Waec Accounts - Principles of Accounts 2020 Past Questions and Answers

Question 31:

• WAEC 2020

Debtors and credit sales for a period are D 120,00 and D 600,00 respectively.

The debtor's payment period would be

A. 1825 days
B. 365 days
C. 73 days
D. 5 days

Question 32:

• WAEC 2020

A total of D 9,160 was entered in the sales account as D9,610. To correct this error: debit

A. A. Sales Account D450: credit Sales Day Book D450
B. Sales Day Book D 450: credit Sales Account D 450
C. Sales Account D450; credit Suspense Account D 450
D. Suspense Account D 450; credit Sales Account D450

Question 33:

• WAEC 2020

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:
Capital Drawings
Ata 40,000 8,000
Bubu 30,000 5000
Chikum 20,000 -
Net profit for the year was 40,500 and the interest on capital was 5% per annum.

The profit available for sharing by the partners is


A. N90,000
B. N40,500
C. N36,000
D. N27,500

Question 34:

• WAEC 2020

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:
Capital Drawings
Ata 40,000 8,000
Bubu 30,000 5000
Chikum 20,000 -
Net profit for the year was 40,500 and the interest on capital was 5% per annum.

The balance in Chikum's Current Account is


A. N14,000
B. N9,000
C. N8,000
D. N4,000

Question 35:

• WAEC 2020

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:
Capital Drawings
Ata 40,000 8,000
Bubu 30,000 5000
Chikum 20,000 -
Net profit for the year was 40,500 and the interest on capital was 5% per annum

Bubu's share of profit is

A. N16,000
B. N12,000
C. N8,000
D. N4,000