2005 - WAEC Accounting Past Questions and Answers - page 2
A debit balance of N1,000 in cash account means that
The maximum level of cash held by by a cashier under an imprest system is a/an
The total of the sales journal is entered on the
Gross profit is calculated in the
An example of fixed asset is
Use the following information to answer the question
(\begin{array}{c|c} & Ade & Bola\ & N & N \ \hline \text{Capital Accounts} & 60,000 & 40,000\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \ \text{Drawings} & 8,000 & 2,000 \end{array})
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The amount of distributable profit is
Use the following information to answer the question
Use the following information to answer the question
(\begin{array}{c|c} & Ade & Bola\ & N & N \ \hline \text{Capital Accounts} & 60,000 & 40,000\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \ \text{Drawings} & 8,000 & 2,000 \end{array})
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Ade's share of profit is
Use the following information to answer the question
(\begin{array}{c|c} & Ade & Bola\ & N & N \ \hline \text{Capital Accounts} & 60,000 & 40,000\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \ \text{Drawings} & 8,000 & 2,000 \end{array})
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The total amount credit to the Profit and Loss Appropriation Account is
Use the following information to answer the question
(\begin{array}{c|c} & Ade & Bola\ & N & N \ \hline \text{Capital Accounts} & 60,000 & 40,000\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \ \text{Drawings} & 8,000 & 2,000 \end{array})
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. Bola's current account balance is
Capital expenditure is the