2003 - WAEC Accounting Past Questions and Answers - page 4

Rent owing by a business is shown in the

Opening creditors was N65,000, closing creditors was N41,000. Credit purchases was N200,000 and discount received N3,000. How much was paid to creditors?

Which of the following is an item of prime cost?

Use the following information to answer question,
\(\begin{array}{c|c} & ₦\ \hline \text{Opening stock} & 40,000\ \text{Purchases} & 130,000\ \text{Closing stocks} & 32,000 \ \text{sales} & 180,000\end{array}\)
What was the cost of goods sold?

Use the following information to answer question,
\(\begin{array}{c|c} & ₦\ \hline \text{Opening stock} & 40,000\ \text{Purchases} & 130,000\ \text{Closing stocks} & 32,000 \ \text{sales} & 180,000\end{array}\)
What was the gross profit?

The opening balance of debtors is N100,000 and that of provision for doubtful debts is N1,000. If provision is to at \(\frac{1}{2}\)% of debtors, how much would be charged in the profit and loss account?

Which of the following source documents is used for recording goods and returned to suppliers?

In which of the following is purchase of fixed assets on credit first recorders?

In which ledger is the account of yao, a debtor found?

A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001.The profit or loss on sale was