Waec Accounts - Principles of Accounts 2000 Past Questions and Answers

Question 1:

• WAEC 2000

Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams' share of profit?

A. N12,000
B. N10,000
C. N8,000
D. N5,000

Question 2:

• WAEC 2000

Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams' share of profit?

A. N12,000
B. N10,000
C. N8,000
D. N5,000

Question 3:

• WAEC 2000

Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Jacob's share of profit?

A. N10,000
B. N8,000
C. N5,000
D. N4,000

Question 4:

• WAEC 2000

Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. If Williams introduces cash of N10,000 by way of loan to the partnership, how much interest will he earn per annum on the loan?

A. N2,000
B. N1,500
C. N1,000
D. N500

Question 5:

• WAEC 2000

Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams' interest on capital?

A. N10,000
B. N7,000
C. N6,000
D. N4,000