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Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \\ \text{sales} & 21,610 & \text{Sales returns} & 942 \\ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \\ & & \text{Balance c/d} & 13,740 \\ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total debts at the beginning of the year?
AN12,590
BN13,740
CN20,668
DN21,610
EN32,742
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Question 2
waec1990
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \\ \text{sales} & 21,610 & \text{Sales returns} & 942 \\ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \\ & & \text{Balance c/d} & 13,740 \\ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total cash received from customers?
AN19,092
BN19,700
CN20,668
DN21,002
EN21,610
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Question 3
waec1990
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \\ \text{sales} & 21,610 & \text{Sales returns} & 942 \\ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \\ & & \text{Balance c/d} & 13,740 \\ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the net sales for the year?
AN21,610
BN21,068
CN20,668
DN20,642
EN34,742
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Question 4
waec1990
Use the following information to answer the given question: SALES LEDGER CONTROL ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \\ \text{sales} & 21,610 & \text{Sales returns} & 942 \\ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \\ & & \text{Balance c/d} & 13,740 \\ \text{Total} & 34,743 & \text{Total} & 34,742
\end{array}\)
What is the total debts at the end of the year?
AN12,590
BN13,740
CN20,668
DN21,610
EN34,742
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Question 5
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750
\end{array}\)
What is the amount charged in the profit and loss account?
A6,500
BN5,500
CN5,000
DN4,000
EN2,750
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Question 6
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750
\end{array}\)
Calculate the percentage of net profit on sales
A25%
B22%
C21%
D20%
E10%
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Question 7
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750
\end{array}\)
What is the turn-over for he year?
AN27,500
BN26,500
CN25,500
DN24,500
EN22,000
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Question 8
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750
\end{array}\)
The gross profit for the year for the year is
AN6,625
BN6,250
CN6,000
DN5,500
EN5,000
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Question 9
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750
\end{array}\)
What is the stock turn-over rate?
A3 times
B3.3 times
C3.5 ttimes
D4 times
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Question 10
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750
\end{array}\)
The purchases for the year is
AN20,000
BN21,000
CN22,000
DN24,000
EN25,000
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Question 11
waec1990
Which of the these entries is wrong
PURCHASES ACCOUNT
\(\begin{array}{c|c} & N & & N \\ \hline \text{A. Balance b/f} & 130 & \text{E. Balance c/d} & 1,030 \\ \text{B.Furniture} & 300 & & \\ \text{C. Cash} & 200 & & \\ \text{D. T.Ramoni} & 400 & & \\ \text{Total} & 1,030 & & 1,030
\end{array}\)
AA
BB
CC
DD
EE
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Question 12
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} \text{Date of delivery} & customer & \text{Gross amount N} & \text{Trade discount %} & \text{Cash Discount %} & \text{Terms of payment} \\ \hline \text{4/1/86} & \text{Mr. A.F.P} & 12,000 & 15 & 10 & \text{30 days of delivery}
\end{array}\)
If Mr. A.F.P. failed to settled his account in time, th3 amount due from him would be
AN13.200
BN12,000
CM10,800
DN10,200
EN9,180
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Question 13
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} \text{Date of delivery} & customer & \text{Gross amount N} & \text{Trade discount %} & \text{Cash Discount %} & \text{Terms of payment} \\ \hline \text{4/1/86} & \text{Mr. A.F.P} & 12,000 & 15 & 10 & \text{30 days of delivery}
\end{array}\)
If Mr. A.F.P. settled his account after 30 days of the delivery, his total discount would be
AN1,020
BN1,200
CN10,800
DN2,820
EN10,800
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Question 14
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} \text{Date of delivery} & customer & \text{Gross amount N} & \text{Trade discount %} & \text{Cash Discount %} & \text{Terms of payment} \\ \hline \text{4/1/86} & \text{Mr. A.F.P} & 12,000 & 15 & 10 & \text{30 days of delivery}
\end{array}\)
If Mr. A.F.P settled his account a week after delivery, his total discount would be
AN10,200
BN2,820
CN1,800
DN1,200
EN10,200
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Question 15
waec1990
Use the following information to answer the given question:
\(\begin{array}{c|c} \text{Date of delivery} & customer & \text{Gross amount N} & \text{Trade discount %} & \text{Cash Discount %} & \text{Terms of payment} \\ \hline \text{4/1/86} & \text{Mr. A.F.P} & 12,000 & 15 & 10 & \text{30 days of delivery}
\end{array}\)
The amount of discount in the ledger is
AN10,200
BN2,820
CN1,800
DN1,200
EN1,020
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Question 16
waec1990
motor car costing N10,000 was depreciated at 20 per cent anuum by the diminishing balance method. Two years late, it was sold for N6,000. The net result of the sale was
AN6,400 profit
BN6,000 loss
CN4,000 loss
DN400 profit
EN400 loss
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Question 17
waec1990
The straight-line depreciation is
Aa fixed sum set aside for the replacement of the asset
Ba fixed percentage of the balance of the asset at the end of the year
Can estimated amount each year
Dan inctease in the value of the asset
Ea fixed percentage of the cost of the asset written off each year
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Question 18
waec1990
When precision for depreciation account is maintained, the annual charge for depreciation shall be
Adebited to the provision account and credited to profit and loss account
Bdebited to the asset account and credited to profit and loss account
Cdebited to profit and loss account and credited provision account
Ddebited to the asset account and credited to the provisio account
Edebiited to theprovisiom account and credited to the asser account
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Question 19
waec1990
What are the entries of posting credit purchases into the purchases ledger control account?
Adebt purchases ledger control accoun only
Bdebit both purchases account and purchases ledger control account
Ccredit purchases acount, debit purcases ledger control account
Dcredit both purchases ledger control account and the purchases accunt
Edebit purchases account, credit purchases ladger control account
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Question 20
waec1990
The balance of the sales account is transferred to the trading account by
