1991 - WAEC Accounting Past Questions and Answers - page 4
31
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \ & N & N \ \hline creditors & 5,000 & 8,000 \ stock & 1,200 & 1,100 \ \text{Mark-up} & \text{25%} & \ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Purchases for the year amounted to
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \ & N & N \ \hline creditors & 5,000 & 8,000 \ stock & 1,200 & 1,100 \ \text{Mark-up} & \text{25%} & \ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Purchases for the year amounted to
A
N10,000
B
N8,000
C
N7,000
D
N6,900
correct option: a
Users' Answers & Comments32
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \ & N & N \ \hline creditors & 5,000 & 8,000 \ stock & 1,200 & 1,100 \ \text{Mark-up} & \text{25%} & \ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Cost of sales is
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \ & N & N \ \hline creditors & 5,000 & 8,000 \ stock & 1,200 & 1,100 \ \text{Mark-up} & \text{25%} & \ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Cost of sales is
A
N10,100
B
N10,000
C
N9,200
D
N9,100
correct option: a
Users' Answers & Comments33
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \ & N & N \ \hline creditors & 5,000 & 8,000 \ stock & 1,200 & 1,100 \ \text{Mark-up} & \text{25%} & \ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Gross profit is
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \ & N & N \ \hline creditors & 5,000 & 8,000 \ stock & 1,200 & 1,100 \ \text{Mark-up} & \text{25%} & \ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Gross profit is
A
N2,800
B
N2,525
C
N2,500
D
N2000
correct option: b
Users' Answers & Comments34
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \ & N & N \ \hline creditors & 5,000 & 8,000 \ stock & 1,200 & 1,100 \ \text{Mark-up} & \text{25%} & \ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Sales for the year amounted to
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \ & N & N \ \hline creditors & 5,000 & 8,000 \ stock & 1,200 & 1,100 \ \text{Mark-up} & \text{25%} & \ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Sales for the year amounted to
A
N12,625
B
N12,000
C
N11,300
D
N11,200
correct option: a
Users' Answers & Comments35
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{Stock in hand} & 4,000 \ \text{Purchases for resale} & 5,000 \ Sales & 3,500 \ Margin & \text{20%}\end{array}\)
The closing stock is
\(\begin{array}{c|c} & N \ \hline \text{Stock in hand} & 4,000 \ \text{Purchases for resale} & 5,000 \ Sales & 3,500 \ Margin & \text{20%}\end{array}\)
The closing stock is
A
N6,200
B
N5,500
C
N5,000
D
N4,000
correct option: a
Users' Answers & Comments36
Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{Balance brought forward} & 500Cr \ \text{Amount paid to suppliers} & 12,000 \ \text{Returns outwards} & 150 \ \text{Balance carried forward} & 650 Cr \end{array}\)
What is the value of purchases?
\(\begin{array}{c|c} & N \ \hline \text{Balance brought forward} & 500Cr \ \text{Amount paid to suppliers} & 12,000 \ \text{Returns outwards} & 150 \ \text{Balance carried forward} & 650 Cr \end{array}\)
What is the value of purchases?
A
N12,800
B
N12,650
C
N12,300
D
N12,150
correct option: c
Users' Answers & Comments37
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \ & N & N \ \hline \text{Goodwill} & 10,000 & \ \text{Plant and Machinery} & 32,000& \ \text{Freehold premises} & 50,000& \ stock & 15,000& \ debtors & 12,500 & \ \text{Cash in bank} & 7,500 & \ \text{cash in hand} & 2,000 & \ \text{Profit and loss account} & & 34,000 \ \text{Accrued rent} & & 500 \ \text{Sundry creditors} & & 9500 \ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of fixed tangible assets?
\(\begin{array}{c|c} & DR & CR \ & N & N \ \hline \text{Goodwill} & 10,000 & \ \text{Plant and Machinery} & 32,000& \ \text{Freehold premises} & 50,000& \ stock & 15,000& \ debtors & 12,500 & \ \text{Cash in bank} & 7,500 & \ \text{cash in hand} & 2,000 & \ \text{Profit and loss account} & & 34,000 \ \text{Accrued rent} & & 500 \ \text{Sundry creditors} & & 9500 \ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of fixed tangible assets?
A
N92,000
B
N89,500
C
N82,000
D
N60,000
correct option: c
Users' Answers & Comments38
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \ & N & N \ \hline \text{Goodwill} & 10,000 & \ \text{Plant and Machinery} & 32,000& \ \text{Freehold premises} & 50,000& \ stock & 15,000& \ debtors & 12,500 & \ \text{Cash in bank} & 7,500 & \ \text{cash in hand} & 2,000 & \ \text{Profit and loss account} & & 34,000 \ \text{Accrued rent} & & 500 \ \text{Sundry creditors} & & 9500 \ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of current liabilities?
\(\begin{array}{c|c} & DR & CR \ & N & N \ \hline \text{Goodwill} & 10,000 & \ \text{Plant and Machinery} & 32,000& \ \text{Freehold premises} & 50,000& \ stock & 15,000& \ debtors & 12,500 & \ \text{Cash in bank} & 7,500 & \ \text{cash in hand} & 2,000 & \ \text{Profit and loss account} & & 34,000 \ \text{Accrued rent} & & 500 \ \text{Sundry creditors} & & 9500 \ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of current liabilities?
A
N12,500
B
N10,000
C
N9,500
D
N9,000
correct option: b
Users' Answers & Comments39
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \ & N & N \ \hline \text{Goodwill} & 10,000 & \ \text{Plant and Machinery} & 32,000& \ \text{Freehold premises} & 50,000& \ stock & 15,000& \ debtors & 12,500 & \ \text{Cash in bank} & 7,500 & \ \text{cash in hand} & 2,000 & \ \text{Profit and loss account} & & 34,000 \ \text{Accrued rent} & & 500 \ \text{Sundry creditors} & & 9500 \ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of current assets?
\(\begin{array}{c|c} & DR & CR \ & N & N \ \hline \text{Goodwill} & 10,000 & \ \text{Plant and Machinery} & 32,000& \ \text{Freehold premises} & 50,000& \ stock & 15,000& \ debtors & 12,500 & \ \text{Cash in bank} & 7,500 & \ \text{cash in hand} & 2,000 & \ \text{Profit and loss account} & & 34,000 \ \text{Accrued rent} & & 500 \ \text{Sundry creditors} & & 9500 \ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of current assets?
A
N37,000
B
N35,000
C
N27,500
D
N22,500
correct option: a
Users' Answers & Comments40
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \ & N & N \ \hline \text{Goodwill} & 10,000 & \ \text{Plant and Machinery} & 32,000& \ \text{Freehold premises} & 50,000& \ stock & 15,000& \ debtors & 12,500 & \ \text{Cash in bank} & 7,500 & \ \text{cash in hand} & 2,000 & \ \text{Profit and loss account} & & 34,000 \ \text{Accrued rent} & & 500 \ \text{Sundry creditors} & & 9500 \ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
The capital is
\(\begin{array}{c|c} & DR & CR \ & N & N \ \hline \text{Goodwill} & 10,000 & \ \text{Plant and Machinery} & 32,000& \ \text{Freehold premises} & 50,000& \ stock & 15,000& \ debtors & 12,500 & \ \text{Cash in bank} & 7,500 & \ \text{cash in hand} & 2,000 & \ \text{Profit and loss account} & & 34,000 \ \text{Accrued rent} & & 500 \ \text{Sundry creditors} & & 9500 \ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
The capital is
A
N92,000
B
N89,500
C
N85,000
D
N82,000
correct option: c
Users' Answers & Comments