2012 - WAEC Accounting Past Questions and Answers - page 5
41
A loss made on the disposal of a fixed assets is debited to
A
sales account
B
purchases account
C
profit and loss account
D
capital account
42
Use the following information to answer the given question
\(\begin{array}{c|c} & D \ \hline \text{Cash in hand}& 1,440\ \text{Cash at bank} & 2440\ \text{Stock} & 2,500\ \text{Furniture and fittings} & 2,200 \ \text{Creditors} & 1,000\end{array}\)
The capital is
A
D1,440
B
D6,580
C
D5,380
D
D1,000
43
Use the following information to answer the given question
\(\begin{array} {c|c} & D \ \hline \text{Cash in hand}& 1,440\ \text{Cash at bank} & 2440\ \text{Stock} & 2,500\ \text{Furniture and fittings} & 2,200 \ \text{Creditors} & 1,000\end{array}\)
The liability is
A
D7,580
B
D6,580
C
D5,380
D
D1,000
44
Use the following information to answer the given question
\(\begin{array}{c|c} & Le\ \hline \text{Construction and hospital wards} & 300,000\ \text{purchase of hospital beds} & 40,000 \ \text{salaries and wages}& 80,000\ \text{Purchase of drugs} & 55,000\ \text{purchases of x-ray machine} & 150,000\end{array}\)
Capital expenditure for the year was
A
Le 545,000
B
Le 490,000
C
Le 450,000
D
Le 300,000
45
\(\begin{array}{c|c} & Le\ \hline \text{Construction and hospital wards} & 300,000\ \text{purchase of hospital beds} & 40,000 \ \text{salaries and wages}& 80,000\ \text{Purchase of drugs} & 55,000\ \text{purchases of x-ray machine} & 150,000\end{array}\)
The amount of recurrent expenditure was
A
Le 245,000
B
Le 175,000
C
Le 135,000
D
Le 80,000
46
Use the following information to answer the given question.
BALANCE SHEET AS AT 31st DECEMBER, 2010
\(\begin{array}{c|c} & ₦ & & ₦ \ \hline \text{Capital}& 40,000 & \text{Freehold premises} & 50,000\ \text{Less: Net loss} & \frac{5,000}{35,000} & \text{Stock} & 3,000\ \text{Less: Drawings} & \frac{2,000}{33,000} & \text{Debtors} & 4,000\ \text{Long term loan} & \frac{20,000}{53,000} & \text{Cash at bank} & 6,500\ \text{Creditors} & 8,000\ \text{Accrued expenses} & \frac{4,000}{65,000} & \text{Cash in hand} & 1,500\ & & & \text{Total 65,000}\end{array}\)
The amount of working capital is
A
₦11,000
B
₦7,00
C
₦4,000
D
₦3,000
47
Use the following information to answer the given question.
BALANCE SHEET AS AT 31st DECEMBER, 2010
\(\begin{array}{c|c} & ₦ & & ₦ \ \hline \text{Capital}& 40,000 & \text{Freehold premises} & 50,000\ \text{Less: Net loss} & \frac{5,000}{35,000} & \text{Stock} & 3,000\ \text{Less: Drawings} & \frac{2,000}{33,000} & \text{Debtors} & 4,000\ \text{Long term loan} & \frac{20,000}{53,000} & \text{Cash at bank} & 6,500\ \text{Creditors} & 8,000\ \text{Accrued expenses} & \frac{4,000}{65,000} & \text{Cash in hand} & 1,500\ & & & \text{Total 65,000}\end{array}\)
Working capital ratio is
A
5 : 4
B
5 : 3
C
4 : 5
D
1 : 2
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