POST UTME ACHIEVERS UNIVERSITY 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following transactions: Purchased office supplies for ₦10,000, Purchased office equipment for ₦50,000, and Sold office equipment for ₦20,000. What is the net effect on the company's office equipment account?
Question 2
A partnership is formed between three individuals, A, B, and C, with a capital contribution of ₦300,000, ₦200,000, and ₦400,000 respectively. After one year, the partnership makes a profit of ₦250,000. The profit is divided in the ratio of 3:2:5. Calculate the amount of profit that A will receive.
Question 3
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit Cash ₦10,000, Credit Accounts Payable ₦10,000. What is the effect of this transaction on the accounting equation?
Question 4
A company has a cash book with the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1/1 | Cash received from customers | 1,000 | 0 |
| 1/2 | Cash paid to suppliers | 0 | 500 |
| 1/3 | Cash received from customers | 800 | 0 |
| 1/4 | Cash paid to employees | 0 | 300 |
What is the total cash balance at the end of January?
Question 5
A company's trial balance showed the following balances: Accounts Payable ₦500,000, Sales Revenue ₦1,200,000, Cost of Goods Sold ₦800,000, and Common Stock ₦300,000. Prepare a corrected trial balance.
Question 6
A company has the following transactions: Purchased office supplies for ₦10,000, Purchased office equipment for ₦50,000, and Sold office equipment for ₦20,000. What is the net effect on the company's office equipment account?
Question 7
A partnership has the following capital accounts:
| Partner | Capital | Drawing | Balance |
| --- | --- | --- | --- |
| A | 10,000 | 1,000 | 9,000 |
| B | 8,000 | 500 | 7,500 |
| C | 6,000 | 200 | 5,800 |
What is the total capital of the partnership?
Question 8
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
Question 9
A company uses the straight-line method of depreciation. The cost of a machine is ₦500,000 and its residual value is ₦50,000. Calculate the annual depreciation charge for the machine.
Question 10
A company's balance sheet as at 31st December 2023 is as follows: ₦1,500,000 (₦1,200,000) = ₦300,000. What is the meaning of the above equation?
Question 11
A company purchased a machine for ₦1,500,000. The machine has a useful life of 5 years and a residual value of ₦150,000. Calculate the annual depreciation using the straight-line method.
Question 12
A company's balance sheet as at 31st December, 2022, showed the following balances: Share Capital ₦500,000, Retained Earnings ₦200,000, and Dividends ₦100,000. Prepare the company's statement of changes in equity for the year ended 31st December, 2022.
Question 13
A public sector organization has the following transactions: Purchase of office supplies ₦50,000, Payment of salaries ₦200,000. Prepare the journal entries for these transactions.
Question 14
A company's trial balance as of December 31, 2024, is as follows:
Question 15
A company's trial balance as at 31st December, 2022, showed the following balances: Cash ₦50,000, Bank ₦200,000, Accounts Payable ₦150,000, and Accounts Receivable ₦100,000. Prepare the company's bank reconciliation statement for the year ended 31st December, 2022.
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