Waec Accounts - Principles of Accounts 2016 Past Questions and Answers

Question 31:

• WAEC 2016

Where fixed capitals are maintained in a partnership, share profits are

A. Credited to partners capital accounts
B. Credited to partners current accounts
C. Debited to partners capital accounts
D. Debited to partners current accounts

Question 32:

• WAEC 2016

In the absence of a partnership agreement, additional capital contributions by partners attract interest of

A. 5%
B. 10%
C. 12%
D. 15%

Question 33:

• WAEC 2016

In preparing partnership accounts, interest on drawings is debited to current accounts and credited to

A. Capital account
B. Appropriation account
C. Drawings account
D. Profit and loss account

Question 34:

• WAEC 2016

When allotments have been fully paid, subscribers are referred to as

A. Allotters
B. Applicants
C. Non-members
D. Shareholders

Question 35:

• WAEC 2016

Use the following information and answer the question below.Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied, paid in full.
The subscribed share capital is

A. N300,000
B. N250,000
C. N200,000
D. N150,000