Waec Accounts - Principles of Accounts 1999 Past Questions and Answers

Question 21:

• WAEC 1999

In-not-profit-making organizations, accumulated fund is the name for

A. Profit
B. Loss
C. Capital
D. Current assets

Question 22:

• WAEC 1999

Use the following information to answer he given question
\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \\ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \\ Drawings & 1,500 & 1,500 \\ \text{Share of net profit} & \text{?} & 2,500 \end{array}\)
What is chike's share of profit from the partnership for the year ended 31/3/99 ?

A. N8,500
B. N7,000
C. N5,500
D. N4,500

Question 23:

• WAEC 1999

Use the following information to answer he given question
\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \\ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \\ Drawings & 1,500 & 1,500 \\ \text{Share of net profit} & \text{?} & 2,500 \end{array}\)
What is Balla's Current Account balance as at 31/3/99?

A. N11,000
B. N7,000
C. N5,500
D. N4,500

Question 24:

• WAEC 1999

Use the following information to answer he given question
\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \\ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \\ Drawings & 1,500 & 1,500 \\ \text{Share of net profit} & \text{?} & 2,500 \end{array}\)
Their profit sharing ratio is

A. 1 : 8 : 1
B. 1 : 5 : 1
C. 1 : 25 : 1
D. 1 : 1

Question 25:

• WAEC 1999

Company tax paid is debited to

A. Profit and loss appropriation
B. Manufacturing account
C. Profit and loss account
D. Trading account