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Accounts - Principles of Accounts 2023 WAEC Past Questions

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46

Use the following information to answer the question

Taurus Ltd was incorporated with the legal right to issue five million ordinary shares. The company has issued three million of the shares at GH⊄ 0.60 per share. To date, the company has made calls of GH⊄ 0.40 per share. All calls have been paid by shareholders except for GH⊄ 100,000 owing from one shareholder.

The paid up share capital is

  • A. GH⊄ 300,000
  • B. GH⊄ 250,000
  • C. GH⊄ 500,000
  • D. GH⊄ 600,000
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47

Use the following information to answer the question

Taurus Ltd was incorporated with the legal right to issue five million ordinary shares. The company has issued three million of the shares at GH⊄ 0.60 per share. To date, the company has made calls of GH⊄ 0.40 per share. All calls have been paid by shareholders except for GH⊄ 100,000 owing from one shareholder.
The authorized number of shares is

  • A. 3,000,000
  • B. 8,000,000
  • C. 5,000,000
  • D. 100,000
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48

Which of the following rules is applicable in the absence of a partnership agreement? Interest is payable

  • A. on drawings at the rate of 5% per annum
  • B. on any contribution in excess of agreed capital at 5% per annum
  • C. at 5% per annum on the current account balances
  • D. on agreed capital contributed at 5% per annum
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49

The two column cash book records

  • A. all receipts in cash only and payments by cheque
  • B. receipts and payments in cash only
  • C. all receipts and payments both in cash and by cheque
  • D. receipts and payments by cheque only
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50

A crane hired by a building construction company would be classified as

  • A. a financial cost
  • B. an administration cost
  • C. a direct manufacturing cost
  • D. an overhead cost
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