1993 - WAEC Accounting Past Questions and Answers - page 5
41
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
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
A
N500
B
N300
C
N200
D
N150
correct option: c
Users' Answers & Comments42
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?
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?
A
N5,000
B
N3,600
C
N3,000
D
N2,400
correct option: c
Users' Answers & Comments43
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?
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?
A
N6,000
B
N3,600
C
N3,000
D
N2,400
correct option: e
Users' Answers & Comments44
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
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
A
N3,300 Cr
B
N2,200 Cr
C
N1,200 Cr
D
N800 Dr
correct option: d
Users' Answers & Comments45
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
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
A
N4,000 Dr
B
N3,800 Cr
C
N3,300Cr
D
N2,000 Cr
correct option: e
Users' Answers & Comments46
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?
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?
A
N500
B
N300
C
N200
D
N150
correct option: b
Users' Answers & Comments47
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?
\(\begin{array}{c|c} & & N \ \hline \text{Purchases:} & \text{raw materials} & 20,000 \ & \text{finished goods} & 15,200 \ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \ & \text{work-in-progress} & 2,500 \ Wages: & direct & 22,800 \ & indirect & 7,200 \ \text{Factory expenses:} & electricity & 12,000 \ & insurance & 2,000 \ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \ & \text{work-in-progress} & 4,500\end{array}\)
What is the value of raw materials available?
A
N23,000
B
N22,500
C
N20,000
D
N19,000
correct option: a
Users' Answers & Comments48
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
\(\begin{array}{c|c} & & N \ \hline \text{Purchases:} & \text{raw materials} & 20,000 \ & \text{finished goods} & 15,200 \ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \ & \text{work-in-progress} & 2,500 \ Wages: & direct & 22,800 \ & indirect & 7,200 \ \text{Factory expenses:} & electricity & 12,000 \ & insurance & 2,000 \ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \ & \text{work-in-progress} & 4,500\end{array}\)
The cost of materials used is
A
N23,000
B
N21,000
C
N20,000
D
N19,000
correct option: d
Users' Answers & Comments49
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
\(\begin{array}{c|c} & & N \ \hline \text{Purchases:} & \text{raw materials} & 20,000 \ & \text{finished goods} & 15,200 \ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \ & \text{work-in-progress} & 2,500 \ Wages: & direct & 22,800 \ & indirect & 7,200 \ \text{Factory expenses:} & electricity & 12,000 \ & insurance & 2,000 \ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \ & \text{work-in-progress} & 4,500\end{array}\)
The prime cost is
A
N49,000
B
N45,800
C
N43,800
D
N41,800
correct option: d
Users' Answers & Comments50
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
\(\begin{array}{c|c} & & N \ \hline \text{Purchases:} & \text{raw materials} & 20,000 \ & \text{finished goods} & 15,200 \ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \ & \text{work-in-progress} & 2,500 \ Wages: & direct & 22,800 \ & indirect & 7,200 \ \text{Factory expenses:} & electricity & 12,000 \ & insurance & 2,000 \ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \ & \text{work-in-progress} & 4,500\end{array}\)
The amount of factory overhead is
A
N28,200
B
N23,200
C
N21,299
D
N19,200
correct option: d
Users' Answers & Comments