Accounts Principles Of Accounts 2003 Waec Past Questions and Answers

Question 41 :

• WAEC 2003

A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001.The profit or loss on sale was

A. ₦17,000 profit
B. ₦17,000 loss
C. ₦16,000 profit
D. ₦16,000 loss

Question 42 :

• WAEC 2003

A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001. The net book value at the time of sale was

A. N33,000
B. N30,000
C. N17,000
D. N16,000

Question 43 :

• WAEC 2003

Which of the following errors would affect the agreement of the agreement of the trial balance totals?

A. Commission
B. Omission
C. Single entry
D. Original entry

Question 44 :

• WAEC 2003

Debtors value as at 1st January 2000 was N40,000. Bad debts written off during the year was N5,000 provision for bad debt was 5%. The amount debited to profit and loss account as provision for the year was

A. N5,000
B. N2,250
C. N2,000
D. N1,750

Question 45 :

• WAEC 2003

Which of the following items is found in the credit column of the trial balance?

A. Provision for doubtful debts
B. Bad debts written off
C. Carriage inwards
D. Carriage outwards