1990 - WAEC Accounting Past Questions and Answers - page 5
41
Use the following information to answer the given question:
\(\begin{array}{c|c} & N \ \hline \text{Stock at 1st Jan. 1901} & 6,500 \ \text{Stock at 31st Dec. 1901} & 5,500 \ \text{Creditors at 1st Jan. 1901} & 4,000 \ \text{Creditors at 31st December 1901} & 5,000 \ \text{cash paid for goods during the year} & 20,000 \ \text{Gross profit} & \text{25% on cost} \ \text{Administrative and selling expenses} & 2,750
\end{array}\)
Calculate the percentage of net profit on sales
\(\begin{array}{c|c} & N \ \hline \text{Stock at 1st Jan. 1901} & 6,500 \ \text{Stock at 31st Dec. 1901} & 5,500 \ \text{Creditors at 1st Jan. 1901} & 4,000 \ \text{Creditors at 31st December 1901} & 5,000 \ \text{cash paid for goods during the year} & 20,000 \ \text{Gross profit} & \text{25% on cost} \ \text{Administrative and selling expenses} & 2,750
\end{array}\)
Calculate the percentage of net profit on sales
A
25%
B
22%
C
21%
D
20%
correct option: e
Users' Answers & Comments42
Use the following information to answer the given question:
\(\begin{array}{c|c} & N \ \hline \text{Stock at 1st Jan. 1901} & 6,500 \ \text{Stock at 31st Dec. 1901} & 5,500 \ \text{Creditors at 1st Jan. 1901} & 4,000 \ \text{Creditors at 31st December 1901} & 5,000 \ \text{cash paid for goods during the year} & 20,000 \ \text{Gross profit} & \text{25% on cost} \ \text{Administrative and selling expenses} & 2,750
\end{array}\)
What is the amount charged in the profit and loss account?
\(\begin{array}{c|c} & N \ \hline \text{Stock at 1st Jan. 1901} & 6,500 \ \text{Stock at 31st Dec. 1901} & 5,500 \ \text{Creditors at 1st Jan. 1901} & 4,000 \ \text{Creditors at 31st December 1901} & 5,000 \ \text{cash paid for goods during the year} & 20,000 \ \text{Gross profit} & \text{25% on cost} \ \text{Administrative and selling expenses} & 2,750
\end{array}\)
What is the amount charged in the profit and loss account?
A
6,500
B
N5,500
C
N5,000
D
N4,000
correct option: e
Users' Answers & Comments43
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \ \text{sales} & 21,610 & \text{Sales returns} & 942 \ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \ & & \text{Balance c/d} & 13,740 \ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total debts at the end of the year?
\(\begin{array}{c|c} & N & & N \ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \ \text{sales} & 21,610 & \text{Sales returns} & 942 \ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \ & & \text{Balance c/d} & 13,740 \ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total debts at the end of the year?
A
N12,590
B
N13,740
C
N20,668
D
N21,610
correct option: b
Users' Answers & Comments44
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \ \text{sales} & 21,610 & \text{Sales returns} & 942 \ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \ & & \text{Balance c/d} & 13,740 \ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the net sales for the year?
\(\begin{array}{c|c} & N & & N \ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \ \text{sales} & 21,610 & \text{Sales returns} & 942 \ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \ & & \text{Balance c/d} & 13,740 \ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the net sales for the year?
A
N21,610
B
N21,068
C
N20,668
D
N20,642
correct option: c
Users' Answers & Comments45
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \ \text{sales} & 21,610 & \text{Sales returns} & 942 \ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \ & & \text{Balance c/d} & 13,740 \ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total cash received from customers?
\(\begin{array}{c|c} & N & & N \ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \ \text{sales} & 21,610 & \text{Sales returns} & 942 \ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \ & & \text{Balance c/d} & 13,740 \ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total cash received from customers?
A
N19,092
B
N19,700
C
N20,668
D
N21,002
correct option: a
Users' Answers & Comments46
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \ \text{sales} & 21,610 & \text{Sales returns} & 942 \ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \ & & \text{Balance c/d} & 13,740 \ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total debts at the beginning of the year?
\(\begin{array}{c|c} & N & & N \ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \ \text{sales} & 21,610 & \text{Sales returns} & 942 \ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \ & & \text{Balance c/d} & 13,740 \ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total debts at the beginning of the year?
A
N12,590
B
N13,740
C
N20,668
D
N21,610
correct option: a
Users' Answers & Comments