1994 - WAEC Accounting Past Questions and Answers - page 5
41
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening stock} & 1,200 & sales & 29,000 \ Purchases & ? & \text{Less sales returns } & 500 \ \text{Add. Carriage Inwards} & 300 & & ? \ \text{Less return outwards} & 1,570 \ & 28,500 \ \text{Less closing stock} & 2,220 & \ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
What is the cost of goods sold?
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening stock} & 1,200 & sales & 29,000 \ Purchases & ? & \text{Less sales returns } & 500 \ \text{Add. Carriage Inwards} & 300 & & ? \ \text{Less return outwards} & 1,570 \ & 28,500 \ \text{Less closing stock} & 2,220 & \ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
What is the cost of goods sold?
A
N19,805
B
N21,075
C
N21,375
D
N21,750
correct option: c
Users' Answers & Comments42
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening stock} & 1,200 & sales & 29,000 \ Purchases & ? & \text{Less sales returns } & 500 \ \text{Add. Carriage Inwards} & 300 & & ? \ \text{Less return outwards} & 1,570 \ & 28,500 \ \text{Less closing stock} & 2,220 & \ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
The cost of goods available for sale is
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening stock} & 1,200 & sales & 29,000 \ Purchases & ? & \text{Less sales returns } & 500 \ \text{Add. Carriage Inwards} & 300 & & ? \ \text{Less return outwards} & 1,570 \ & 28,500 \ \text{Less closing stock} & 2,220 & \ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
The cost of goods available for sale is
A
N21,375
B
N22,095
C
N22,395
D
N23,595
correct option: d
Users' Answers & Comments43
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening stock} & 1,200 & sales & 29,000 \ Purchases & ? & \text{Less sales returns } & 500 \ \text{Add. Carriage Inwards} & 300 & & ? \ \text{Less return outwards} & 1,570 \ & 28,500 \ \text{Less closing stock} & 2,220 & \ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
What is the cost of goods purchased?
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening stock} & 1,200 & sales & 29,000 \ Purchases & ? & \text{Less sales returns } & 500 \ \text{Add. Carriage Inwards} & 300 & & ? \ \text{Less return outwards} & 1,570 \ & 28,500 \ \text{Less closing stock} & 2,220 & \ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
What is the cost of goods purchased?
A
N22,095
B
N22,395
C
N22,765
D
N23,665
correct option: d
Users' Answers & Comments44
Use the following to answer the given question
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening stock} & 1,200 & sales & 29,000 \ Purchases & ? & \text{Less sales returns } & 500 \ \text{Add. Carriage Inwards} & 300 & & ? \ \text{Less return outwards} & 1,570 \ & 28,500 \ \text{Less closing stock} & 2,220 & \ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
The goods profit is
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening stock} & 1,200 & sales & 29,000 \ Purchases & ? & \text{Less sales returns } & 500 \ \text{Add. Carriage Inwards} & 300 & & ? \ \text{Less return outwards} & 1,570 \ & 28,500 \ \text{Less closing stock} & 2,220 & \ \text{Gross Profit(25% of sales)} & 28,500 & & 28,500 \end{array}\)
The goods profit is
A
N7,425
B
N7425
C
N7,625
D
N7,925
correct option: a
Users' Answers & Comments45
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \ Reserve & 20,000 & \text{Motor van} & 68,000 \ & 180,000 & Stock & 14,000 \ \text{10% Debentures} & 40,000 & Debtors & 36,000 \ Creditors & 25,000 & Prepyments & 1,800 \ \text{Accrued Rent} & 3,000 & bank & 18,200 \ Total & N248,000 & & N248,000 \end{array}\)
What is the current ratio?
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \ Reserve & 20,000 & \text{Motor van} & 68,000 \ & 180,000 & Stock & 14,000 \ \text{10% Debentures} & 40,000 & Debtors & 36,000 \ Creditors & 25,000 & Prepyments & 1,800 \ \text{Accrued Rent} & 3,000 & bank & 18,200 \ Total & N248,000 & & N248,000 \end{array}\)
What is the current ratio?
