1993 - WAEC Accounting Past Questions and Answers - page 5

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})
Interest on John's drawings is

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})
What is John's share of the profit?

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})
What is Johnson's share of the profit?

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 balance on Johnson's current account is

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 balance on John's current account is

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})
Interest on Johnson's drawing is?

Use the following information to answer the given question.
(\begin{array}{c|c} & & N \ \hline \text{Purchases:} & \text{raw materials} & 20,000 \ & \text{finished goods} & 15,200 \ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \ & \text{work-in-progress} & 2,500 \ Wages: & direct & 22,800 \ & indirect & 7,200 \ \text{Factory expenses:} & electricity & 12,000 \ & insurance & 2,000 \ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \ & \text{work-in-progress} & 4,500\end{array})
What is the value of raw materials available?

Use the following information to answer the given question.
(\begin{array}{c|c} & & N \ \hline \text{Purchases:} & \text{raw materials} & 20,000 \ & \text{finished goods} & 15,200 \ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \ & \text{work-in-progress} & 2,500 \ Wages: & direct & 22,800 \ & indirect & 7,200 \ \text{Factory expenses:} & electricity & 12,000 \ & insurance & 2,000 \ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \ & \text{work-in-progress} & 4,500\end{array})
The cost of materials used is

Use the following information to answer the given question.
(\begin{array}{c|c} & & N \ \hline \text{Purchases:} & \text{raw materials} & 20,000 \ & \text{finished goods} & 15,200 \ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \ & \text{work-in-progress} & 2,500 \ Wages: & direct & 22,800 \ & indirect & 7,200 \ \text{Factory expenses:} & electricity & 12,000 \ & insurance & 2,000 \ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \ & \text{work-in-progress} & 4,500\end{array})
The prime cost is

Use the following information to answer the given question.
(\begin{array}{c|c} & & N \ \hline \text{Purchases:} & \text{raw materials} & 20,000 \ & \text{finished goods} & 15,200 \ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \ & \text{work-in-progress} & 2,500 \ Wages: & direct & 22,800 \ & indirect & 7,200 \ \text{Factory expenses:} & electricity & 12,000 \ & insurance & 2,000 \ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \ & \text{work-in-progress} & 4,500\end{array})
The amount of factory overhead is