Waec Accounts - Principles of Accounts 2020 Past Questions and Answers

Question 46:

• WAEC 2020

WAEC 2020

The following transactions were extracted from the books of Odis Enterprises for the year ended 31st December 2018: 0) cash received from trade debtors N100,000
i. cash paid to suppliers N72,000
ii. expenses paid during the year were: rent- N2,500, general expenses N1,800
iv. cash of N5200 was withdrawn by the proprietor for personal use.
v. fixed assets valued at N8,000 on 31st December 2017 were to be depreciated at 10 per annum
Additional information:
31st December 2017 31st December 2018
Trade debtors 11,000 13,000
Trade creditors 4,000 6,500
Rent owing - 500
Cash 12,100 30,000
Stock 15,900 17,000
You are required to prepare:
(a) Statement of Affairs as at 1st January 2018
(b) Cashbook
(c) Trading Profit and Loss Account for the year ended 31st December 2018.

Question 47:

• WAEC 2020

WAEC 2020

The books of Omiye Social Club showed the following information for the year ended 31st December 2015

Balance 3000subscription 130,000proceeds from concert 9,000interest on deposit 2,400income from dance 7,200 151,600

salaries 10,600maintenance 13,000stationary 1200postage 600Dance expense 4,000general expenses 5,400balance c/d 116,800 151,600

Balances as at 1st January 2015 were as follows:
Accumulated fund 266,000
Bank deposit 80,000
Clubhouse 160,000
Furniture and fittings 24,000
Additional information
i. Outstanding as at 31st December 2015:
- stationery N400
- general expenses 1,200
ii. Salaries of l0,600 paid including 1,000 owed since 2014.
iii. Depreciate clubhouse by 10% and furniture and fittings by 15%
You are required to prepare:
(a) Income and Expenditure Account for the year ended 31st December 2015
(b) Balance Sheet as at that date.

Question 48:

• WAEC 2020

The following balances were extracted from the books of Abobakau Local Government for the year ended 31st December 2019.
Construction of an office block ------ 3,850,000
Renovation of classroom blocks ----1,065,500
Court fines---- --------------------------------90,000
Building permits ---- -----------------------650,000
Rehabilitation of street lights-- ----------470,500
Wages and salaries----------------------7,880,450
Medical services -- ----------------------1,334,650
Provision of pipe borne water--- -----2,500,000
Interest on investments-------------------250,000
Lorry park levies----------------------------380,000
Market tolls-----------------------------------560,000
Property rates-----------------------------1,200,000
General administration------------------- 630,700
Motor vehicle procured-----------------6,653,000
Extension of office building------------- 950,000
Royalties ----------------------------------4,500,000
Subvention from Central/Fed govt 20,000,000
Grants from donor agencies---------2,000,000
Donations to charity homes----------250,000
Entertainment permits------------------70,000
Staff training ----------------------------550,000
Entertainment expenses ------------200,000
Marriage registration fees ------------80,000
Allowances to community leaders-380,000
Birth certificate fees ------------------160,000
Maintenance of motor vehicles----650,000
You are reg You are required to prepare for the ended 31st December 2019
(a) Statement of Recurrent Expenditure
(b) Statement of Capital Expenditure
(c) Statement of Revenue

Question 49:

• WAEC 2020

Yallawa Stores Ltd has two departments. The following balances Were extracted from its books as at 31st December 2017.
Purchases: Department A 720,000
Department B 520,000
Rent and rates 50,000
Commission 55,000
Insurance 5,000
Sales: Department A 1,500,000
Department B 1,250,000
Discount received 124,000
Advertising 20,000
Salaries and wages 250,000
Depreciation 35,000
Administration and general expenses 50,000
Opening stock: Department A 150,000
Department B 100,000
CIosing stock: Department A 175,000
Department B 142,000
Additional information: Expenses are to be apportioned to the departments as follows
i. commission on the basis of sales:
ii. salaries and wages - 3:2 for Department A and B respectively
iii. discount received - 10% of purchases
iv. other expenses are to be apportioned equally.
You are required to prepare a Departmental Trading, Profit, and Loss Account for the year ended 31st December 2017.