Waec Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 16:

• WAEC 2019

Use the following information to answer the question below
Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
Ogah Ajem
Capital Account 60,000 65,000
Current Account 40,000 50,000
Drawings 20,000 30,000
Salary 10,000 -
Netprofit was 100,000

Ogah's share of profit was

A. 51,150
B. 50,250
C. 34,100
D. 33,500

Question 17:

• WAEC 2019

Use the following information to answer the question below
Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
Ogah Ajem
Capital Account 60,000 65,000
Current Account 40,000 50,000
Drawings 20,000 30,000
Salary 10,000 -
Netprofit was 100,000

Ajem's current account balance was

A. 65,000
B. 60,000
C. 42,000
D. 40,000

Question 18:

• WAEC 2019

Interest on drawings amounted to

A. 6,000
B. 1,500
C. 900
D. 600

Question 19:

• WAEC 2019

Debtors Control Account is kept in the

A. Sales ledger
B. Nominal ledger
C. Personal ledger
D. General ledger

Question 20:

• WAEC 2019

Where there is provision for depreciation, fixed asset is shown in the balance sheet at
i. cost less depreciation for the period only.
ii. cost less total depreciation to date.
iii. written down values

A. I only
B. Ii only
C. I and ii only
D. I and iii only