Accounts - Principles of Accounts 2016 WAEC Past Questions

31

In the absence of a partnership agreement, additional capital contributions by partners attract interest of

A. 5%
B. 10%
C. 12%
D. 15%

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32

In preparing partnership accounts, interest on drawings is debited to current accounts and credited to

A. Capital account
B. Appropriation account
C. Drawings account
D. Profit and loss account

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33

When allotments have been fully paid, subscribers are referred to as

A. Allotters
B. Applicants
C. Non-members
D. Shareholders

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34

Use the following information and answer the question below.
Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied, paid in full.

The subscribed share capital is

A. N300,000
B. N250,000
C. N200,000
D. N150,000

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35

Use the following information and answer the question below.
Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied, paid in full.

The unsubscribed share capital is

A. N300,000
B. N250,000
C. N200,000
D. N150,000

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Accounts - Principles of Accounts 2016 WAEC Past Questions

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