2007 - WAEC Accounting Past Questions and Answers - page 2

Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \ \hline \text{Opening stock} & 1,800\ \text{Closing stock} & 1,350 \ \text{Creditors- 1/01/2004} & 1,274 \ \text{Creditors- 31/12/2004} & 1,140\ \text{Cash paid to creditors} & 6,900\ \text{Debtors 1/01/2004} & 465\ \text{Cash received from debtors} & 11,130 \ \text{Debtors 31/12/2004} & 300\end{array}\)
Gross profit for the year was

The total of the sales journal is posted to the

A rent ₦12,000 was paid by Taiwo to his landlord by cheque. The double entry in Taiwo's books is

The sum of money given to a petty cashier out of which small payments are made is a/an

The total of the discount from creditors is transferred to

The total of the discounts is transferred to

The profit of sole trader increases his

Use following information to answer the given
\(\begin{array}{c|c} & ₦\ \hline \text{Balance as per cash book} & 8,000 Cr\ \text{Unpresented cheques} & 14,400\ \text{Uncredited cheque} & 2,600\ \text{Uncredited cheques} & 2,600\end{array}\)
A cheque for ₦2,000 paid to a creditor had been entered in error in the cash book.The debit side of the cash book(bank column) had been undercast by ₦5,000. The adjusted balance as per cash book is

Use following information to answer the given
\(\begin{array}{c|c} & ₦ \ \hline \text{Balance as per cash book} & 8,000 Cr\ \text{Unpresented cheques} & 14,400\ \text{Uncredited cheque} & 2,600\ \text{Uncredited cheques} & 2,600\end{array}\)
A cheque for ₦2,000 paid to a creditor had been entered in error in the cash book.The debit side of the cash book(bank column) had been undercast by ₦5,000. The balance as per bank statement is

Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\ \text{Rent received during the year 2005} & D5,000\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The entry for rent received in the profit and loss account for the year ended 31st December 2005 is