POST UTME ABU 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trial balance showed the following balances: Accounts Payable ₦20,000, Accounts Receivable ₦30,000, Common Stock ₦150,000, Dividends ₦15,000, Retained Earnings ₦25,000. Prepare a balance sheet.
Question 2
A company maintains its accounting records on a cash basis. The company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 10,000 | |
| 2nd Jan | Sales | | 15,000 |
| 3rd Jan | Purchases | 8,000 | |
| 4th Jan | Cash | | 12,000 |
Calculate the total profit for the month of January.
Question 3
A partnership consisting of A, B, and C shared profits and losses in the ratio 5:3:2. The capital contributed by A, B, and C were ₦50,000, ₦30,000, and ₦20,000 respectively. Calculate the total profit of ₦150,000.
Question 4
A company's balance sheet shows the following information: Total Assets, ₦200,000; Total Liabilities, ₦100,000. What is the company's net worth?
Question 5
A company has the following transactions in its ledger:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Bank | 10,000 | |
| 2nd Jan | Bank | | 5,000 |
| 3rd Jan | Bank | | 8,000 |
What is the balance in the bank account?
Question 6
A public sector organization's cash book as at 31st December, 2022, showed the following balances: Cash in Hand ₦50,000, Bank Balance ₦30,000, Cash Received from Customers ₦20,000, Cash Paid to Suppliers ₦15,000, Cash Paid to Employees ₦10,000, and Cash Paid for Rent ₦5,000. Prepare the cash flow statement for the year.
Question 7
A company's trial balance as at 31st December, 2022, showed the following balances: Purchases ₦150,000, Sales ₦200,000, Returns Outwards ₦5,000, Returns Inwards ₦3,000, Discounts Allowed ₦2,000, Discounts Received ₦1,000, Wages ₦10,000, Salaries ₦8,000, Rent ₦5,000, and Depreciation ₦3,000. Prepare the trading and profit and loss account for the year.
Question 8
A company's control account shows the following transactions for the month of March:
Question 9
A company issued 10,000 shares of ₦10 each at a premium of ₦3. Calculate the total amount received from the issue of shares.
Question 10
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
Question 11
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦20,000, Common Stock ₦100,000, Dividends ₦10,000, Retained Earnings ₦30,000. Prepare a balance sheet.
Question 12
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
Question 13
A company issued 5,000 shares of ₦1 each at a premium of ₦0.50 per share. The company also issued 2,000 10% debentures of ₦100 each. Calculate the total amount received from the issue of shares and debentures.
Question 14
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Question 15
A company issued 5,000 debentures of ₦1,000 each at a premium of ₦50. Calculate the total amount received from the issue of debentures.
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