ACCOUNT OBJ
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(1a)
(i)Bank statement- This can be defined as the book
which the bank prepares showing the transactions
between it and the customer
(ii)Bank reconciliation statement: This can be defined
as a statement that is prepared to reconcile the
disagreement of the cash book and that of the bank
statement

(1b)
-Uncredited cheque- There are cheques received and
entered on the debit side of the cash book but have
not been entered in the bank statement due to
lateness or the bank statement had been prepared
before the cheques were paid in
-Dividend;This is part of the profit for shares held by
the customers paid directly into his bank account
-Standing order;This is an order made by the
customer to the bank to make regular payment to
somebody
-Dishonoured cheques: These are cheques received
from customers and paid by the firm and rejected by
the bank as a wrong signatures,incorrect number
-Bank charges and interest: This is the amount
deducted by the bank for services rendered.The bank
will deduct money without informing the firm until
they received the bank statement

(2a)
Suspense account- This can be defined as the account
used to record the difference on a trial balance
temporarily, until the errors are detected & corrected

(2b)
-Error of omission;This error occurs when
transactions are completely omitted from the debit
and credit side of the books
-Error of original entry;This is where a wrong amount
is entered on the debit and credit side
-Error of principle; Here wrong classes of accounts
are involved,a real account item is entered in a
nominal account or vice-versa

2c)
i)Debit balance;Return inwards
ii)Credit balance;Return outwards

(5)
debtors control
debit side-
bal(96000)
sales(4000000)
dishonoured cheque(480)
disct disallowed(240)
4096720

Credit side
cash & cheque received(2,320,000)
return inwards(40,000)
discount allowed(44,000)
bad debt(1200)
set-off(8000)
bills receivable(1280)
credit note issued(39440)
service charges(832)
bal c/d(400,000)
bal c/d (1,2411968 )
4096720
creditors control

Debit side-
cheque(1,200,000)
return inwards(24000)
discount received(1680)
set off(800)
petty cash(16000)
bills payable(2520)
bal c/d(24000)
bal c/d (483800)

credit side-
bal(160,000)
purchases (1,600,000)
1,760,0000

(7)
statement of affairs
debit sidebr /> opening capital(6000)
6000

credit side
debtors(1750)
cash(2100)
stock(150)
motor(2000)
6000
statement of affairs

debit side-
opening capital(5150)
bills payable(300)
creditors(1900)
loan(500)
7850

credit side
investments(1000)
debtors(3400)
cash(200)
motor(2000)
stock(1250)
7850
statement of profit
closing capital(51)
crawing (50)
opening capital(6000)
capital(200)
net profit(6200)
balance sheet

debtor side-
capital(5150)
bill payable(300)
creditor(1900)
loan(500)
creditor side
motor(200)
investment(1000)
stock(1250)
debtors(3400)

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