2024 WAEC GCE FIRST SERIES (JANUARY) FINANCIAL ACCOUNTING: 2024 WAEC GCE First Series Financial Accounting questions and ANSWERS (9411)

(2a)
Drawing in business are the money or other assets taken out of a business. In other words this might be by the owner or partner for personal use, or as dividends if the company has been made public which are business costs.

(2b)
On the admission of a new partner: On the admission of a new partner, the old partner will value goodwill and share in the old profit sharing ratio before the new partner is admitted.

(ii) Change in the profit and loss sharing ratio: If there is a change in the profit and loss sharing ratio the partners will value goodwill and share in the old profit sharing ratio before the change.

(iii) On the retirement of a partner: On the retirement of a partner, goodwill will be valued and shared among the partners including the retiring partner.

(iv) On amalgamation of partnerships: On amalgamation of partnerships, the partners in each firm will value goodwill and credit their respective capital accounts before the amalgamation.

(v) On dissolution of a partnership: On dissolution of a partnership, the partners will value goodwill and share it among the existing partners in the old profit sharing ratio.
(vi) On the death of a partner: When a partner dies, Goodwill is valued in order to dissolve the old partnership.

(vii) Takeover of a partnership by another business/Purchase of a partnership by another business: On the purchase of a partnership by another business, goodwill is valued and shared by the 'copied from e x a m p l a z a . c o m free' partners.

(viii) On the resignation of a partner: When a partner gives notice of his resignation, goodwill will be valued and shared by the partners.

(2c)
(i)Dissolution by Agreement.
(ii)Dissolution by Notice.
(iii)Insolvency of Partners.
(iv)Commitment to Illegal Business.
(v)Death of a Partner.
(vi)Expiry of Term.

(4a)
Public sector accounting is concerned with recording financial transactions of the government, analyzing the transactions, classifying, summarizing, reporting and interpreting the financial information's of the government to the various stakeholders.

(4b)
(i)Direct and Indirect Taxes.
(ii)Mining.
(iii)Earnings and Sales
(iv)Licences and internal revenue.
(v)Fees and Interest and Repayment.

(4c)
(i) To ascertain the authenticity of transactions and their compliance with the established laws, regulations and statutes.
(ii) Providing evidence of stewardship.
(iii) Assisting planning and control.
(iv) Assisting objective and timely reporting.