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Accounts - Principles of Accounts Past Questions

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2721

Use the following information to answer the question below

Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
                                Ogah     Ajem
Capital Account     60,000    65,000
Current Account    40,000    50,000
Drawings              20,000     30,000
Salary                  10,000        -
Netprofit was 100,000

Ogah's share of profit was

  • A. 51,150
  • B. 50,250
  • C. 34,100
  • D. 33,500
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2722

Use the following information to answer the question below

Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
                                Ogah     Ajem
Capital Account     60,000    65,000
Current Account    40,000    50,000
Drawings              20,000     30,000
Salary                  10,000        -
Netprofit was 100,000

Ajem's current account balance was

  • A. 65,000
  • B. 60,000
  • C. 42,000
  • D. 40,000
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2723

Interest on drawings amounted to 

  • A. 6,000
  • B. 1,500
  • C. 900
  • D. 600
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2724

Debtors Control Account is kept in the 

  • A. sales ledger
  • B. nominal ledger
  • C. personal ledger
  • D. general ledger
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2725

Where there is provision for depreciation, fixed asset is shown in the balance sheet at

i. cost less depreciation for the period only.
ii. cost less total depreciation to date.
iii. written down values

  • A. i only
  • B. ii only
  • C. i and ii only
  • D. i and iii only
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WAEC offline past questions - with all answers and explanations in one app - Download for free
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts