Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1531:

• WAEC 2020

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:
Capital Drawings
Ata 40,000 8,000
Bubu 30,000 5000
Chikum 20,000 -
Net profit for the year was 40,500 and the interest on capital was 5% per annum.

The balance in Chikum's Current Account is


A. N14,000
B. N9,000
C. N8,000
D. N4,000

Question 1532:

• WAEC 2020

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:
Capital Drawings
Ata 40,000 8,000
Bubu 30,000 5000
Chikum 20,000 -
Net profit for the year was 40,500 and the interest on capital was 5% per annum

Bubu's share of profit is

A. N16,000
B. N12,000
C. N8,000
D. N4,000

Question 1533:

• WAEC 2020

Recognition of profit when goods are sold and the buyer takes ownership of them is in line with


A. Realization concept
B. Matching concept
C. Business entity concept
D. Going concern concept

Question 1534:

• WAEC 2020

Use the following information to answer the question below
Provision for doubtful debts------1,000Cr
Bad debts--------500Dr
Debtors-------50,000Dr
Additional bad debts to be written off-----500
New provision for doubtful debts to stand at 5% of debtors

The provision for doubtful debts to be charged to the Profit and Loss Account is

A. Le 2,500
B. Le 2,475
C. Le 2,450
D. Le 1,000

Question 1535:

• WAEC 2020

An office equipment bought for use was found to be defective and returned to the supplier.

The subsidiary book to record this transaction is

A. Returns outwards journal
B. Returns inwards Journal
C. Purchase journal
D. General journal