Waec Accounts - Principles of Accounts 2005 Past Questions and Answers

Question 16:

• WAEC 2005

An example of fixed asset is

A. Creditors
B. Goodwill
C. Accruals
D. Furniture

Question 17:

• WAEC 2005

Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The amount of distributable profit is

A. N39,500
B. N30,500
C. N30,000
D. N20,500

Question 18:

• WAEC 2005

Use the following information to answer the question
Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Ade's share of profit is

A. N19,750
B. N15,250
C. N15,000
D. N10,250

Question 19:

• WAEC 2005

Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The total amount credit to the Profit and Loss Appropriation Account is

A. N40,500
B. N30,500
C. N30,000
D. N25,000

Question 20:

• WAEC 2005

Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Bola's current account balance is

A. N18,150 Cr
B. N16,150 Cr
C. N10,150 Cr
D. N6,150 Cr