Waec Accounts - Principles of Accounts Past Questions and Answers

Question 1541:

• WAEC 2020

(a) Explain the term fixed capital account.
(b) State three conditions that would result in a change in the profit and loss sharing ratio of a partnership.
(c) Outline three circumstances that would give rise to the creation of goodwill in a partnership

Question 1542:

• WAEC 2020

(a) List;
i. three books of accounts used In public sector accounting
ii. four users of public sector accounting information.
(b) State four differences between the private sector accounting and the public sector accounting

Question 1543:

• WAEC 2020

WAEC 2020

The following transactions were extracted from the books of Odis Enterprises for the year ended 31st December 2018: 0) cash received from trade debtors N100,000
i. cash paid to suppliers N72,000
ii. expenses paid during the year were: rent- N2,500, general expenses N1,800
iv. cash of N5200 was withdrawn by the proprietor for personal use.
v. fixed assets valued at N8,000 on 31st December 2017 were to be depreciated at 10 per annum
Additional information:
31st December 2017 31st December 2018
Trade debtors 11,000 13,000
Trade creditors 4,000 6,500
Rent owing - 500
Cash 12,100 30,000
Stock 15,900 17,000
You are required to prepare:
(a) Statement of Affairs as at 1st January 2018
(b) Cashbook
(c) Trading Profit and Loss Account for the year ended 31st December 2018.

Question 1544:

• WAEC 2020

WAEC 2020

The books of Omiye Social Club showed the following information for the year ended 31st December 2015

Balance 3000subscription 130,000proceeds from concert 9,000interest on deposit 2,400income from dance 7,200 151,600

salaries 10,600maintenance 13,000stationary 1200postage 600Dance expense 4,000general expenses 5,400balance c/d 116,800 151,600

Balances as at 1st January 2015 were as follows:
Accumulated fund 266,000
Bank deposit 80,000
Clubhouse 160,000
Furniture and fittings 24,000
Additional information
i. Outstanding as at 31st December 2015:
- stationery N400
- general expenses 1,200
ii. Salaries of l0,600 paid including 1,000 owed since 2014.
iii. Depreciate clubhouse by 10% and furniture and fittings by 15%
You are required to prepare:
(a) Income and Expenditure Account for the year ended 31st December 2015
(b) Balance Sheet as at that date.

Question 1545:

• WAEC 2020

The following balances were extracted from the books of Abobakau Local Government for the year ended 31st December 2019.
Construction of an office block ------ 3,850,000
Renovation of classroom blocks ----1,065,500
Court fines---- --------------------------------90,000
Building permits ---- -----------------------650,000
Rehabilitation of street lights-- ----------470,500
Wages and salaries----------------------7,880,450
Medical services -- ----------------------1,334,650
Provision of pipe borne water--- -----2,500,000
Interest on investments-------------------250,000
Lorry park levies----------------------------380,000
Market tolls-----------------------------------560,000
Property rates-----------------------------1,200,000
General administration------------------- 630,700
Motor vehicle procured-----------------6,653,000
Extension of office building------------- 950,000
Royalties ----------------------------------4,500,000
Subvention from Central/Fed govt 20,000,000
Grants from donor agencies---------2,000,000
Donations to charity homes----------250,000
Entertainment permits------------------70,000
Staff training ----------------------------550,000
Entertainment expenses ------------200,000
Marriage registration fees ------------80,000
Allowances to community leaders-380,000
Birth certificate fees ------------------160,000
Maintenance of motor vehicles----650,000
You are reg You are required to prepare for the ended 31st December 2019
(a) Statement of Recurrent Expenditure
(b) Statement of Capital Expenditure
(c) Statement of Revenue