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Real nabteeb finacial account

this is NABTEB GCE Tomorrow Paper..[30th November, 2012]
[b] Real Nabteb Financial Accounting OBJ Answers
Real Nabteb Financial Accounting Theory Answers
1a) Ledger is the final destination of all transaction in subsidiary books. It is the most important book of account. It can be defined as a book which contains in a classified and summarized form
(1b).(i) Personal ledgers. (ii) General ledgers
(i) personal ledger are the ledgers for creditors account and debtors account.e.g purchase and sales ledgers
(ii). General ledgers are the ledgers for real accounts.e.g expenses account,income account.
(1c)i)sales account, (ii)expense account, (iii)purchase account, (iv) income account, (v)asset account
2a). Subscription in Advance- this is the sum of money paid for future years by the members. It is treated as current liabilities item. WHILE Subscription in Arrears is the of money due from members but remained unpaid. Subscription in arrears are treated as debtors in the balance sheet
(2b).(i) items are treated in the same way as cash book
(ii). All reciepts and payments are recorded
(iii) amount owing or prepared are not shown
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Posted By desmondino On 02:14 Fri, 30 Nov 2012

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