POST UTME LAUTECH 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,500,000, what is the amount of premium received?
Question 2
A company has the following ledger balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. What is the total amount of assets?
Question 3
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that partner A will receive.
Question 4
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦150,000, calculate the share of profit for partner A.
Question 5
A company has the following trial balance: Debitors ₦200,000, Creditors ₦150,000, Capital ₦300,000, Profit and Loss Account ₦50,000. What is the total amount of assets?
Question 6
A company has a cash book balance of ₦100,000 and a bank statement balance of ₦120,000. The difference is due to a bank overdraft of ₦20,000. Calculate the cash book balance after adjusting for the overdraft.
Question 7
A company uses the weighted average method to value its inventory. If the company has three types of inventory with the following quantities and costs:
| Type | Quantity | Cost per Unit |
| --- | --- | --- |
| A | 100 | ₦50 |
| B | 200 | ₦75 |
| C | 300 | ₦25 |
What is the total value of the inventory?
Question 8
A company issued 10,000, 8% preference shares of ₦50 each. The preference shares are redeemable after 10 years. Calculate the amount of redemption value of the preference shares.
Question 9
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦150,000, calculate the amount of premium received.
Question 10
A company's balance sheet shows a total of ₦500,000. The trading account shows a profit of ₦120,000. The profit and loss account shows a balance of ₦80,000. What is the balance on the capital account?
Question 11
A firm's cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. The difference is due to a bank overdraft of ₦10,000. What is the correct balance on the firm's cash book?
Question 12
A company's balance sheet as at 31st December 2020 is as follows:
| Assets | ₦ | Liabilities | ₦ | Equity | ₦ |
| --- | --- | --- | --- | --- | --- |
| Cash | 100,000 | Bank Loan | 200,000 | Share Capital | 500,000 |
| Inventory | 150,000 | Trade Creditors | 300,000 | Retained Earnings | 200,000 |
| Property, Plant and Equipment | 500,000 | | | | |
| | | | | | |
| Total | 750,000 | Total | 500,000 | Total | 700,000 |
What is the company's current ratio?
Question 13
A company has the following incomplete records: Cash ₦100,000, Bank ₦200,000, Creditors ₦150,000. What is the total amount of assets?
Question 14
A company issues 5,000 shares of ₦10 each at a premium of ₦2 per share. If the company receives a total of ₦120,000, what is the amount of premium received?
Question 15
In a partnership account, the capital of two partners, A and B, is shared in the ratio 3:2. If the total capital is ₦120,000, what is the amount of capital contributed by partner A?
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