Waec Accounts - Principles of Accounts 1999 Past Questions and Answers

Question 6:

• WAEC 1999

Carriage outwards is charged to

A. Trading account
B. Appropriation account
C. Purchases account
D. Profit and loss account

Question 7:

• WAEC 1999

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
What was the amount of sales for the year?

A. N8,500
B. N6,625
C. N6,500
D. N6,000

Question 8:

• WAEC 1999

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
Assuming a gross profit of N3,000, what was the net profit?

A. N3,375
B. N2,625
C. N2,000
D. N1,875

Question 9:

• WAEC 1999

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
The debtors balance to be shown in the Balance Sheet at 31st December, 1998 is

A. N6,000
B. N3,250
C. N2,000
D. N1,250

Question 10:

• WAEC 1999

Which of the following is a contra entry?

A. Lodgement of cheques into bank account
B. Loggement of cash in hand into bank account
C. Withdrawal of cash for private use
D. Treatment of discount receivd in the cash book