POST UTME BSU 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 2
A company's trading account for the year ended 31st December 2022 is as follows:
Debit:
Sundry Creditors: ₦120,000
Wages: ₦150,000
Rent: ₦80,000
Profit on Sale of Assets: ₦30,000
Credit:
Sales: ₦1,200,000
Purchases: ₦900,000
Bank Charges: ₦20,000
Interest Received: ₦10,000
Calculate the company's net profit for the year.
Question 3
A company issued 5,000, 10% debentures of ₦100 each. The debentures are redeemable at the end of 5 years. The company pays an annual interest of 5% on the debentures. Calculate the total interest paid by the company for the first 2 years.
Question 4
A company's cash book shows a debit balance of ₦15,000. However, the bank statement shows a credit balance of ₦20,000. What is the reason for the discrepancy?
Question 5
A partnership has a 3:5:7 ratio. The total capital invested is ₦120,000. If the profit is shared in the same ratio, and the total profit is ₦45,000, what is the amount of profit shared by the partner with a 7:1 ratio?
Question 6
A company's trial balance as at 31st December 2022 is as follows:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦180,000 | ₦0 |
| Accounts Payable | ₦0 | ₦80,000 |
| Sales Revenue | ₦0 | ₦240,000 |
| Cost of Goods Sold | ₦0 | ₦140,000 |
| Net Income | ₦0 | ₦0 |
| Total | ₦180,000 | ₦460,000 |
What is the amount of the company's net income for the year ended 31st December 2022?
Question 7
A partnership agreement between two partners, A and B, states that profits and losses are to be shared in the ratio 3:2. The partnership's profit for the year ended 31st December 2022 is ₦240,000. Calculate A's share of the profit.
Question 8
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2022 is as follows:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦150,000 | ₦0 |
| Accounts Payable | ₦0 | ₦70,000 |
| Sales Revenue | ₦0 | ₦210,000 |
| Cost of Goods Sold | ₦0 | ₦120,000 |
| Net Income | ₦0 | ₦0 |
| Total | ₦150,000 | ₦400,000 |
What is the amount of the company's net income for the year ended 31st December 2022?
Question 9
A company issued 5,000, 10% debentures of ₦100 each. The debentures are redeemable at the end of 5 years. The company pays an annual interest of 5% on the debentures. Calculate the total interest paid by the company for the first 2 years.
Question 10
A company's balance sheet as at 31st December 2022 is as follows:
Assets:
Cash: ₦50,000
Debtors: ₦100,000
Stock: ₦150,000
Prepaid Rent: ₦20,000
Total Assets: ₦320,000
Liabilities:
Creditors: ₦120,000
Bank Overdraft: ₦50,000
Total Liabilities: ₦170,000
Calculate the company's net worth.
Question 11
A company has the following bank statement: Opening Balance = ₦50,000; Deposits = ₦150,000; Withdrawals = ₦100,000. What is the Closing Balance?
Question 12
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders and the carrying value of the debentures.
Question 13
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum using the straight-line method. Calculate the carrying value of the machine after 3 years.
Question 14
A company's trading account for the year ended 31st December 2022 is as follows:
Debit:
Sales: ₦500,000
Cost of Goods Sold: ₦300,000
Credit:
Purchases: ₦400,000
What is the company's net profit for the year?
Question 15
A company has the following balance sheet:
| Assets | ₦200,000 |
| Liabilities | ₦80,000 |
| Equity | ₦120,000 |
If the company issues 10,000 shares at ₦10 per share, what is the new equity?
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