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Use the following information to answer the given question.
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \\ & \text{ - Johnson} & N10,000 \\ Drawings & \text{ - John} & 2,000 \\ & \text{ - Johnson} & 3,000 \\ \text{Interest on capital} & & \text{5%} \\ \text{Interest on drawings} & & \text{10%} \\ Profit & & N6,000\end{array}\)
Interest on John's drawings is
AN500
BN300
CN200
DN150
EN100
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Question 1572
waec1993
Use the following information to answer the given question.
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \\ & \text{ - Johnson} & N10,000 \\ Drawings & \text{ - John} & 2,000 \\ & \text{ - Johnson} & 3,000 \\ \text{Interest on capital} & & \text{5%} \\ \text{Interest on drawings} & & \text{10%} \\ Profit & & N6,000\end{array}\)
The interest on Johnson's capital is
AN3,000
BN2,000
CN1,500
DN1,000
EN500
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Question 1573
waec1993
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{10,000 ordinary shares of N1 each} & N10,000\\ \text{5,000 5% preference shares of N1 each} & N5,000 \\ \text{Profit and loss account} & N8,000 \\ \text{8% debenture} & 10,000 \\ creditors & 3,000 \\ \text{Bank overdraft} & 2,000 \\ \text{Plants and machinery} & 10,000 \\ \text{Plant and machinery} & 10,000 \\ \text{Furniture and fittings} & 8,000 \\ stock & 8,000 \\ debtors & 5,000 \end{array}\)
What is the total of current assets?
AN15,000
BN13,000
CN11,000
DN8,000
EN5,000
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Question 1574
waec1993
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{10,000 ordinary shares of N1 each} & N10,000\\ \text{5,000 5% preference shares of N1 each} & N5,000 \\ \text{Profit and loss account} & N8,000 \\ \text{8% debenture} & 10,000 \\ creditors & 3,000 \\ \text{Bank overdraft} & 2,000 \\ \text{Plants and machinery} & 10,000 \\ \text{Plant and machinery} & 10,000 \\ \text{Furniture and fittings} & 8,000 \\ stock & 8,000 \\ debtors & 5,000 \end{array}\)
What is the value of current liability?
AN13,000
BN10,000
CN5,000
DN3,000
EN2,000
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Question 1575
waec1993
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{10,000 ordinary shares of N1 each} & N10,000\\ \text{5,000 5% preference shares of N1 each} & N5,000 \\ \text{Profit and loss account} & N8,000 \\ \text{8% debenture} & 10,000 \\ creditors & 3,000 \\ \text{Bank overdraft} & 2,000 \\ \text{Plants and machinery} & 10,000 \\ \text{Plant and machinery} & 10,000 \\ \text{Furniture and fittings} & 8,000 \\ stock & 8,000 \\ debtors & 5,000 \end{array}\)
What is the total amount of fixed assets?
AN28,000
BN21,000
CN18,000
DN13,000
EN10,000
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Question 1576
waec1993
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{10,000 ordinary shares of N1 each} & N10,000\\ \text{5,000 5% preference shares of N1 each} & N5,000 \\ \text{Profit and loss account} & N8,000 \\ \text{8% debenture} & 10,000 \\ creditors & 3,000 \\ \text{Bank overdraft} & 2,000 \\ \text{Plants and machinery} & 10,000 \\ \text{Plant and machinery} & 10,000 \\ \text{Furniture and fittings} & 8,000 \\ stock & 8,000 \\ debtors & 5,000 \end{array}\)
What is the total value of long term liability?
AN33,000
BN25,000
CN25,000
DN15,000
EN10,000
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Question 1577
waec1993
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{10,000 ordinary shares of N1 each} & N10,000\\ \text{5,000 5% preference shares of N1 each} & N5,000 \\ \text{Profit and loss account} & N8,000 \\ \text{8% debenture} & 10,000 \\ creditors & 3,000 \\ \text{Bank overdraft} & 2,000 \\ \text{Plants and machinery} & 10,000 \\ \text{Plant and machinery} & 10,000 \\ \text{Furniture and fittings} & 8,000 \\ stock & 8,000 \\ debtors & 5,000 \end{array}\)
What is the value of shareholder's equity?
AN25,000
BN23,000
CN18,000
DN15,000
EN10,000
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Question 1578
waec1993
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{10,000 ordinary shares of N1 each} & N10,000\\ \text{5,000 5% preference shares of N1 each} & N5,000 \\ \text{Profit and loss account} & N8,000 \\ \text{8% debenture} & 10,000 \\ creditors & 3,000 \\ \text{Bank overdraft} & 2,000 \\ \text{Plants and machinery} & 10,000 \\ \text{Plant and machinery} & 10,000 \\ \text{Furniture and fittings} & 8,000 \\ stock & 8,000 \\ debtors & 5,000 \end{array}\)
What is the amount share capital?
AN33,000
BN25,000
C23,000
DN15,000
EN10,000
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Question 1579
waec1993
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent paid 31/12/89} & N4,000\\ \text{Rent owing 1/1/89} & N500 \\ \text{Rent owing 31/12/89} & N300\end{array}\)
Rent for 1989 amounts to
AN4,500
BN4,300
CN4,000
DN3,800
EN3,500
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Question 1580
waec1993
Which of the following accounts is not kept by a local government?
Adepartmental votes revenue account
Bdepartmental votes expenditure account
Cdeposit account
Dadvances account
Eprofit and loss account
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Question 1581
waec1993
Carriage inwards are
Acredited to the trading account
Bdebited to the trading account
Ccredited to the profit account
Ddebited o the profit and loss account
Edebited to the profit and loss appropriation account
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Question 1582
waec1993
The excess of current assets over current liabilities is
Aauthorised capital
Bnorminal capital
Cissed capital
Downers capital
Eworking capital
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Question 1583
waec1993
Gavon. Ltd. failed to record N2,000 wages. The error committed is that of
Aomission
Bcommission
Cprinciple
Dcompensation
Eoriginal entry
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Question 1584
waec1993
Income received in advance is shown in the balance sheet as
Acurrent asset
Bintangible asset
Ctangible asset
Dlong term liabilities
Ecurrent liabilities
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Question 1585
waec1993
Which of the following is a fictitious asset?
Aplant and mechinery
Bprepayment
Cpreliminary expenses
Dinvestment
Efictures and fittings
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Question 1586
waec1993
Which of the following is a Revenue Income?
Athe sale proceeds of an old table
Bthe sale proceeds of shares
Cloan refund
Ddebt recovered
Ethe sale proceeds of an old typewriter
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Question 1587
waec1993
Debenture is a
Acurrent asset
Bfixed asset
Clong term liability
Dcurrent liability
Etangible asset
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Question 1588
waec1993
Trade debts amounting to N300 were written off. Which of the following would be affected?
Apurchases
Bprofit and losses
Ccreditors
Dsales ledger
Etrading account
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Question 1589
waec1993
A partner's drawing is debited to
Aprofit and loss appropriation account
Binterest account
Cloan account
Dcurrent account
Etrading account
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Question 1590
waec1993
Which of the following does not belong to the group?
