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Accounts - Principles of Accounts 2002 WAEC Past Questions

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36
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Tunde's Current Account balance on 31st December, 200 is
  • A. N30,000
  • B. N25,500
  • C. N25,000
  • D. N10,000
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37
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Baba's Current Account balance on 31st December, 2000 is
  • A. N35,500
  • B. N25,000
  • C. N21,000
  • D. N20,000
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38
Cash discount received is shown in the i. cash ii. Discount Received Account iii. suppliers' Account
  • A. i and ii
  • B. ii and iii
  • C. i and iii
  • D. i,ii and iii
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39
Which of the following is not an input device?
  • A. diskette
  • B. card
  • C. keyboard
  • D. printer
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40
A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. How much is charged to profit and loss account for the year 2000?
  • A. N45,000
  • B. N42,000
  • C. N36,000
  • D. N33,000
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