2010 - WAEC Accounting Past Questions and Answers - page 4
31
Use the following information to answer the given question, Aba and Baba are partners who agreed to share profits and losses in the ratio 4 : 3 respectively. Extracts from their books for the year ended 31/12/08 are:
\(\begin{array}{c|c} & \text{ABA} & \text{BABA} & \text{TOTAL}\ & ₦ & ₦ & ₦ \ \hline \text{Capital} & 20,000 & 15,000 & 35,000 \ \text{Drawings} & 2,520 & - & 2,520 \ \text{Interest on drawings} & 504 & - & 504\ \text{Interest on capital} & 2,000 & 1,500 & 3,500 \ \text{Net profit 31/12/08} & - & - & 34,636\end{array}\)
Aba's share of profit is
\(\begin{array}{c|c} & \text{ABA} & \text{BABA} & \text{TOTAL}\ & ₦ & ₦ & ₦ \ \hline \text{Capital} & 20,000 & 15,000 & 35,000 \ \text{Drawings} & 2,520 & - & 2,520 \ \text{Interest on drawings} & 504 & - & 504\ \text{Interest on capital} & 2,000 & 1,500 & 3,500 \ \text{Net profit 31/12/08} & - & - & 34,636\end{array}\)
Aba's share of profit is
A
₦21,504
B
₦19,792
C
₦18,352
D
₦16,128
correct option: d
Users' Answers & Comments32
Use the following information to answer the given question, Aba and Baba are partners who agreed to share profits and losses in the ratio 4 : 3 respectively. Extracts from their books for the year ended 31/12/08 are:
\(\begin{array}{c|c} & \text{ABA} & \text{BABA} & \text{TOTAL}\ & ₦ & ₦ & ₦ \ \hline \text{Capital} & 20,000 & 15,000 & 35,000 \ \text{Drawings} & 2,520 & - & 2,520 \ \text{Interest on drawings} & 504 & - & 504\ \text{Interest on capital} & 2,000 & 1,500 & 3,500 \ \text{Net profit 31/12/08} & - & - & 34,636\end{array}\)
Aba's share of profit is
\(\begin{array}{c|c} & \text{ABA} & \text{BABA} & \text{TOTAL}\ & ₦ & ₦ & ₦ \ \hline \text{Capital} & 20,000 & 15,000 & 35,000 \ \text{Drawings} & 2,520 & - & 2,520 \ \text{Interest on drawings} & 504 & - & 504\ \text{Interest on capital} & 2,000 & 1,500 & 3,500 \ \text{Net profit 31/12/08} & - & - & 34,636\end{array}\)
Aba's share of profit is
A
₦16,128
B
₦14,844
C
₦13,764
D
₦18,080
correct option: d
Users' Answers & Comments33
Use the following information to answer the given question, Aba and Baba are partners who agreed to share profits and losses in the ratio 4 : 3 respectively. Extracts from their books for the year ended 31/12/08 are:
\(\begin{array}{c|c} & \text{ABA} & \text{BABA} & \text{TOTAL}\ & ₦ & ₦ & ₦ \ \hline \text{Capital} & 20,000 & 15,000 & 35,000 \ \text{Drawings} & 2,520 & - & 2,520 \ \text{Interest on drawings} & 504 & - & 504\ \text{Interest on capital} & 2,000 & 1,500 & 3,500 \ \text{Net profit 31/12/08} & - & - & 34,636\end{array}\)
Aba's share of profit is
\(\begin{array}{c|c} & \text{ABA} & \text{BABA} & \text{TOTAL}\ & ₦ & ₦ & ₦ \ \hline \text{Capital} & 20,000 & 15,000 & 35,000 \ \text{Drawings} & 2,520 & - & 2,520 \ \text{Interest on drawings} & 504 & - & 504\ \text{Interest on capital} & 2,000 & 1,500 & 3,500 \ \text{Net profit 31/12/08} & - & - & 34,636\end{array}\)
Aba's share of profit is
A
15%
B
10%
C
8%
D
5%
correct option: b
Users' Answers & Comments34
Carriage inwards is shown on he
A
debit side of the trading account
B
credit side of the trading account
C
credit side of the profit and loss account
D
debit side of the profit and loss account
correct option: a
Users' Answers & Comments35
The accounting treatment when goods are sent to branch at a cost is, debit branch stock account and credit
A
branch stock adjustment account
B
goods sent to branch account
C
branch debtors account
D
branch profit and loss account
correct option: a
Users' Answers & Comments36
The document prepared for the disbursement of government fund is
A
an invoice
B
a receipt
C
a payment voucher
D
a bill
correct option: b
Users' Answers & Comments37
A financial plan of action expressed in monetary terms is a/an
A
warrant
B
budget
C
imprest
D
consilidated fund
correct option: b
Users' Answers & Comments38
Which of the following reserves is not used for bonus shares?
A
revolutional reserve
B
share premium
C
capital redemption reserve fund?
D
general reserve
correct option: c
Users' Answers & Comments39
When shares are sold 'at par' it means they are issued at
A
the market value
B
the normal value
C
a discount
D
a premium
correct option: b
Users' Answers & Comments40
Which of the following does not form part of shareholders fund?
A
ordinaty shares
B
shares premium
C
profit
D
debenture
correct option: d
Users' Answers & Comments