POST UTME GREENFIELD UNIVERSITY 2018 Accounting | Objective
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Question 1
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each. What is the total amount of share capital and debentures issued?
Question 2
A company's trial balance shows the following balances: Accounts Payable ₦250,000, Sales Revenue ₦1,000,000, Cost of Goods Sold ₦500,000, and Common Stock ₦750,000. Prepare a balance sheet.
Question 3
A company uses the self-balancing ledger system. The company's trial balance as at 31st December, 2022, shows the following balances: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000, Retained Earnings 15,000, and Dividends 2,000. What is the total amount of the company's assets as at 31st December, 2022?
Question 4
A company's incomplete records showed the following transactions: Sales Revenue ₦150,000, Cost of Goods Sold ₦80,000, and Common Stock ₦100,000. Prepare a Balance Sheet as at 31st December, 2022.
Question 5
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and Partner B has a 40% interest. The partnership's net income for the year is 100,000. What is Partner A's share of the net income?
Question 6
A company's trial balance shows a credit balance of ₦15,000 in the account 'Rent Paid'. However, the company's accounting records show that the rent paid was actually ₦20,000. What is the correct journal entry to record the correction?
Question 7
A company purchased a machine for ₹80,000. The machine depreciates by 10% per annum. Calculate the value of the machine after 2 years.
Question 8
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. What is the company's net income?
Question 9
A company purchased a machine for ₹1,20,000. The machine depreciates by 15% per annum. Calculate the value of the machine after 3 years.
Question 10
A company uses the double-entry system of accounting. The following transactions are recorded: Cash Sales ₦250,000, Cash Purchases ₦180,000, and Cash Dividends ₦60,000. Prepare a trial balance.
Question 11
A company's ledger shows the following balances: Accounts Receivable ₦300,000, Accounts Payable ₦200,000, and Common Stock ₦500,000. Prepare a balance sheet.
Question 12
A company's bank statement as at 31st December, 2022, showed the following balances: Cash ₦50,000, Bank overdraft ₦20,000, and Bank balance ₦30,000. Prepare a Bank Reconciliation Statement as at 31st December, 2022.
Question 13
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
Question 14
A company's income statement shows the following data: Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, Operating Expenses ₦50,000, and Net Income ₦75,000. What is the company's gross profit?
Question 15
A company issued 10,000 debentures of ₹100 each at a discount of ₹5 per debenture. The amount received from the issue of debentures is ₹9,50,000. Calculate the amount of debenture capital.
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