POST UTME COVENANT UNIVERSITY 2022 Accounting | Objective
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Question 1
A company has the following control accounts: Cash ₦50,000, Accounts Payable ₦30,000, and Sales ₦40,000. If the company's total assets are ₦250,000, and its total liabilities are ₦120,000, what is the amount of the company's retained earnings?
Question 2
A public sector organization has the following transactions: a purchase of office supplies for ₦10,000, a sale of goods for ₦20,000, and a payment of salaries for ₦30,000. If the organization's initial cash balance is ₦50,000, what is the new cash balance?
Question 3
A company's balance sheet shows the following accounts:
| Account | Debit | Credit |
| --- | --- | --- |
| Assets | 100,000 | |
| Liabilities | | 50,000 |
| Capital | | 50,000 |
What is the company's total equity?
Question 4
A company has two partners, A and B, who share profits in the ratio 3:2. The capital of the company is divided in the ratio 5:3. If the total profit for the year is ₦120,000, and the total capital is ₦300,000, calculate the amount of profit that partner A will receive.
Question 5
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 6
A company purchases a machine for ₦500,000 and depreciates it using the straight-line method over a period of 5 years. What is the annual depreciation charge?
Question 7
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. Prepare the company's balance sheet.
Question 8
A company's trial balance showed the following balances: Accounts Payable 20,000, Accounts Receivable 15,000, Common Stock 50,000, and Retained Earnings 30,000. Prepare a balance sheet for the company.
Question 9
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦250,000, how much should each partner receive?
Question 10
A company produces two products, X and Y, using two machines, A and B. The production process for X requires 2 hours on machine A and 3 hours on machine B, while the production process for Y requires 3 hours on machine A and 2 hours on machine B. If machine A operates for 24 hours and machine B operates for 18 hours, what is the total number of units of product X produced?
Question 11
A company's trial balance showed the following balances: Accounts Payable ₦40,000, Accounts Receivable ₦20,000, and Common Stock ₦80,000. Prepare the company's balance sheet.
Question 12
A company has the following trial balance as at December 31, 2022:
Question 13
A company's bank statement showed a balance of 15,000. The company's cash book showed a balance of 18,000. The bank statement included a credit of 3,000 for a deposited check that had not yet been cleared. Prepare a bank reconciliation statement.
Question 14
A company issued 5,000 debentures of ₦100 each at a premium of ₦20 per debenture. Calculate the total amount received from the issue of debentures.
Question 15
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
1. Purchased office supplies for ₦10,000 cash.
2. Sold goods for ₦50,000 credit.
3. Purchased a new vehicle for ₦200,000 cash.
4. Collected ₦30,000 cash from customers.
Determine the total amount of assets acquired during the month of January.
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