Waec Accounts - Principles of Accounts Past Questions and Answers

Question 626:

• WAEC 2002

Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The shares of profit of each partner is

A. N20,000
B. N10,500
C. N5,000
D. N4,000

Question 627:

• WAEC 2002

Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Tunde's Current Account balance on 31st December, 200 is

A. N30,000
B. N25,500
C. N25,000
D. N10,000

Question 628:

• WAEC 2002

Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Baba's Current Account balance on 31st December, 2000 is

A. N35,500
B. N25,000
C. N21,000
D. N20,000

Question 629:

• WAEC 2002

Cash discount received is shown in the i. cash ii. Discount Received Account iii. suppliers' Account

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

Question 630:

• WAEC 2002

Which of the following is not an input device?

A. Diskette
B. Card
C. Keyboard
D. Printer