Waec Accounts - Principles of Accounts 2003 Past Questions and Answers

Question 26:

• WAEC 2003

Using the following information,
\(\begin{array}{c|c} & ₦ \\ \hline \text{club house} & 375,000\\ \text{Furniture} & 250,000\\ \text{Sport kit} & 400,000 \\ \text{subscriptions prepaid} & 10,000\\ \text{Bar creditors} & 156,000 \\ \text{subscriptions owing} & 45,000\end{array}\)
What is the club's accumulated fund?

A. ₦924,000
B. ₦914,000
C. ₦904,000
D. ₦834,000

Question 27:

• WAEC 2003

Which of the following is not a credit item in the sales ledger control account?

A. Cash paid
B. Discount allowed
C. Dishonoured cheque
D. Returns inward

Question 28:

• WAEC 2003

Which of the following items is found on he credit side of a sales Ledger Control Account?

A. Credit sales
B. Debtors cheques dishonoured
C. Interest on overdue account
D. Bad debts written off

Question 29:

• WAEC 2003

Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditors & 4,200 & 5,200 \\ stocks & 3,600 & 3,200 \\ \text{cash paid to creditors during the year was ₦18,000} \end{array}\)
Purchases for the year was

A. ₦19,400
B. ₦19,000
C. ₦18,000
D. ₦17,000

Question 30:

• WAEC 2003

Use the following information to answer the given
\(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditors & 4,200 & 5,200 \\ stocks & 3,600 & 3,200 \\ \text{cash paid to creditors during the year was ₦18,000} \end{array}\)
Cost of sales for the year was

A. ₦19,800
B. ₦19,400
C. ₦18,400
D. ₦17,400