Waec Accounts - Principles of Accounts 1994 Past Questions and Answers

Question 21:

• WAEC 1994

Creditors at start was N940 and purchases for the year was N4,060. During the year, cash paid to creditors was N3,890. N490 was received as discount. What is the creditors amount in the balance sheet?

A. N450
B. N620
C. N660
D. N1,110
E. N1,430

Question 22:

• WAEC 1994

A cheque drawn for N1200 was entered in the cash book as a receipt. The accounting entries are

A. Credit cash account, debit bank account with N1,200
B. Debit cash account, creidit bank account with N1,200
C. Credit cash account, debit suspense account with N2,400
D. Debit cash account, debit suspense account with N2,400
E. Credit bank account, debit suspense account with N2,400

Question 23:

• WAEC 1994

Debtors on 1st January was N1,490 and sales for the year was N5,760. Cash received from debtors during the year was N5,410. Bad debt written off was N410. Discount allowed amounted to N320. What was the debtors' balance at the end of the year?

A. N1,110
B. N1,430
C. N1,520
D. N1,750
E. N2,980

Question 24:

• WAEC 1994

Debtors on 1st January was N1,490 and sales for the year was N5,760. Cash received from debtors during the year was N5,410. Bad debt written off was N410. Discount allowed amounted to N320. What was the net profit for that year, assuming a gross profit of N3,650 was made?

A. N2,920
B. N3,240
C. N3,330
D. N5,340
E. N5,440

Question 25:

• WAEC 1994

Which of the following errors will not allow a trial balance to agree?

A. Where a transaction is completely omitted from the books
B. Where the correct amount is entered but in the wrong account
C. Where the figure entered on one side is different from the one entered on the other side
D. Where an item is entered in the wrong class of account
E. Where the correct amount is used but each item is shown on the wrong side of the account