2023 NABTEB Accounting (Essay & OBJ) Answers [26th June]
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NABTEB MAY/JUNE 2023 FREE FINANCIAL ACCOUNTING QUESTION AND ANSWER ROOM [NBC/NTC]

Monday, 26th June 2023
Financial Accounting (Objective & Essay) 12:00noon - 3:30pm

2023 NABTEB FINANCIAL ACCOUNTING (THEORY) ANSWERS:





(6)
TABULATE
Trading Account
=DR=
Opening stock 20,000
Purchases 30,000
Less closing stock 30,000
Cost of goods sold 20,000
Gross profit 30,000
Expenses 10,000
Net profit 20,000
Total 30,000
=CR=
Sales 50,000
Gross profit 30,000
Total 30,000

(6a)
Cost of goods sold = Opening stock + Purchase - Closing stock
Opening stock = 20,000
Purchase = 30,000
Closing stock = 30,000
Cost of goods sold = 20,000 + 30,000 - 30,000
Cost of goods sold = 20,000

(6b)
Net profit percentage = (Net profit / Sales) ×100
Net profit = Sales - Cost of goods sold - Expenses
Net profit = 50,000 - 20,000 - 10,000
Net profit = 20,000
Net profit percentage = (20,000 / 50,000) * 100
Net profit percentage = 40%

(6c)
Acid-test ratio = (Current assets - Stock) / Current liabilities
Current assets = Debtors + Closing stock
Current liabilities = Creditors
Debtors = 10,000
Closing stock = 30,000
Creditors = 5,000
Acid-test ratio = (10,000 + 30,000 - 30,000) / 5,000
Acid-test ratio = 10,000 / 5,000
Acid-test ratio = 2:1

(6d)
Current ratio = Current assets / Current liabilities
Current assets = Debtors + Closing stock
Current liabilities = Creditors
Current ratio = (10,000 + 30,000) / 5,000
Current ratio = 40,000 / 5,000
Current ratio = 8:1

(6e)
Working capital = Current assets - Current liabilities
Current assets = Debtors + Closing stock
Current liabilities = Creditors
Working capital = (10,000 + 30,000) - 5,000
Working capital = 40,000 - 5,000
Working capital = 35,000

(6f)
Gross profit percentage = (Gross profit / Sales) ×100
Gross profit = Sales - Cost of goods sold
Gross profit = 50,000 - 20,000
Gross profit = 30,000
Gross profit percentage = (30,000 / 50,000) × 100
Gross profit percentage = 60%


 

2023 NABTEB FINANCIAL ACCOUNTING OBJECTIVES (OBJ) ANSWERS

1-10: DBCDCAACCC
11-20: BCDCBCDDCC
21-30: BBDCCCAACC
31-40: ACBDDABACB
41-50: BDADACDABB


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