Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1436:

• WAEC 2017

Idayah Limited is a manufacturing company. The following balances were extracted from its records on 31st December 2014.
Stock on 01/01/2014 Le
Raw materials-------------------56,000
Work-in-progress---------------60,000
Finished goods-----------------80,000
Purchases of raw materials-150,000
Carriage of raw materials------7500
Manufacturing wages paid---16,500
Factory wages accrued--------4,000
Direct factory expenses------11,000
Fuel for factory expenses---15,400
Depreciation of factory equipment---12,000
Sales of finished goods------500,000
Carriage expenses-------------7,600
General office goods----------3,800
Office Salaries------------------19,200
Stock: 31/12/2014
Raw materials-----------------40,000
Work-in-progress -------------64,000
Finished goods----------------72,000
You are required to prepare manufacturing, Trading, and Profit and Account for the year ended 31st December 2014

Question 1437:

• WAEC 2017

Dauda, a retailer, does not keep proper books of account. The following were balances in his books on January 2013.
Premises 70,000
Equipment 8,200
Vehicles 5,100
Inventory 9,500
Accounts receivable 150
Bank 1400
The summary of his bank statement for the twelve months period from 1st January 2013 to 31st December 2013 is as follows:
Money paid to the bank: 96,500
Shop takings 1,400
Received from debtors 8,000
Payments made by cheque
Inventory purchased 70,500
Delivery Van 6,200
Maintenance of vehicle 1,020
Electricity and water 940
Store boys' wages 5,260
Miscellaneous expenses 962
Additional information;
i. Dauda paid all shop takings for the year into the bank apart from monthly drawings of D500 and miscellaneous expenses of D408.
ii. He was owing, D7, 600 to supplies for inventory bought.
iii. The accounts receivable is to be treated as bad debts.
iv. Inventory was valued at D13,620
v. Depreciation for the year was calculated as D720 for equipment and D1,000 for vehicles.
You are required to prepare:
(a) Statement of Affairs as at 01/01/13
(b) Income Statement for the year ended 31st December 2013

Question 1438:

• WAEC 2018

a) What is Goodwill?
b) Conditions under which Goodwill is valued in a Partnership
c) Contents of a partnership agreement

Question 1439:

• WAEC 2018

(a) Objectives of Financial Accounting
(b)Characteristics of good accounting information
(c) Users of accounting information and their interests

Question 1440:

• WAEC 2018

1. What is depreciation?
2. What factors determine depreciation charges?
3. Reasons for providing depreciation