Waec Accounts - Principles of Accounts 1991 Past Questions and Answers

Question 46:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Manufacturing cost of finished goods} & 75,000 \\ \text{Mark-up is 25%} & 5,000 \end{array}\)
The sales value for the year is

A. N93,750
B. N56,250
C. N18,750
D. N17,500
E. N13,750

Question 47:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Manufacturing cost of finished goods} & 75,000 \\ \text{Mark-up is 25%} & 5,000 \end{array}\)
The net profit for the year is

A. N93,750
B. N56,250
C. N18,750
D. N17,500
E. N13,750

Question 48:

• WAEC 1991

Use the following information to answer the given question
BOUGHT LEDGER CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Purchases returns} & 1,500 & \text{Balance b/f} & 5,000 \\ \text{Bills payable} & 4,500 & Purchases & 10,500 \\ Bank & 6,100 & \text{Cheques dishonoured} & 300 \\ \text{Discount allowed} & 200 & & \\ \text{Balance c/f} & \overline{15,800} & & \overline{15,800} \end{array}\)
Creditors at the end of the year amounted to

A. N10,500
B. N9,000
C. N5,000
D. N4,500
E. N3,500

Question 49:

• WAEC 1991

Use the following information to answer the given question
BOUGHT LEDGER CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & & N \\ \hline \text{Purchases returns} & 1,500 & \text{Balance b/f} & 5,000 \\ \text{Bills payable} & 4,500 & Purchases & 10,500 \\ Bank & 6,100 & \text{Cheques dishonoured} & 300 \\ \text{Discount allowed} & 200 & & \\ \text{Balance c/f} & \overline{15,800} & & \overline{15,800} \end{array}\)
Net credit purchases for the year amounted to

A. N15,800
B. N15,500
C. N12,000
D. N10,500
E. N9,000