POST UTME ELIZADE UNIVERSITY 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's control account showed: Cash at Bank ₦50,000, Bank Overdraft ₦20,000, Cash in Hand ₦10,000. Prepare the Cash Account.
Question 2
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product in stock, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. Calculate the cost of goods sold for the year.
Question 3
A company's trading account for the year ended 31st December 2022 shows a profit of ₦120,000. The company's balance sheet as at 31st December 2021 showed a capital of ₦500,000, and a profit of ₦80,000 was transferred to the reserve. The company's balance sheet as at 31st December 2022 shows a capital of ₦600,000. Calculate the company's profit for the year ended 31st December 2022.
Question 4
A company's balance sheet as at 31st December, 2019 showed: Equity Share Capital ₦100,000, 10% Debentures ₦50,000, Profit and Loss Account ₦20,000. Prepare the Balance Sheet.
Question 5
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. Prepare a statement of cash flows.
Question 6
A company's trading account for the year ended 31st December 2022 shows a profit of ₦120,000. The company's balance sheet as at 31st December 2021 showed a capital of ₦500,000, and a profit of ₦80,000 was transferred to the reserve. The company's balance sheet as at 31st December 2022 shows a capital of ₦600,000. Calculate the company's profit for the year ended 31st December 2022.
Question 7
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | 1,000 | |
| 2 Jan | Bank | | 500 |
| 3 Jan | Cash | | 500 |
What is the balance in the cash book?
Question 8
A partnership has two partners, A and B. The partnership agreement states that profits and losses are shared in the ratio 3:2. If the profit for the year is ₦120,000, how much will each partner receive?
Question 9
A company's bank reconciliation statement shows a difference of ₦1,000 between the bank statement balance and the company's records. The bank statement balance is ₦50,000. Prepare a bank reconciliation statement.
Question 10
A company's trading account for the year ended 31st December 2022 shows a profit of ₦120,000. The company's balance sheet as at 31st December 2021 showed a capital of ₦500,000, and a profit of ₦80,000 was transferred to the reserve. The company's balance sheet as at 31st December 2022 shows a capital of ₦600,000. Calculate the company's profit for the year ended 31st December 2022.
Question 11
In a self-balancing ledger, the personal account of a partner is closed by transferring its balance to the capital account. What is the correct journal entry for this transaction?
Question 12
A firm has the following bank reconciliation statement:
| Date | Debit | Credit |
| --- | --- | --- |
| 2022-01-01 | ₦10,000 | |
| 2022-01-15 | | ₦5,000 |
| 2022-01-20 | ₦20,000 | |
What is the correct balance of the Bank account?
Question 13
A company's balance sheet as at 31st December 2022 shows a capital of ₦600,000. The company's profit for the year ended 31st December 2022 is ₦220,000. Calculate the company's retained profit for the year ended 31st December 2022.
Question 14
A company's trial balance shows a discrepancy of ₦5,000 between the debit and credit sides. What is the likely cause of this discrepancy?
Question 15
A company's manufacturing account shows the following: Materials purchased ₦50,000, Labour cost ₦30,000, Overheads ₦20,000. What is the total cost of production?
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