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Accounts - Principles of Accounts 2003 WAEC Past Questions

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11
Use the following information to answer the given question.
\(\begin{array}{c|c} \text{Net profit for the year} & N75.000\\ \text{Ordinary share capital of 50 kobo each} & N65,000\\ \text{10% Preference shares of 50 kobo each} & N100,000\end{array}\)
Dividend per ordinary share is
  • A. N1.00
  • B. N0.50
  • C. N0.45
  • D. N0.40
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12
Which of the following is the basis for apportioning rent among departments?
  • A. sales
  • B. floor area
  • C. number of employees
  • D. direct labour cost
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13
Which of the following brings a company into legal existence?
  • A. certificate of incorporation
  • B. memorandum of association
  • C. articles of association
  • D. company law
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14
Which of the following documents set out the internal regulations of a partnership?
  • A. law
  • B. deed
  • C. regulation
  • D. code
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15
\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year - Ojo} - \frac{2}{3} & & Aina - \frac{1}{3} \end{array}\)
The divisible profit for the year
  • A. ₦31,600
  • B. ₦31,400
  • C. ₦904,000
  • D. ₦28,600
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