCOUNTING Questions & Answers: 2020 NEBTEB ACCOUNTING ANSWERS Night before Exam

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11-20: CAABDCCBAD

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31-40: CBCDCBADAB

41-50: DCABABADDA

_2020 NABTEB financial Accounting Answers_

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TAKE NOTE: Wherever you see something like this under the credit side, just leave it blank. It means no value

 *THEORY* 

(1a) Software can be refered to as the programs used in computer system.

(1b)

Two types of software are

(i) Systems software.

(ii) Application software.

(1c)

Advantages of Application packages

(i) Reduction in time needed for implementation.

(ii) Reduction in systems and programming effort and cost.

(iii) Provision of expertise not normally available to the small users

(iv) Reduction in errors in design.

Disadvantages of applications Packages

(i) A package may be asked which is not completely suitable to the application.

(ii) No one on site can help when problem occur. 

(iii) Inefficiency emanating from the inclusion of features not relevant to every application.

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(4 Motor Car Accoun

TABULAT

Dr

Jan 1 1991 cash      #6,40

Cr  ________

(4b

Provision for depreciation account

TABULAT

D

Dec. 31 1991 balance c/d           320

Dec. 31 1991         profit and loss #3,20

Dec 31 1992 balance c/d                   #4,80

__________

#4,80

__________

Jan. 1 1992   balance b/d           #3,20

Dec. 31 profit and loss            #1,6

                   ________

                   #4,80

                  ________

Dec. 31 1993      balance c/d   #5,60

                        _____

                       #5,60

                       ______

Jan. 1 19932 balance b/d   #4,80

Dec. 31 profit and loss                 #8

                        _____

                       #5,60

                       ______

Dec. 31 1994   balance c/d   #6,000

                       ______

                       #6,00

                       ______

Jan. 1 1994  balance b/d  #5,60

Dec. 31 profit and loss                  #4

                       ______

                       #6,00

                       ______

Dec. 31 1995 balance c/d   #6,20

                       ______

                       #6,20

                       ______

Jan. 1 1995 balance b/d                 #6,00

Dec. 31 profit and loss                 #2

                       ______

                       #6,20

                       ______

(4

Profit and loss account

TABULAT

D

1991 Depreciation        #3,20

1992 Depreciation  #1,6

1993 Depreciation     #8

1994 Depreciation    #4

1995 Depreciation     #2

(4

Depreciation Schedule

Year  1   2   3  4 

Book value at beginning  6, 400   3, 200  1,600   800   

Depreciati

3,200   1,600   800   400   20

Accumulated Depreciation 3,200  4,800  5,600  6,000 6,

Net book value  3,200  1,600  800  400  2

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(i) Realization account

TABULATE

Book value of asse

Fixed asset   #24,7

Stock        #13,55

Debtor      #30,00

Cost of liquidation     #75

    #69,08

 ________

Cash realized

Debtor       #28,00

Stock        #13,00

Fixed asset     #20,00

Discount from creditor   #106

Take over by

Bayo       #80

Share of lo

Bayo=3/9 × 6215 = 2071.

Victor=4/9 × 6215 = 2762.

Tunde= 2/9 × 6215 = 1381.

              _____

                  #69,08

                  _________

(i

Cash accoun

TABULATE

D

Balance b/f  #2,78

Debtor    #28,00

Stock      #13,00

Fixed asset   2000

______

    #63,78

_________

Cost of liquidation  #750

Creditor   #13,50

Capital

 Bayo      #10928.

 Victor    #22,237.

Tunde     #14,693.

Loan       #167

     _________

     #63,78

    _________

(ii

Capital account

TABULAT

D

Particular   ||    Bayo   || Victor   ||     Tund

Bay

Motor car #80

Have of loss #2,071.

Cash #10,928.

          _________

          #13,80

          _________

Vict

Motor car  ---------

Have of loss #2,762.

Cash  #22,237.

          _________

          #25,00

          _________

Tu

Motor car --------

Have of loss  #1,381.

Cash  #14,693.

          _________

          #16,07

          _________

Particular   ||    Bayo   || Victor   ||     Tund

Particul

Balance b/

B

#13,80

_______

#13,80

_______

Vic

#25,00

_______

#25,00

________

Tu

#16,07

_______

#16,07

________

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(View image/above)

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(

(View image above)

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_ComplIet++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B te++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B ed++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B d_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B

d_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B

`d_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B ``d_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B ``d_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B `Gd_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B GOd_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B OOd_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B Ld_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B LUd_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B UCd_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B CKd_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B K`d_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B ``d_++ 7)+++ 6)++_5__5nde_0__0tor_0__0ayofar e

Cr_5_91-nde_0_82-or _0_370o erE  i) _0_ 0983:0

Cr_0____0000r  ti) _2_____127ss0:7000

Cr_2_____00280tDr  5)++00 2000on 400 5 d) ____

Cr000000000rE  c) _0_000Cr_0_0

Dr_0_000Cr_0_

Dr_0_000Cr_0_0

Dr_0_000Cr _0_0

Dr0Cr0rE  ) __0 E ta)++ :

__    B C D B

 ```GOOD LUCK```