A
1 : 1
B
1 : 2
C
3 : 1
D
5 : 2
correct option: c
Users' Answers & Comments46
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \ Reserve & 20,000 & \text{Motor van} & 68,000 \ & 180,000 & Stock & 14,000 \ \text{10% Debentures} & 40,000 & Debtors & 36,000 \ Creditors & 25,000 & Prepyments & 1,800 \ \text{Accrued Rent} & 3,000 & bank & 18,200 \ Total & N248,000 & & N248,000 \end{array}\)
What is the ratio pf debentures to equity?
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \ Reserve & 20,000 & \text{Motor van} & 68,000 \ & 180,000 & Stock & 14,000 \ \text{10% Debentures} & 40,000 & Debtors & 36,000 \ Creditors & 25,000 & Prepyments & 1,800 \ \text{Accrued Rent} & 3,000 & bank & 18,200 \ Total & N248,000 & & N248,000 \end{array}\)
What is the ratio pf debentures to equity?
A
1 : 1
B
2 : 1
C
3 : 1
D
5 : 2
correct option: d
Users' Answers & Comments47
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \ Reserve & 20,000 & \text{Motor van} & 68,000 \ & 180,000 & Stock & 14,000 \ \text{10% Debentures} & 40,000 & Debtors & 36,000 \ Creditors & 25,000 & Prepyments & 1,800 \ \text{Accrued Rent} & 3,000 & bank & 18,200 \ Total & N248,000 & & N248,000 \end{array}\)
What is the net total of assets
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \ Reserve & 20,000 & \text{Motor van} & 68,000 \ & 180,000 & Stock & 14,000 \ \text{10% Debentures} & 40,000 & Debtors & 36,000 \ Creditors & 25,000 & Prepyments & 1,800 \ \text{Accrued Rent} & 3,000 & bank & 18,200 \ Total & N248,000 & & N248,000 \end{array}\)
What is the net total of assets
A
N178,000
B
N180,000
C
N208,000
D
N220,000
correct option: b
Users' Answers & Comments48
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \ Reserve & 20,000 & \text{Motor van} & 68,000 \ & 180,000 & Stock & 14,000 \ \text{10% Debentures} & 40,000 & Debtors & 36,000 \ Creditors & 25,000 & Prepyments & 1,800 \ \text{Accrued Rent} & 3,000 & bank & 18,200 \ Total & N248,000 & & N248,000 \end{array}\)
What is the equity capital?
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \ Reserve & 20,000 & \text{Motor van} & 68,000 \ & 180,000 & Stock & 14,000 \ \text{10% Debentures} & 40,000 & Debtors & 36,000 \ Creditors & 25,000 & Prepyments & 1,800 \ \text{Accrued Rent} & 3,000 & bank & 18,200 \ Total & N248,000 & & N248,000 \end{array}\)
What is the equity capital?
A
N100,000
B
N120,000
C
N160,000
D
N180,000
correct option: b
Users' Answers & Comments49
Use the following to answer the given question
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \ Reserve & 20,000 & \text{Motor van} & 68,000 \ & 180,000 & Stock & 14,000 \ \text{10% Debentures} & 40,000 & Debtors & 36,000 \ Creditors & 25,000 & Prepyments & 1,800 \ \text{Accrued Rent} & 3,000 & bank & 18,200 \ Total & N248,000 & & N248,000 \end{array}\)
The working capacity is
BALANCE SHEET:
\(\begin{array}{c|c} & N & & N \ \hline \text{Ordinary share capital} & 100,000 & \text{Plant and Machinery} & 60,000 \ \text{6% preference share capital} & 60,000 & Furniture & 50,000 \ Reserve & 20,000 & \text{Motor van} & 68,000 \ & 180,000 & Stock & 14,000 \ \text{10% Debentures} & 40,000 & Debtors & 36,000 \ Creditors & 25,000 & Prepyments & 1,800 \ \text{Accrued Rent} & 3,000 & bank & 18,200 \ Total & N248,000 & & N248,000 \end{array}\)
The working capacity is
A
N42,000
B
N60,000
C
N68,000
D
n70,000
correct option: a
Users' Answers & Comments