1993 - WAEC Accounting Past Questions and Answers - page 4

Carriage inwards are

Which of the following accounts is not kept by a local government?

Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent paid 31/12/89} & N4,000\ \text{Rent owing 1/1/89} & N500 \ \text{Rent owing 31/12/89} & N300\end{array}\)
Rent for 1989 amounts to

Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{10,000 ordinary shares of N1 each} & N10,000\ \text{5,000 5% preference shares of N1 each} & N5,000 \ \text{Profit and loss account} & N8,000 \ \text{8% debenture} & 10,000 \ creditors & 3,000 \ \text{Bank overdraft} & 2,000 \ \text{Plants and machinery} & 10,000 \ \text{Plant and machinery} & 10,000 \ \text{Furniture and fittings} & 8,000 \ stock & 8,000 \ debtors & 5,000 \end{array}\)
What is the amount share capital?

Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{10,000 ordinary shares of N1 each} & N10,000\ \text{5,000 5% preference shares of N1 each} & N5,000 \ \text{Profit and loss account} & N8,000 \ \text{8% debenture} & 10,000 \ creditors & 3,000 \ \text{Bank overdraft} & 2,000 \ \text{Plants and machinery} & 10,000 \ \text{Plant and machinery} & 10,000 \ \text{Furniture and fittings} & 8,000 \ stock & 8,000 \ debtors & 5,000 \end{array}\)
What is the value of shareholder's equity?

Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{10,000 ordinary shares of N1 each} & N10,000\ \text{5,000 5% preference shares of N1 each} & N5,000 \ \text{Profit and loss account} & N8,000 \ \text{8% debenture} & 10,000 \ creditors & 3,000 \ \text{Bank overdraft} & 2,000 \ \text{Plants and machinery} & 10,000 \ \text{Plant and machinery} & 10,000 \ \text{Furniture and fittings} & 8,000 \ stock & 8,000 \ debtors & 5,000 \end{array}\)
What is the total value of long term liability?

Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{10,000 ordinary shares of N1 each} & N10,000\ \text{5,000 5% preference shares of N1 each} & N5,000 \ \text{Profit and loss account} & N8,000 \ \text{8% debenture} & 10,000 \ creditors & 3,000 \ \text{Bank overdraft} & 2,000 \ \text{Plants and machinery} & 10,000 \ \text{Plant and machinery} & 10,000 \ \text{Furniture and fittings} & 8,000 \ stock & 8,000 \ debtors & 5,000 \end{array}\)
What is the total amount of fixed assets?

Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{10,000 ordinary shares of N1 each} & N10,000\ \text{5,000 5% preference shares of N1 each} & N5,000 \ \text{Profit and loss account} & N8,000 \ \text{8% debenture} & 10,000 \ creditors & 3,000 \ \text{Bank overdraft} & 2,000 \ \text{Plants and machinery} & 10,000 \ \text{Plant and machinery} & 10,000 \ \text{Furniture and fittings} & 8,000 \ stock & 8,000 \ debtors & 5,000 \end{array}\)
What is the value of current liability?

Use the following information to answer the given question
\(\begin{array}{c|c} & N \ \hline \text{10,000 ordinary shares of N1 each} & N10,000\ \text{5,000 5% preference shares of N1 each} & N5,000 \ \text{Profit and loss account} & N8,000 \ \text{8% debenture} & 10,000 \ creditors & 3,000 \ \text{Bank overdraft} & 2,000 \ \text{Plants and machinery} & 10,000 \ \text{Plant and machinery} & 10,000 \ \text{Furniture and fittings} & 8,000 \ stock & 8,000 \ debtors & 5,000 \end{array}\)
What is the total of current assets?

Use the following information to answer the given question.
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \ & \text{ - Johnson} & N10,000 \ Drawings & \text{ - John} & 2,000 \ & \text{ - Johnson} & 3,000 \ \text{Interest on capital} & & \text{5%} \ \text{Interest on drawings} & & \text{10%} \ Profit & & N6,000\end{array}\)
The interest on Johnson's capital is