Principle Of Accounting WAEC Theory Past Questions 2024
1a. What are incomplete records?
1b. Outline three limitations of keeping incomplete records
1c. State three reasons a business keeps incomplete records
– Purchase of consumable posted to purchases account
2b. An invoice amount incorrectly posted to purchases day book
2c. Returns outwards posted to the personal account only
2d. The totals sales ₦120,000 was recorded as ₦102,000
2e. Payment of cheque to Ige entered on the receipt side of the cash book and credited to Ige’s account
4c. Outline three limitations to the use of accounting ratios
| Le | Le | |
| Depreciation of fixed assets | 9,260 | |
| Stock as 1st January 2020 | 3,600 | |
| Purchases and sales | 100,000 | 174,000 |
| General expenses | 170,00 | |
| Fixed assets | 42,600 | |
| Returns | 2,400 | 4,800 |
| Discounts | 400 | 2,000 |
| Salaries and wages | 21,000 | |
| Suspense account | 3,060 | |
| 190,060 | 190,060 |
Read More: MAPOLY Post UTME Form 2024/2025 [UPDATED]
Additional information
(i) Stock in hand on 31st December 2020 was Le 4,000
(ii) Investigation revealed the following errors which necessitated the opening of suspense account:
– Drawings of Le 1,000 was posted to salaries and wages account
– Furniture bought at Le 1,560 was wrongly debited to fixed asset as Le 300
– Purchases day book was undercast by Le 2,000
– Discount allowed of Le 200 to a customer had not been posted to the customer’s account
(iii) Depreciation of fixed assets is 10% per annum.
You are required to:
Correct the errors through journal entries (no narration is required).
5b. The following is the trial balance of Abete Trading Company as at 31st December 2020:
| Le | Le | |
| Depreciation of fixed assets | 9,260 | |
| Stock as 1st January 2020 | 3,600 | |
| Purchases and sales | 100,000 | 174,000 |
| General expenses | 170,00 | |
| Fixed assets | 42,600 | |
| Returns | 2,400 | 4,800 |
| Discounts | 400 | 2,000 |
| Salaries and wages | 21,000 | |
| Suspense account | 3,060 | |
| 190,060 | 190,060 |
Additional information
(i) Stock in hand on 31st December 2020 was Le 4,000
(ii) Investigation revealed the following errors which necessitated the opening of suspense account:
– Drawings of Le 1,000 was posted to salaries and wages account
– Furniture bought at Le 1,560 was wrongly debited to fixed asset as Le 300
– Purchases day book was undercast by Le 2,000
– Discount allowed of Le 200 to a customer had not been posted to the customer’s account
(iii) Depreciation of fixed assets is 10% per annum.
Read More: Federal Poly Of Oil and Gas Post UTME Form 2024/2025 [UPDATED]
You are required to:
Prepare Trading, Profit and Loss Account for the year ended 31st December, 2020
| $ | |
| Receipts from oil and gas | 522,500,000 |
| Import duties | 250,000,000 |
| Export duties | 180,500,000 |
| Receipts from agriculture | 60,000,000 |
| Permit and license fees | 92,000,000 |
| Personal and other income taxes | 230,500,000 |
| Miscellaneous income | 100,500,000 |
Additional information:
(i) The country is structured into six(6) Regions/States A, B, C, D, E, F
(ii) The population of each of the Regions/States are:
A: 400,000 B: 350,000 C: 250,000
D: 100,000 E: 300,000 F: 200,000
(iii) Revenue is shared 30% to the Federal/Central government, 10% to education trust fund 60% to be shared by the Regions/States on the basis of population.
You are required to compute:
The total revenue for the country for the year 2021
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6b. The following were extracted from the books of Edum Republic for the year ended 31/12/2021:
| $ | |
| Receipts from oil and gas | 522,500,000 |
| Import duties | 250,000,000 |
| Export duties | 180,500,000 |
| Receipts from agriculture | 60,000,000 |
| Permit and license fees | 92,000,000 |
| Personal and other income taxes | 230,500,000 |
| Miscellaneous income | 100,500,000 |
Additional information:
(i) The country is structured into six(6) Regions/States A, B, C, D, E, F
(ii) The population of each of the Regions/States are:
A: 400,000 B: 350,000 C: 250,000
D: 100,000 E: 300,000 F: 200,000
(iii) Revenue is shared 30% to the Federal/Central government, 10% to education trust fund 60% to be shared by the Regions/States on the basis of population.
