POST UTME UNIOSUN 2018 Accounting | Objective
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Question 1
A company's balance sheet as at 31st December 2017 is as follows:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Bank Loan | 20,000 |
| Debtors | 30,000 | Share Capital | 50,000 |
| Stock | 40,000 | Retained Earnings | 10,000 |
| Total | 80,000 | Total | 90,000 |
What is the amount of the company's retained earnings?
Question 2
A company's assets include a building with a cost of ₦500,000 and a useful life of 10 years. The company uses the straight-line method of depreciation. What is the annual depreciation charge?
Question 3
A company's balance sheet as at 31st December, 2022 showed the following balances: Share Capital ₦100,000, Profit and Loss Account ₦50,000, Accumulated Depreciation ₦20,000. Prepare the balance sheet for the year.
Question 4
A company's statement of profit or loss shows a debit balance of ₦40,000. The balance sheet shows a credit balance of ₦45,000. What is the correct explanation for the difference?
Question 5
A company's cash book shows the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 | Cash | ₦10,000 | |
| 2 | Sales | | ₦15,000 |
| 3 | Purchase | ₦8,000 | |
| 4 | Cash | | ₦12,000 |
What is the total cash balance at the end of the month?
Question 6
A company's balance sheet as at 31st December, 2022 showed the following balances: Share Capital ₦100,000, Profit and Loss Account ₦50,000, Accumulated Depreciation ₦20,000. Prepare the balance sheet for the year.
Question 7
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. If the partnership has a net income of ₦240,000, how much will partner A receive as their share of the net income?
Question 8
A company's trial balance as at 31st December, 2022 showed the following balances: Purchases ₦120,000, Sales ₦180,000, Returns Inwards ₦10,000, Returns Outwards ₦5,000. Prepare the trading and profit and loss account for the year.
Question 9
A company's trial balance shows a debit balance of ₦50,000 in the account 'Rent Received'. However, the company's accounts payable ledger shows a credit balance of ₦60,000 in the account 'Rent Paid'. What is the correct treatment of this discrepancy?
Question 10
A company's balance sheet shows a credit balance of ₦30,000. The statement of profit or loss shows a debit balance of ₦25,000. What is the correct explanation for the difference?
Question 11
A company's profit and loss account for the year ended December 31, 2022, showed the following:
Sales: ₦1,500,000
Cost of Goods Sold: ₦1,000,000
Gross Profit: ₦500,000
Operating Expenses: ₦200,000
Net Profit: ₦300,000
Determine the company's operating profit margin.
Question 12
A company uses the single-entry system of accounting. The journal entries for the year are as follows: Debit Sales ₦100,000, Credit Purchases ₦80,000, Debit Rent ₦20,000, Credit Salaries ₦30,000. What is the net profit for the year?
Question 13
A company's balance sheet as at 31st December 2017 is as follows:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Bank Loan | 20,000 |
| Debtors | 30,000 | Share Capital | 50,000 |
| Stock | 40,000 | Retained Earnings | 10,000 |
| Total | 80,000 | Total | 90,000 |
What is the amount of the company's retained earnings?
Question 14
A company's trial balance shows a debit balance of ₦20,000. The balance sheet shows a credit balance of ₦25,000. What is the correct explanation for the difference?
Question 15
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 | Cash | 1,000 | |
| 2 | Bank | | 500 |
| 3 | Cash | | 1,000 |
| 4 | Bank | | 500 |
What is the balance of the cash book?
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