POST UTME MOUNTAIN TOP UNIVERSITY 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 5,000, 10% shares of ₦20 each at a premium of ₦5. Calculate the amount received from the issue of shares.
Question 2
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | ₦1,000 | |
| 2nd Jan | Bank | | ₦1,500 |
| 3rd Jan | Cash | ₦500 | |
| 4th Jan | Bank | | ₦1,000 |
The company's cash book balance on 31st Dec is ₦_____.
Question 3
A company's trading account for the year ended 31st December 2020 is as follows:
Debit:
₠ 1,50,000
₠ 2,00,000
₠ 1,20,000
₠ 50,000
₠ 30,000
₠ 20,000
₠ 10,000
₠ 5,000
Total Debit: ₠ 4,75,000
Credit:
₠ 3,00,000
₠ 1,50,000
₠ 1,20,000
₠ 50,000
₠ 30,000
₠ 20,000
₠ 10,000
₠ 5,000
Total Credit: ₠ 4,75,000
What is the profit or loss for the year?
Question 4
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received by the company.
Question 5
A company's balance sheet shows the following balances:
| Asset | Liability | Equity |
| --- | --- | --- |
| Cash | ₦50,000 | |
| Bank | | ₦100,000 |
| Stock | ₦150,000 | |
| Capital | | ₦200,000 |
The company's total assets are ₦_____.
Question 6
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
Question 7
A company issues 10,000 9% debentures of ₦100 each at a discount of 5% to a group of investors. Calculate the amount received by the company.
Question 8
A company issued 10,000 shares of ₠ 1 each at a premium of ₠ 2 per share. The shares were issued for ₠ 12,000 cash. Prepare the journal entry for the issue of shares.
Question 9
A firm has a cash book balance of ₦50,000 and a bank statement balance of ₦60,000. The bank statement shows a credit balance of ₦5,000 for a dishonored cheque. The cash book shows a debit balance of ₦2,000 for a bank overdraft. Calculate the correct balance of the firm's bank account.
Question 10
A company's trial balance as at 31st December 2020 is as follows:
Debit:
₠ 1,50,000
₠ 2,00,000
₠ 1,20,000
₠ 50,000
₠ 30,000
₠ 20,000
₠ 10,000
₠ 5,000
Total Debit: ₠ 5,75,000
Credit:
₠ 3,00,000
₠ 1,50,000
₠ 1,20,000
₠ 50,000
₠ 30,000
₠ 20,000
₠ 10,000
₠ 5,000
Total Credit: ₠ 5,75,000
What is the company's net worth?
Question 11
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. Calculate the total amount received from the issue of shares.
Question 12
A partnership has two partners, A and B. The capital accounts of A and B are ₦80,000 and ₦60,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be shared by A.
Question 13
A partnership has three partners, A, B, and C. The capital accounts of A, B, and C are ₦60,000, ₦40,000, and ₦30,000 respectively. The profit-sharing ratio is 3:2:1. Calculate the profit to be shared by A.
Question 14
A company manufactures two products, X and Y. Product X requires 2 hours of labor and 3 units of raw material, while product Y requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor available and 180 units of raw material available, how many units of product X can be produced?
Question 15
A company's trial balance shows the following balances: Sales: ₦ 100,000; Purchases: ₦ 80,000; Returns Outwards: ₦ 5,000. Calculate the cost of goods sold.
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