POST UTME DELSU 2021 Accounting | Objective
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Question 1
A company's trial balance as at 31st Dec is as follows:
| Account | Debit | Credit |
| --- | --- | --- |
| Sales | ₦100,000 | |
| Purchases | | ₦80,000 |
| Wages | ₦20,000 | |
| Rent | | ₦10,000 |
| Capital | ₦50,000 | |
| Drawings | | ₦30,000 |
Identify the error in the trial balance.
Question 2
A company's cash book shows a balance of ₦15,000. The company's bank statement shows a balance of ₦18,000. The bank reconciliation statement shows a difference of ₦3,000 between the cash book balance and the bank statement balance. What is the reason for the difference?
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 uses the single entry system of accounting. The following transactions occurred during the year:
Deposits: ₦50,000, ₦20,000, ₦15,000
Withdrawals: ₦30,000, ₦12,000
Sales: ₦80,000, ₦25,000
Cost of Goods Sold: ₦40,000, ₦18,000
Determine the net profit or loss for the year.
Question 5
A company purchased a machine for ₦1,000,000 on January 1, 2020. The machine has a useful life of 5 years and a residual value of ₦100,000. Calculate the annual depreciation using the reducing balance method.
Question 6
A company has two partners, A and B. The company's capital account shows a balance of ₦25,000. Partner A's capital account shows a balance of ₦12,000, and Partner B's capital account shows a balance of ₦8,000. What is the ratio of Partner A's capital to Partner B's capital?
Question 7
A company's balance sheet as of December 31, 2020, shows the following: Cash ₦150,000, Accounts Receivable ₦200,000, Inventory ₦300,000, Total Assets ₦750,000, Total Liabilities ₦300,000, and Total Equity ₦450,000. What is the company's debt-to-equity ratio?
Question 8
A partnership has two partners, A and B. Partner A invests ₦200,000 and Partner B invests ₦300,000. If the profit is divided in the ratio 2:3, what is Partner A's share of the profit?
Question 9
A company uses the weighted average method to value its inventory. The following data is available: Beginning Inventory ₦100,000, Purchases ₦200,000, and Cost of Goods Sold ₦150,000. What is the total value of inventory?
Question 10
A company uses the straight-line method of depreciation for its assets. If the asset's original cost is ₦120,000, its residual value is ₦20,000, and it is used for 5 years, what is the annual depreciation charge?
Question 11
A company uses the double-entry system of accounting. The following transactions are recorded in the journal: Debit Cash ₦0,000, Credit Accounts Payable ₦0,000. What is the effect of this transaction on the accounting equation?
Question 12
A company purchased a machine for ₦1,500,000 on January 1, 2020. The machine has a useful life of 5 years and a residual value of ₦150,000. Calculate the annual depreciation using the straight-line method.
Question 13
A company's trial balance shows the following balances:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 1,000 | |
| Bank | | 1,000 |
| Sales | | 10,000 |
| Purchases | 8,000 | |
| Capital | | 12,000 |
What is the error in the trial balance?
Question 14
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 asset's value after 3 years if the asset's cost is ₦1,500,000?
Question 15
A company maintains a cash book and a general ledger. The cash book shows the following transactions:
₦10,000 received from a customer
₦5,000 paid to a supplier
₦8,000 received from a customer
₦3,000 paid to a supplier
Determine the bank reconciliation statement.
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