Waec Accounts - Principles of Accounts 1989 Past Questions and Answers

Question 41:

• WAEC 1989

Use the following information to answer the given question:
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the capital attributable to the equity shareholders?

A. N130,000
B. N140,000
C. N170,000
D. N180,000
E. N240,000

Question 42:

• WAEC 1989

Use the following information to answer the given question:
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the total of the loan capital of the business?

A. N10,000
B. N30,000
C. N40,000
D. N60,000
E. N70,000

Question 43:

• WAEC 1989

Use the following information to answer the given question:
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the working capital?

A. N90.00
B. N5.00
C. N40.00
D. N30.00
E. N2.00

Question 44:

• WAEC 1989

Use the following information to answer the given question:
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the percentage of equity to the total capital employed?

A. 42%
B. 12%
C. 56%
D. 59%
E. 63%

Question 45:

• WAEC 1989

Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \\ purchases & 60,000 \\ & \overline{70,000} & & \\ \text{Less: Closing raw material} & 8,000 & & \\ & \overline{62,000} & & \\ \text{Direct labour} & 20,000 & & \\ \text{Direct expenses} & 20,000 & & \\ \text{Factory overhead} & 12,000 & & \\ & \overline{114,000} & & \overline{114,000} \\ & & & \text{_______} \\ \text{Stock b/d} & \overline{10,000} & sales & X \\ Purchases & X & \text{Less sales returns} & 5,000 \\ \text{Manufacturing cost} & 114,000 & & \\ & \overline{144,000} & & \\ \text{Stock c/d} & 12,000 & & \\ & \overline{132,000} & & \\ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\\ & X & & X \end{array}\)
What is the total of raw materials consumed?

A. N144,000
B. N144,000
C. N70,000
D. N62,000
E. N60,000