bece model questions vol1 2024 business_studies | Practical

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Question 1 View Details
A student visited a local bakery named "Sweet Treats" which is owned by Mrs. Ada Okoro. The bakery started operations on 1 January 2022 with an initial capital of ₦500,000 contributed solely by Mrs. Okoro. It operates from a rented shop in the market and sells cakes, pastries and bread. The business employs two assistants and purchases raw materials from a single supplier.
Question Parts
(a)
Identify the form of business organization of Sweet Treats.
(b)
State two advantages of this form of organization for Mrs. Okoro.
(c)
List three categories of stakeholders of Sweet Treats and give one specific interest for each category.
(d)
The bakery recorded the following sales for the month of March 2024: Cash sales ₦120,000, Credit sales ₦80,000. The cost of goods sold for the month was ₦100,000. Calculate the gross profit for the month and express it as a percentage of total sales (gross profit margin).
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Question 2 View Details
ABC Trading Ltd. is preparing to order office supplies for the next quarter. The purchasing officer has prepared the following quotation from the supplier: Item | Quantity | Unit Price (₦) | Discount (%) --- | --- | --- | --- A4 paper (500 sheets) | 10 | 4,500 | 5 Ballpoint pens (12 pcs) | 8 | 2,200 | 0 Staplers | 5 | 3,800 | 10 File folders (A4 size) | 12 | 1,500 | 5 All items are subject to a Value Added Tax (VAT) of 7.5 % on the net amount after discount. The company uses a perpetual inventory system and records purchases in the Purchases Journal. The company also maintains a petty cash fund with a float of ₦5,000. Tasks: a) Calculate the net amount payable to the supplier after discounts and VAT. b) Prepare a correctly formatted purchase order showing the items, quantities, unit prices, discounts, net amounts and total payable. c) Record the purchase transaction in the Purchases Journal, showing the date (15 April 2024), supplier name (OfficeSupplies Co.), and the appropriate debit and credit entries, including the VAT amount. d) Suggest two internal control procedures that could be applied to this purchasing process to minimise the risk of fraud.
Question Parts
(a)
Calculate the net amount payable to the supplier after discounts and VAT.
(b)
Prepare a correctly formatted purchase order showing the items, quantities, unit prices, discounts, net amounts and total payable.
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Question 3 View Details
A small retail shop, GreenMart, needs to obtain a price quotation from its supplier, Alpha Supplies, for three items. The items, required quantities and unit prices are: - Item A: 3 units at ₦12,000 each - Item B: 5 units at ₦8,500 each - Item C: 2 units at ₦15,000 each Alpha Supplies offers a 5 % discount on the total invoice if the amount before discount exceeds ₦50,000. GreenMart must write a formal business letter to request the quotation, calculate the total cost before discount, determine the amount payable after discount (if applicable), and identify three essential components of a business letter. Answer all the parts below.
Question Parts
(a)
Draft a formal business letter addressed to Alpha Supplies requesting a price quotation for the items listed above. Include appropriate heading, date, reference, salutation, body, closing and signature.
(b)
Calculate the total cost of the three items before any discount is applied.
(c)
If the supplier’s 5 % discount applies, calculate the final amount payable by GreenMart.
(d)
List three essential components that must appear in every formal business letter.
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Question 4 View Details
The following is a transcript of a telephone conversation between a customer, Mrs Adaeze, and a sales representative of QuickShip Logistics: Mrs Adaeze: "Hello, I am calling about the order I placed last week, but I haven't received it yet." Sales Rep: "Good afternoon, may I have your order number please?" Mrs Adaeze: "It's 2023/045." Sales Rep: "I see, the delivery was scheduled for yesterday but there was a delay due to heavy traffic." Mrs Adaeze: "That is disappointing, I need it urgently." Sales Rep: "I apologise for the inconvenience. We can expedite the shipment at no extra charge and it will arrive by tomorrow." Mrs Adaeze: "Thank you." Using the above conversation, answer the questions that follow.
Question Parts
(a)
Write a concise summary (maximum 80 words) of the conversation, highlighting the main issue and the solution offered.
(b)
Identify two communication barriers that occurred during the call.
(c)
Suggest two ways QuickShip Logistics could improve future telephone communications with customers.
(d)
Rewrite the opening of the conversation (first two exchanges) as a formal business email, including a suitable greeting, reference to the order, apology for the delay and the proposed solution.
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Question 5 View Details
The following extracts are taken from the cash book of XYZ Ltd. and the bank statement of its bank for the month ended 31 March 2024. Cash Book (selected items): - Opening balance (debit).........................₦206,000 - Cash sales received..............................₦150,000 - Loan received....................................₦100,000 - Rent paid (cheque No. 101)......................₦30,000 - Salaries paid (cheque No. 102)...................₦50,000 - Purchases paid (cheque No. 103)..................₦70,000 - Miscellaneous expenses paid (cheque No. 104)..₦20,000 Bank Statement (selected items): - Opening balance (debit).........................₦200,000 - Deposits recorded by bank (cash sales).........₦150,000 - Deposits recorded by bank (loan)................₦100,000 - Cheques cleared: 101, 102 and 103..............₦150,000 - Bank service charges.............................₦5,000 - Interest earned on the account..................₦2,000 Additional information: 1. A cash receipt of ₦20,000 made on 28 March has not yet been reflected in the bank statement (deposit in transit). 2. A cheque for ₦30,000 issued on 30 March has not been presented to the bank (outstanding cheque). 3. The bank mistakenly debited ₦5,000 for a cheque that should have been ₦3,000 (bank error of ₦2,000). Using the above information, answer the following:
Question Parts
(a)
Prepare a bank reconciliation statement as at 31 March 2024.
(b)
State the adjusted cash‑book balance after reconciliation.
(c)
Identify two possible reasons for the difference between the cash‑book balance and the bank balance before reconciliation.
(d)
Suggest two internal control measures that could reduce such discrepancies in the future.
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