WAEC Accounting Past Questions & Answers - Page 96

Where fixed capitals are maintained in a partnership, share profits are

Use the following information to answer the given question.

\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
What is the value of raw materials available?

The concept which states that the affairs of a business is to be treated as being separate from the private activities of the owner is

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 Johnson's drawing is?

Purchases of fixtures and fittings by a club is recorded in the