POST UTME MADONNA UNIVERSITY 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the perpetual inventory system. If the company purchases 100 units of inventory at ₦50 per unit and sells 50 units at ₦75 per unit, what is the cost of goods sold?
Question 2
A company has the following trial balance: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Common Stock ₦100,000, Dividends ₦10,000, Equipment ₦20,000, Interest Expense ₦5,000, Interest Income ₦2,000, Net Income ₦15,000, Retained Earnings ₦25,000, Salaries Expense ₦20,000, Sales Revenue ₦150,000, Taxes Expense ₦10,000. Prepare the balance sheet.
Question 3
A company has a capital of ₦500,000, consisting of 5,000 shares of ₦100 each. If the company issues 2,000 more shares of ₦100 each at a premium of ₦20 per share, what is the amount of the premium received?
Question 4
A company has the following information: Depreciation Expense ₦10,000, Equipment ₦50,000, Accumulated Depreciation ₦20,000. Calculate the net book value of the equipment.
Question 5
A company issued 5,000 shares of 10 par value at a premium of 5 per share. If the company received a total of 250,000, what is the amount of the premium received?
Question 6
A company's ledger shows the following balances:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 1,000 | |
| Bank | | 500 |
| Debtors | | 800 |
| Creditors | 200 | |
Calculate the total assets of the company.
Question 7
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 | Cash | 1,000 | |
| 2 | Bank | | 500 |
| 3 | Cash | | 800 |
| 4 | Bank | | 200 |
Calculate the balance of the cash account.
Question 8
A company issued 10,000, 5% shares of ₦10 each at a premium of ₦2. Calculate the amount received from share holders and the amount of premium on the shares.
Question 9
A company issued 10,000 shares of ₦5 each at a premium of ₦2. Calculate the total amount received from the issue of shares.
Question 10
A partnership has three partners: A, B, and C. The capital accounts of A, B, and C are ₦100,000, ₦80,000, and ₦60,000 respectively. If the profit is shared in the ratio 3:2:1, calculate the amount of profit to be distributed to each partner.
Question 11
A company's manufacturing account for the year ended 31st December 2024 is as follows:
Materials: ₦1,200,000
Labour: ₦800,000
Overheads: ₦400,000
Calculate the company's cost of production.
Question 12
A company issued 5,000 debentures of ₦100 each at a premium of ₦5. Calculate the total amount received from the issue of debentures.
Question 13
A company purchases a building for ₦500,000. The building has a useful life of 10 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
Question 14
A company's balance sheet as at 31st December 2024 is as follows:
Fixed assets: ₦1,500,000
Current assets: ₦800,000
Capital: ₦1,000,000
Profit: ₦200,000
Calculate the company's current ratio.
Question 15
A company's income statement shows the following balances: Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Net Income ₦50,000. What is the gross profit?
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