Waec Accounts - Principles of Accounts 1992 Past Questions and Answers

Question 36:

• WAEC 1992

Use the following information to answer the given question
Rufai, a vulcanize bought 4 machines for N20,200 and incurred the following expenses for the year ended 31st December, 1990
\(\begin{array}{c|c} Glue & N2,100 \\ Thread & N600 \\ Kerosene & N900 \\ Rubber & N558 \\ Matched & N110\end{array}\)
He received N5,772 from customers. Two machines were later sold for N6,990 and N5,670 respectively. What is his revenue expenditure?

A. N24,468
B. N20,200
C. N4,268
D. N3,600
E. N2,810

Question 37:

• WAEC 1992

Use the following information to answer the given question
Rufai, a vulcanize bought 4 machines for N20,200 and incurred the following expenses for the year ended 31st December, 1990
\(\begin{array}{c|c} Glue & N2,100 \\ Thread & N600 \\ Kerosene & N900 \\ Rubber & N558 \\ Matched & N110\end{array}\)
He received N5,772 from customers. Two machines were later sold for N6,990 and N5,670 respectively. What is his capital receipt?

A. N18,432
B. N12,660
C. N6,990
D. N5,772
E. N5,670

Question 38:

• WAEC 1992

Use the following information to answer the given question
Rufai, a vulcanize bought 4 machines for N20,200 and incurred the following expenses for the year ended 31st December, 1990
\(\begin{array}{c|c} Glue & N2,100 \\ Thread & N600 \\ Kerosene & N900 \\ Rubber & N558 \\ Matched & N110\end{array}\)
He received N5,772 from customers. Two machines were later sold for N6,990 and N5,670 respectively. What is his revenue receipt?

A. N18,432
B. N12,660
C. N6,990
D. N5,772
E. N5,670

Question 39:

• WAEC 1992

Use the following information to answer the given question
Emeka Chukwudi (Nig.) Limited is a manufacturing company. Its books showed the following for the year ended 31st December, 1990
\(\begin{array}{c|c} \text{Opening stock - Raw materials} & 42,000 \\ \text{Purchases - Raw materials} & 265,000 \\ \text{Outwards} & 13,000 \\ \text{Returns outwards} & 13,000 \\ \text{Depreciation - plant and Machinery} & 10,000 \\ wages & 52,000 \\ \text{Closing stock - Raw materials} & 72,000 \\ \text{Direct expenses} & 11,000 \\ \text{Production Manager's salaries} & 18,000 \\ \text{Factory rent} & 15,000\end{array}\)
The prime cost is

A. N298,000
B. N285,000
C. N274,000
D. N235,000
E. N220,000

Question 40:

• WAEC 1992

Use the following information to answer the given question
Emeka Chukwudi (Nig.) Limited is a manufacturing company. Its books showed the following for the year ended 31st December, 1990
\(\begin{array}{c|c} \text{Opening stock - Raw materials} & 42,000 \\ \text{Purchases - Raw materials} & 265,000 \\ \text{Outwards} & 13,000 \\ \text{Returns outwards} & 13,000 \\ \text{Depreciation - plant and Machinery} & 10,000 \\ wages & 52,000 \\ \text{Closing stock - Raw materials} & 72,000 \\ \text{Direct expenses} & 11,000 \\ \text{Production Manager's salaries} & 18,000 \\ \text{Factory rent} & 15,000\end{array}\)
The factory overhead is

A. N95,000
B. N63,000
C. N54,000
D. N43,000
E. N33,000