1991 - WAEC Accounting Past Questions and Answers - page 5

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 intangible assets?

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 value of working capital is

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})
Current ratio

Use the following information to answer the given question
(\begin{array}{c|c} & N \ \hline \text{Manufacturing cost of finished goods} & 75,000 \ \text{Mark-up is 25%} & 5,000 \end{array})
The gross profit for the year is

Use the following information to answer the given question
(\begin{array}{c|c} & N \ \hline \text{Manufacturing cost of finished goods} & 75,000 \ \text{Mark-up is 25%} & 5,000 \end{array})
The sales value for the year is

Use the following information to answer the given question
(\begin{array}{c|c} & N \ \hline \text{Manufacturing cost of finished goods} & 75,000 \ \text{Mark-up is 25%} & 5,000 \end{array})
The net profit for the year is

Use the following information to answer the given question
BOUGHT LEDGER CONTROL ACCOUNT:
(\begin{array}{c|c} & N & & N \ \hline \text{Purchases returns} & 1,500 & \text{Balance b/f} & 5,000 \ \text{Bills payable} & 4,500 & Purchases & 10,500 \ Bank & 6,100 & \text{Cheques dishonoured} & 300 \ \text{Discount allowed} & 200 & & \ \text{Balance c/f} & \overline{15,800} & & \overline{15,800} \end{array})
Creditors at the end of the year amounted to

Use the following information to answer the given question
BOUGHT LEDGER CONTROL ACCOUNT:
(\begin{array}{c|c} & N & & N \ \hline \text{Purchases returns} & 1,500 & \text{Balance b/f} & 5,000 \ \text{Bills payable} & 4,500 & Purchases & 10,500 \ Bank & 6,100 & \text{Cheques dishonoured} & 300 \ \text{Discount allowed} & 200 & & \ \text{Balance c/f} & \overline{15,800} & & \overline{15,800} \end{array})
Net credit purchases for the year amounted to

Use the following information to answer the given question
BOUGHT LEDGER CONTROL ACCOUNT:
(\begin{array}{c|c} & N & N \ \hline \text{Purchases returns} & 1,500 & \text{Balance b/f} & 5,000 \ \text{Bills payable} & 4,500 & Purchases & 10,500 \ Bank & 6,100 & \text{Cheques dishonoured} & 300 \ \text{Discount allowed} & 200 & & \ \text{Balance c/f} & N15,800 & & N15,800 \end{array})
Payments effected amount to