POST UTME KSU 2021 Accounting | Objective

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Question 1
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The total amount received from the issue of shares is 350,000. Calculate the amount received from the issue of shares, excluding the premium.
A. ₦300,000
B. ₦350,000
C. ₦400,000
D. ₦450,000
Question 2
A company issued 5,000, 10% debentures of ₦100 each. Calculate the total amount received from debenture holders.
A. ₦500,000
B. ₦1,000,000
C. ₦2,000,000
D. ₦5,000,000
Question 3
A company's income statement for the year ended December 31, 2022, is as follows: Revenue: ₦100,000 Cost of Goods Sold: ₦60,000 Gross Profit: ₦40,000 Operating Expenses: ₦10,000 Net Income: ₦30,000 What is the company's gross profit margin?
A. 40%
B. 50%
C. 60%
D. 70%
Question 4
A company issues 10,000, 10% debentures of ₦100 each at a premium of ₦10 per share. Calculate the total amount received from the issue of these debentures.
A. ₦1,000,000
B. ₦1,100,000
C. ₦1,200,000
D. ₦1,300,000
Question 5
A company has two partners, A and B. A has a 60% share of the profits and B has a 40% share. If the total profit is ₦120,000, how much will A receive?
A. ₦72,000
B. ₦60,000
C. ₦48,000
D. ₦36,000
Question 6
The following trial balance of a company is given. Prepare the trading and profit and loss account for the year ended 31st December 2020.
A. Trading Account: Debit: Cost of Goods Sold = ₦1,500,000, Credit: Opening Inventory = ₦200,000, Credit: Purchases = ₦2,000,000, Credit: Closing Inventory = ₦300,000 Profit and Loss Account: Debit: Opening Inventory = ₦200,000, Debit: Purchases = ₦2,000,000, Debit: Cost of Goods Sold = ₦1,500,000, Credit: Sales = ₦3,500,000
B. Trading Account: Debit: Cost of Goods Sold = ₦1,500,000, Credit: Purchases = ₦2,000,000, Credit: Closing Inventory = ₦300,000, Credit: Opening Inventory = ₦200,000 Profit and Loss Account: Debit: Purchases = ₦2,000,000, Debit: Cost of Goods Sold = ₦1,500,000, Debit: Opening Inventory = ₦200,000, Credit: Sales = ₦3,500,000
C. Trading Account: Debit: Purchases = ₦2,000,000, Credit: Cost of Goods Sold = ₦1,500,000, Credit: Closing Inventory = ₦300,000, Credit: Opening Inventory = ₦200,000 Profit and Loss Account: Debit: Purchases = ₦2,000,000, Debit: Cost of Goods Sold = ₦1,500,000, Debit: Opening Inventory = ₦200,000, Credit: Sales = ₦3,500,000
D. Trading Account: Debit: Cost of Goods Sold = ₦1,500,000, Credit: Purchases = ₦2,000,000, Credit: Opening Inventory = ₦200,000, Credit: Closing Inventory = ₦300,000 Profit and Loss Account: Debit: Purchases = ₦2,000,000, Debit: Cost of Goods Sold = ₦1,500,000, Debit: Closing Inventory = ₦300,000, Credit: Sales = ₦3,500,000
Question 7
A company has a trial balance as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦5,000 | | Sales Revenue | ₦0 | ₦20,000 | | Cost of Goods Sold | ₦15,000 | ₦0 | | Net Income | ₦0 | ₦0 | What is the correct balance for the Net Income account?
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 8
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from share holders.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 9
The following is a trial balance of a company. Prepare the balance sheet as at 31st December 2020.
A. ₦1,500,000
B. ₦2,000,000
C. ₦3,500,000
D. ₦4,000,000
Question 10
A company issues 10,000, 10% preference shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of these shares.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 11
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | 1,000 | | | 2 | Cash | 500 | | | 3 | Cash | | 1,500 | | 4 | Cash | | 2,000 | What is the balance of the cash account?
A. ₦1,500
B. ₦2,000
C. ₦3,500
D. ₦4,000
Question 12
A partnership has two partners, A and B. The capital accounts of A and B are ¦10,000 and ¦15,000 respectively. The profit-sharing ratio is 3:2. What is the share of profit of partner A?
A. ¦3,000
B. ¦4,500
C. ¦6,000
D. ¦7,500
Question 13
A company's trial balance shows an error of ¦1,500 in the debit side of the accounts payable account. The correct balance is ¦2,500. What is the correct balance of the accounts receivable account?
A. ¦1,000
B. ¦1,500
C. ¦2,000
D. ¦2,500
Question 14
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 | Cash | 1,000 | | | 2 | Cash | 500 | | | 3 | Cash | | 1,500 | | 4 | Cash | | 2,000 | What is the balance of the cash account?
A. ₦1,500
B. ₦2,000
C. ₦3,500
D. ₦4,000
Question 15
A company uses the self-balancing ledger system of accounting. The company's ledger account for the year ended 31st December, 2020, shows the following balances: Sales ₦1,000,000, Cost of Goods Sold ₦0,500,000, and Net Income ₥0,500,000. What is the company's gross profit for the year ended 31st December, 2020?
A. ₥0,500,000
B. ₦0,500,000
C. ₦1,000,000
D. ₦1,500,000

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