Accounts - Principles of Accounts 2015 WAEC Past Questions

36

In which of the following accounts is interest on partners capital found?

A. Profit and Loss
B. Trading
C. Income surplus
D. Profit and Loss appropriation

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37

Use the following information to answer the question below

\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.

Ade's share of profit is

A. N5,500
B. N4,250
C. N2,750
D. N1,250

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38

Use the following information to answer the question below

\(\begin{array}{c|c}
& Ade(N) & Bola(N) \\
\hline
Capital & 40,000 & 30,000 \\
\hline
Drawings & 10,000 & 15,000
\end{array}\)
Interest on drawing is 5%; profit is shared equally.

Bola's share of profit is

A. N4,500
B. N4,250
C. N3,000
D. N2,750

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39

Use the following information to answer the question below

Mr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.

How much was paid for goodwill?

A. GH¢ 350,000
B. GH¢ 260,000
C. GH¢ 90,000
D. GH¢ 60,000

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40

Use the following information to answer the question below

Mr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.

The double entry to record the good will in the books is debit

A. Cash account and credit goodwill account
B. Goodwill account and credit purchase of business account
C. Goodwill account and credit cash account
D. Purchase of business account and credit cash account

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Accounts - Principles of Accounts 2015 WAEC Past Questions

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