1994 - WAEC Accounting Past Questions and Answers - page 5

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?

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

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?

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

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?

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?

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

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?

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