You are required to compute:
Revenue for the Federal/Central government for the year 2021
6c. The following were extracted from the books of Edum Republic for the year ended 31/12/2021:
| $ | |
| Receipts from oil and gas | 522,500,000 |
| Import duties | 250,000,000 |
| Export duties | 180,500,000 |
| Receipts from agriculture | 60,000,000 |
| Permit and license fees | 92,000,000 |
| Personal and other income taxes | 230,500,000 |
| Miscellaneous income | 100,500,000 |
Additional information:
(i) The country is structured into six(6) Regions/States A, B, C, D, E, F
(ii) The population of each of the Regions/States are:
A: 400,000 B: 350,000 C: 250,000
D: 100,000 E: 300,000 F: 200,000
(iii) Revenue is shared 30% to the Federal/Central government, 10% to education trust fund 60% to be shared by the Regions/States on the basis of population.
Read More: Mountain Top University Post UTME Form 2024/2025 is Out [UPDATED]
You are required to compute:
Revenue for the Regions/State collectively and individually for the year 2021.
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7. Easyway Limited produced disposable products for the health sector.
Information available for the year ended 31st December 2021 is as follows:
| GH⊄ | |
| Sales | 342000 |
| Raw materials purchased | 140500 |
| Direct labour | 70300 |
| Depreciation of plant and machinery | 24400 |
| Delivery expenses | 10000 |
| Discounts allowed | 5000 |
| Direct expenses | 10000 |
| Rent | 12000 |
| Electricity | 13000 |
| Depreciation of vehicles | 5600 |
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| Stocks: | 01/01/2021 | 31/12/2021 |
| GH⊄ | GH⊄ | |
| Raw materials | 60400 | 52600 |
| Work-in-progress | 45000 | 40200 |
| Finished goods | 39200 | 20900 |
Additional information
Apportion rent, electricity and depreciation of vehicles to factory and office in the ratio 3:2 respectively.
You are required to prepare Manufacturing, Trading, Profit and Loss Account for the year ended 31st December 2021.
D 6 on Application
D 3 on Allotment
D 1 on the First and Final call
450,000 applicants were received with application monies. The directors decided to:
(i) reject 50,000 applications and return the monies received
(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied
(iii) credit the excess application monies to allotment
All the calls were made and monies received accordingly.
Read More: NWUS Post UTME Form 2024/2025 [UPDATED]
You are required to prepare the following Ledger Accounts:
Share Application Account
8b. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:
D 6 on Application
D 3 on Allotment
D 1 on the First and Final call
450,000 applicants were received with application monies. The directors decided to:
(i) reject 50,000 applications and return the monies received
(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied
(iii) credit the excess application monies to allotment
All the calls were made and monies received accordingly.
You are required to prepare the following Ledger Accounts:
Allotment Account
8c. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:
D 6 on Application
D 3 on Allotment
D 1 on the First and Final call
450,000 applicants were received with application monies. The directors decided to:
(i) reject 50,000 applications and return the monies received
(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied
(iii) credit the excess application monies to allotment
All the calls were made and monies received accordingly.
You are required to prepare the following Ledger Accounts:
First and Final call Account
8d. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:
D 6 on Application
D 3 on Allotment
D 1 on the First and Final call
450,000 applicants were received with application monies. The directors decided to:
(i) reject 50,000 applications and return the monies received
(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied
(iii) credit the excess application monies to allotment
All the calls were made and monies received accordingly.
You are required to prepare the following Ledger Accounts:
Bank Account
8e. On 1st June 2021, Iroko Plc issued 300,000 ordinary shares of D 10 at par payables as follows:
D 6 on Application
D 3 on Allotment
D 1 on the First and Final call
450,000 applicants were received with application monies. The directors decided to:
(i) reject 50,000 applications and return the monies received
(ii) issue the shares to the remaining applicants on the basis of three (3) shares for every four (4) share applied
(iii) credit the excess application monies to allotment
All the calls were made and monies received accordingly.
You are required to prepare the following Ledger Accounts:
Ordinary Share Capital Account
Frequently Asked Questions
How Many Theory Questions Will I Answer in WAEC?
You will be required to pick three questions from the eight and answer.
Can i Answer More Than Three Questions in WAEC Theory?
No, answering more than what they say you should answer will lead to mark deduction.
Conclusion
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