Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1051:

• WAEC 2011

Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, Okoro's share of the profit is

A. ₦17,070
B. ₦16,070
C. ₦11,380
D. ₦10,000

Question 1052:

• WAEC 2011

Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, Osula's interest on drawings is

A. ₦2,000
B. ₦750
C. ₦700
D. ₦500

Question 1053:

• WAEC 2011

Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, The total interest on capital is

A. ₦4,000
B. 2,740
C. ₦2,000
D. ₦750

Question 1054:

• WAEC 2011

Which of the following is a subsidiary book?

A. Cash book
B. Bank statement
C. Control accounts
D. Trial balance

Question 1055:

• WAEC 2011

Goods returned by the buyer is recorded in the seller's book as

A. Carriage inwards
B. Carriage outwards
C. Returns outwards
D. Returns inwards