POST UTME ACHIEVERS UNIVERSITY 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A partnership is formed between three individuals, A, B, and C, with a capital contribution of ₦300,000, ₦200,000, and ₦400,000 respectively. After one year, the partnership makes a profit of ₦250,000. The profit is divided in the ratio of 3:2:5. Calculate the amount of profit that A will receive.
Question 2
A manufacturing company produces two products, X and Y. The following data relates to the production of these products:
Question 3
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
Question 4
A company's trading account for the year ended 31st December 2023 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the gross profit for the year.
Question 5
A company uses the single-entry system of accounting. The following transactions occurred during the year:
Question 6
A company has the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1/1 | Cash received from customers | 1,000 | 0 |
| 1/2 | Cash paid to suppliers | 0 | 500 |
| 1/3 | Cash received from customers | 800 | 0 |
| 1/4 | Cash paid to employees | 0 | 300 |
What is the total cash balance at the end of January?
Question 7
A company uses the straight-line method of depreciation. The cost of a machine is ₦500,000 and its residual value is ₦50,000. Calculate the total depreciation for the machine over its useful life of 10 years.
Question 8
A company uses the straight-line method of depreciation. The cost of a machine is ₦500,000 and its residual value is ₦50,000. Calculate the annual depreciation charge for the machine.
Question 9
A company issued 10,000 shares of ₦10 par value at ₦15 per share. Calculate the amount received from the issue of shares.
Question 10
A company uses the perpetual inventory system. On January 1, 2024, it had 500 units of a product in inventory, costing ₦250 each. During the year, 300 units were sold, and 200 units were purchased at ₦300 each. Calculate the cost of goods sold for the year.
Question 11
A company has a cash book with the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1/1 | Cash received from customers | 1,000 | 0 |
| 1/2 | Cash paid to suppliers | 0 | 500 |
| 1/3 | Cash received from customers | 800 | 0 |
| 1/4 | Cash paid to employees | 0 | 300 |
What is the total cash balance at the end of January?
Question 12
A company's balance sheet as at 31st December 2023 is as follows: ₦1,500,000 (₦1,200,000) = ₦300,000. What is the meaning of the above equation?
Question 13
A company has the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1/1 | Cash received from customers | 1,000 | 0 |
| 1/2 | Cash paid to suppliers | 0 | 500 |
| 1/3 | Cash received from customers | 800 | 0 |
| 1/4 | Cash paid to employees | 0 | 300 |
What is the total cash balance at the end of January?
Question 14
A company has the following transactions: Purchased office supplies for ₦10,000, Purchased office equipment for ₦50,000, and Sold office equipment for ₦20,000. What is the net effect on the company's office equipment account?
Question 15
A partnership has the following capital accounts:
| Partner | Capital | Drawing | Balance |
| --- | --- | --- | --- |
| A | 10,000 | 1,000 | 9,000 |
| B | 8,000 | 500 | 7,500 |
| C | 6,000 | 200 | 5,800 |
What is the total capital of the partnership?
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