Waec Accounts - Principles of Accounts Past Questions and Answers

Question 131:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Sales for the year amounted to

A. N12,625
B. N12,000
C. N11,300
D. N11,200
E. N10,100

Question 132:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock in hand} & 4,000 \\ \text{Purchases for resale} & 5,000 \\ Sales & 3,500 \\ Margin & \text{20%}\end{array}\)
The closing stock is

A. N6,200
B. N5,500
C. N5,000
D. N4,000
E. N3,500

Question 133:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Balance brought forward} & 500Cr \\ \text{Amount paid to suppliers} & 12,000 \\ \text{Returns outwards} & 150 \\ \text{Balance carried forward} & 650 Cr \end{array}\)
What is the value of purchases?

A. N12,800
B. N12,650
C. N12,300
D. N12,150
E. N12,000

Question 134:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of fixed tangible assets?

A. N92,000
B. N89,500
C. N82,000
D. N60,000
E. N42,000

Question 135:

• WAEC 1991

Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of current liabilities?

A. N12,500
B. N10,000
C. N9,500
D. N9,000
E. N7,500