Accounts Principles Of Accounts 2015 Waec Past Questions and Answers

Question 36 :

• WAEC 2015

In which of the following is not stated in the partnership agreement?

A. Profit sharing ratio
B. Interest on capital
C. Interest on fixed asset
D. Purpose of partnership

Question 37 :

• WAEC 2015

In which of the following accounts is interest on partners capital found?

A. Profit and Loss
B. Trading
C. Income surplus
D. Profit and Loss appropriation

Question 38 :

• WAEC 2015

Use the following information to answer the question below
\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.
Ade's share of profit is

A. N5,500
B. N4,250
C. N2,750
D. N1,250

Question 39 :

• WAEC 2015

Use the following information to answer the question below
\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.
Bola's share of profit is

A. N4,500
B. N4,250
C. N3,000
D. N2,750

Question 40 :

• WAEC 2015

Use the following information to answer the question belowMr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.
How much was paid for goodwill?

A. GH¢ 350,000
B. GH¢ 260,000
C. GH¢ 90,000
D. GH¢ 60,000