POST UTME CRAWFORD UNIVERSITY 2019 Accounting | Objective

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Question 1
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5,000 10% debentures of ₦ 100 each. Calculate the total amount received from the issue of shares and debentures.
A. ₦ 120,000
B. ₦ 130,000
C. ₦ 140,000
D. ₦ 150,000
Question 2
A company's trial balance shows a credit balance of ₦15,000 in the 'Salaries' account. The company's accounting records show that it paid ₦20,000 in salaries for the year. Prepare the necessary journal entry to correct the error.
A. Debit Salaries Expense ₦15,000, Credit Salaries Expense ₦20,000
B. Debit Salaries Expense ₦20,000, Credit Salaries Expense ₦15,000
C. Debit Salaries Expense ₦15,000, Credit Salaries Expense ₦15,000
D. Debit Salaries Expense ₦20,000, Credit Salaries Expense ₦15,000
Question 3
A partnership is formed between three individuals, A, B, and C, who contribute capital in the ratio 3:2:1. The partnership agreement specifies that the profits and losses will be shared in the same ratio as the capital contributions. If the partnership makes a profit of ₦120,000, how much will each partner receive?
A. ₦36,000
B. ₦48,000
C. ₦60,000
D. ₦72,000
Question 4
A company's trial balance shows a credit balance of ₦15,000 in the 'Salaries' account. The company's accounting records show that it paid ₦20,000 in salaries for the year. Prepare the necessary journal entry to correct the error.
A. Debit Salaries Expense ₦15,000, Credit Salaries Expense ₦20,000
B. Debit Salaries Expense ₦20,000, Credit Salaries Expense ₦15,000
C. Debit Salaries Expense ₦15,000, Credit Salaries Expense ₦15,000
D. Debit Salaries Expense ₦20,000, Credit Salaries Expense ₦15,000
Question 5
A company's balance sheet as at 31st December 2021 showed a capital of ₦ 100,000 and a profit and loss account balance of ₦ 20,000. The company's trading account for the year ended 31st December 2022 showed a profit of ₦ 50,000. Prepare the company's balance sheet as at 31st December 2022.
A. Capital ₦ 120,000, Profit and Loss Account ₦ 70,000
B. Capital ₦ 120,000, Profit and Loss Account ₦ 30,000
C. Capital ₦ 100,000, Profit and Loss Account ₦ 70,000
D. Capital ₦ 100,000, Profit and Loss Account ₦ 30,000
Question 6
A company has a bank account with a balance of ₦50,000. The company deposits ₦20,000 into the account and withdraws ₦15,000. What is the new balance of the account?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 7
A company issued 5,000, 12% preference shares of ₦10 each at a premium of ₦2 per share. Calculate the amount received from the shareholders.
A. ₦50,000
B. ₦52,000
C. ₦54,000
D. ₦56,000
Question 8
A company's trial balance shows the following accounts: Sales ₦500,000, Cost of Goods Sold ₦300,000, and Net Income ₦150,000. What is the company's gross profit?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 9
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent' account. The company's accounting records show that it paid ₦20,000 in rent for the year. Prepare the necessary journal entry to correct the error.
A. Debit Rent Expense ₦15,000, Credit Rent Expense ₦20,000
B. Debit Rent Expense ₦20,000, Credit Rent Expense ₦15,000
C. Debit Rent Expense ₦15,000, Credit Rent Expense ₦15,000
D. Debit Rent Expense ₦20,000, Credit Rent Expense ₦15,000
Question 10
A company's trial balance as at 31st December 2022 is as follows: Debit ₦ 10,000 ₦ 20,000 ₦ 30,000 ₦ 40,000 ₦ 50,000 ₦ 60,000 ₦ 70,000 ₦ 80,000 ₦ 90,000 ₦ 100,000 Credit ₦ 10,000 ₦ 20,000 ₦ 30,000 ₦ 40,000 ₦ 50,000 ₦ 60,000 ₦ 70,000 ₦ 80,000 ₦ 90,000 ₦ 100,000 What is the company's net worth as at 31st December 2022?
A. ₦ 0
B. ₦ 10,000
C. ₦ 20,000
D. ₦ 30,000
Question 11
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent' account. The company's accounting records show that it paid ₦20,000 in rent for the year. Prepare the necessary journal entry to correct the error.
A. Debit Rent Expense ₦15,000, Credit Rent Expense ₦20,000
B. Debit Rent Expense ₦20,000, Credit Rent Expense ₦15,000
C. Debit Rent Expense ₦15,000, Credit Rent Expense ₦15,000
D. Debit Rent Expense ₦20,000, Credit Rent Expense ₦15,000
Question 12
A company's bank reconciliation statement shows a difference of ₦10,000 between the company's cash book balance and the bank statement balance. The company's accounting records show that it deposited ₦20,000 into the bank during the month. Prepare the necessary journal entry to correct the error.
A. Debit Bank Overdraft ₦10,000, Credit Cash ₦10,000
B. Debit Cash ₦10,000, Credit Bank Overdraft ₦10,000
C. Debit Bank Overdraft ₦10,000, Credit Cash ₦20,000
D. Debit Cash ₦20,000, Credit Bank Overdraft ₦10,000
Question 13
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦150,000?
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦15,000
Question 14
A government agency's budget shows the following expenses: Salaries ₦1,500,000, Rent ₦500,000, and Utilities ₦200,000. What is the total expense?
A. ₦2,200,000
B. ₦2,500,000
C. ₦2,200,000
D. ₦2,500,000
Question 15
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5% debentures of ₦ 10,000. Prepare the journal entries for the issue of shares and debentures.
A. Debit Share Capital ₦ 20,000, Credit Cash ₦ 20,000
B. Debit Share Capital ₦ 10,000, Credit Cash ₦ 10,000
C. Debit Share Capital ₦ 20,000, Credit Cash ₦ 10,000
D. Debit Share Capital ₦ 10,000, Credit Cash ₦ 20,000

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