POST UTME DELSU 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 2
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 20,000. Calculate the amount of share capital and the amount of share premium.
Question 3
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5,000 10% debentures of ₦ 100 each. Calculate the total amount received from the issue of shares and debentures.
Question 4
A company's trial balance as at 31st December 2020 is as follows:
Debit: ₦ 100,000, Credit: ₦ 120,000. What is the nature of the error?
Question 5
A company's balance sheet showed the following balances: Cash ₦ 150,000, Accounts Payable ₦ 75,000, Common Stock ₦ 300,000. Prepare the company's statement of cash flows.
Question 6
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's capital account shows a balance of ₦50,000. If A withdraws ₦10,000 from the business, what is the new balance of the capital account?
Question 7
A company has the following transactions: Purchased goods for £ 10,000; Sold goods for £ 15,000; Purchased goods for £ 8,000. Prepare the journal entries for the above transactions.
Question 8
A company's income statement showed the following balances: Sales Revenue ₦ 500,000, Cost of Goods Sold ₦ 300,000, Operating Expenses ₦ 100,000. Calculate the company's net income.
Question 9
A company's bank reconciliation statement shows a difference of ₦2,000 between the bank's statement and the company's cash book. The company's accountant has identified the following errors: (i) a deposit of ₦1,000 was not recorded in the cash book, and (ii) a cheque of ₦1,000 was recorded in the cash book but not in the bank's statement. What is the correct amount of the difference?
Question 10
A company's cash book shows the following transactions: (i) a deposit of ₦5,000 was made into the bank, (ii) a cheque of ₦2,000 was received from a customer, and (iii) a cash payment of ₦1,500 was made to a supplier. What is the new balance of the cash account?
Question 11
A company uses the double-entry system of accounting. The following transactions were recorded in the journal:
Debit: Raw Materials ₦ 10,000, Work-in-Progress ₦ 20,000,
Credit: Purchases ₦ 30,000.
Question 12
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
Question 13
A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 30,000, Sales Revenue ₦ 200,000, Cost of Goods Sold ₦ 120,000. Prepare the company's income statement.
Question 14
A firm has two partners, A and B. A has a 60% share in the profits, while B has a 40% share. If the profits for the year are ₦120,000, how much will A receive?
Question 15
A company has the following transactions: Purchased goods for £ 10,000; Sold goods for £ 15,000; Purchased goods for £ 8,000. Prepare the ledger accounts for the above transactions.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows