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Accounts - Principles of Accounts 2007 WAEC Past Questions

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11
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
  • A. ₦4,650
  • B. ₦4,200
  • C. ₦3,750
  • D. ₦2,400
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12
The total of the sales journal is posted to the
  • A. credit side of sales ledger
  • B. credit side f sales account
  • C. debit side of sales account
  • D. debit side of sales account
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13
A rent ₦12,000 was paid by Taiwo to his landlord by cheque. The double entry in Taiwo's books is
  • A. debit Rent aount, credit bank account
  • B. debit rent account, credit taiwo's account
  • C. debit bank account, credit rent account
  • D. debit Taiwo's account, credit rent account
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14
The sum of money given to a petty cashier out of which small payments are made is a/an
  • A. bonus
  • B. loan
  • C. advance
  • D. float
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15
The total of the discount from creditors is transferred to
  • A. credit side of discounts received account
  • B. debit side of discounts received account
  • C. credit side of discounts allowed account
  • D. debit side of discounts allowed account
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