1991 - WAEC Accounting Past Questions and Answers - page 5
41
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?
\(\begin{array}{c|c} & DR & CR \ & N & N \ \hline \text{Goodwill} & 10,000 & \ \text{Plant and Machinery} & 32,000& \ \text{Freehold premises} & 50,000& \ stock & 15,000& \ debtors & 12,500 & \ \text{Cash in bank} & 7,500 & \ \text{cash in hand} & 2,000 & \ \text{Profit and loss account} & & 34,000 \ \text{Accrued rent} & & 500 \ \text{Sundry creditors} & & 9500 \ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of intangible assets?
A
N60,000
B
N50,000
C
N42,000
D
N32,000
correct option: e
Users' Answers & Comments42
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
\(\begin{array}{c|c} & DR & CR \ & N & N \ \hline \text{Goodwill} & 10,000 & \ \text{Plant and Machinery} & 32,000& \ \text{Freehold premises} & 50,000& \ stock & 15,000& \ debtors & 12,500 & \ \text{Cash in bank} & 7,500 & \ \text{cash in hand} & 2,000 & \ \text{Profit and loss account} & & 34,000 \ \text{Accrued rent} & & 500 \ \text{Sundry creditors} & & 9500 \ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
The value of working capital is
A
N27,000
B
N25,000
C
N24,500
D
N18,000
correct option: a
Users' Answers & Comments43
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
\(\begin{array}{c|c} & DR & CR \ & N & N \ \hline \text{Goodwill} & 10,000 & \ \text{Plant and Machinery} & 32,000& \ \text{Freehold premises} & 50,000& \ stock & 15,000& \ debtors & 12,500 & \ \text{Cash in bank} & 7,500 & \ \text{cash in hand} & 2,000 & \ \text{Profit and loss account} & & 34,000 \ \text{Accrued rent} & & 500 \ \text{Sundry creditors} & & 9500 \ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
Current ratio
A
4.9 : 1
B
4.1 : 1
C
3.0 : 1
D
3.7: 1
correct option: d
Users' Answers & Comments44
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
\(\begin{array}{c|c} & N \ \hline \text{Manufacturing cost of finished goods} & 75,000 \ \text{Mark-up is 25%} & 5,000 \end{array}\)
The gross profit for the year is
A
N93,750
B
N56,250
C
N18,750
D
N17,500
correct option: c
Users' Answers & Comments45
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
\(\begin{array}{c|c} & N \ \hline \text{Manufacturing cost of finished goods} & 75,000 \ \text{Mark-up is 25%} & 5,000 \end{array}\)
The sales value for the year is
A
N93,750
B
N56,250
C
N18,750
D
N17,500
correct option: a
Users' Answers & Comments46
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
\(\begin{array}{c|c} & N \ \hline \text{Manufacturing cost of finished goods} & 75,000 \ \text{Mark-up is 25%} & 5,000 \end{array}\)
The net profit for the year is
A
N93,750
B
N56,250
C
N18,750
D
N17,500
correct option: e
Users' Answers & Comments47
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
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
A
N10,500
B
N9,000
C
N5,000
D
N4,500
correct option: e
Users' Answers & Comments48
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
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
A
N15,800
B
N15,500
C
N12,000
D
N10,500
correct option: e
Users' Answers & Comments49
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
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
A
N10,800
B
N10,600
C
N10,500
D
N6,100
correct option: e
Users' Answers & Comments