Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1496:

• WAEC 2019

Ubochi and Hassanah started a partnership business on 1st January 2015. They contributed D 300,000 and D 250,000 respectively as capital. Their partnership deed stated that:
i. interest of 8% should be paid on capital per annum
ii. Hassanah would be paid D 10,000 monthly as a salary
iii. interest on drawings is 5%
iv. the profits are to be shared in the ratio 3:2 respectively. At the end of the year, the profit made was D300,000. During the period, Ubochi and Hassanah made drawings of D20,000 and D15,000 respectively.
You are required to prepare:
(a) Profit and Loss Appropriation Account for the year ended 31st December 2015;
(b) Partners' Current Accounts.

Question 1497:

• WAEC 2019

On 30th September 2017, Adedeji's cash book showed a debit balance of N7,600. However, his bank statement showed an overdraft balance of N1,880. On investigation, the following details were discovered:
i. A standing order of N160 had not been entered in the cash book
ii. Bank charges of N40 did not appear in the cash book
iii. Cash paid into the bank for N400 had been entered in the cash book as N360
iv. A cheque of N200 received from a customer was dishonoured
v. The bank received a credit transfer of N400 from a customer
vi. A cheque of N1,360 paid to Dexter Ltd had been entered in the cash book as N1,720
vii. A receipt of N40 shown on the bank statement had not been entered in the cash book;
viii. A cheque drawn amounting to N160 paid is still with the supplier
ix. Receipts of N3,600 paid into the bank on 30th September 2017 did not appear on the bank statement until October 2017
x. A cheque of N1,080 paid into the bank had been Wrongly credited by the bank as GH¢ 600
xi. A transfer of N6,000 to the bank had not been recorded in the cash book.
You are required to prepare
(a) Adjusted Cash Book;

Question 1498:

• WAEC 2020

A debit entry in a fixed asset account represents

A. An increase in the fixed asset account.
B. A decrease in the fixed asset account
C. A profit on disposal of the fixed asset
D. A loss on disposal of the fixed asset

Question 1499:

• WAEC 2020

When bank charges are discovered in a bank statement, the adjustment is effected in the

A. Bank reconciliation statement
B. Cash book
C. Suspense account
D. Bank loan account

Question 1500:

• WAEC 2020

The double entry for interest on drawings by a partner is: debit

A. Partner's Current Account; creditAppropriation Account
B. Profit and Loss Account: credit Interest Account
C. Appropriation Account credit Partner's Current Account
D. Interest Account: credit Profit and Loss Account