WAEC Accounting Past Questions & Answers - Page 245

Subscriptions in arrears is treated in the balance sheet of a club as

"Accountants do not count chickens before they are climbed". This is the concept of

The total amount of money set aside for a particular purpose by government is

\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\) Interest on capital is 10%, the net profit for the year is N40,000. Baba's Current Account balance on 31st December, 2000 is

\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\) Interest on capital is 10%, the net profit for the year is N40,000. Tunde's Current Account balance on 31st December, 200 is