Waec Accounting Past Questions For Year 2000
Question 1
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams' share of profit?
- A. N12,000
- B. N10,000
- C. N8,000
- D. N5,000
Question 2
A partner who has full power of participating in the conduct of a partnership business is a
- A. general partner
- B. limited partner
- C. sleeping partner
- D. nominal partner
Question 3
In a bonus issue of one new share for every four held, a holder of 100,000 shares will get additional shares of
- A. 50,000
- B. 25,000
- C. 20,000
- D. 10,000
Question 4
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams' interest on capital?
- A. N10,000
- B. N7,000
- C. N6,000
- D. N4,000
Question 5
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. If Williams introduces cash of N10,000 by way of loan to the partnership, how much interest will he earn per annum on the loan?
- A. N2,000
- B. N1,500
- C. N1,000
- D. N500
