Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1261:

• WAEC 2015

Goodwill is recognized in partnership accounts when

A. The business makes a huge profit
B. The business has good customer relationship
C. A partner is dormant
D. A new partner is admitted

Question 1262:

• WAEC 2015

In which of the following is not stated in the partnership agreement?

A. Profit sharing ratio
B. Interest on capital
C. Interest on fixed asset
D. Purpose of partnership

Question 1263:

• WAEC 2015

In which of the following accounts is interest on partners capital found?

A. Profit and Loss
B. Trading
C. Income surplus
D. Profit and Loss appropriation

Question 1264:

• WAEC 2015

Use the following information to answer the question below
\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.
Ade's share of profit is

A. N5,500
B. N4,250
C. N2,750
D. N1,250

Question 1265:

• WAEC 2015

Use the following information to answer the question below
\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.
Bola's share of profit is

A. N4,500
B. N4,250
C. N3,000
D. N2,750