POST UTME IMS U 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trading account for the year ended December 31, 2022, is as follows:
Debit:
Sales £ 500,000
Cost of Goods Sold £ 300,000
Credit:
Purchases £ 200,000
calculate the net profit for the year.
Question 2
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and Partner B has a 40% interest. If the partnership's net income is ₦150,000, how much will Partner A receive in salary?
Question 3
A company uses the double-entry system of accounting. The following transactions occurred during the year:
Question 4
A company's trial balance as at 31st December, 2020 is as follows:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦10,000 | ₦0 |
| Bank | ₦0 | ₦20,000 |
| Sales | ₦0 | ₦50,000 |
| Purchases | ₦40,000 | ₦0 |
| Capital | ₦0 | ₦30,000 |
| Profit | ₦0 | ₦0 |
| Drawings | ₦0 | ₦10,000 |
| Rent | ₦0 | ₦5,000 |
| Salaries | ₦0 | ₦10,000 |
| Interest | ₦0 | ₦2,000 |
| Dividend | ₦0 | ₦5,000 |
| Discount | ₦0 | ₦1,000 |
| Bad Debts | ₦0 | ₦2,000 |
| Provision for Bad Debts | ₦0 | ₦1,000 |
| Depreciation | ₦0 | ₦5,000 |
| Provision for Depreciation | ₦0 | ₦2,000 |
| Profit and Loss Account | ₦0 | ₦0 |
| Balance Sheet | ₦0 | ₦0 |
Determine the correct order of preparation of the final accounts.
Question 5
A partnership has two partners, A and B. The capital of A is ₦60,000 and that of B is ₦40,000. The profit-sharing ratio is 5:3. Calculate the profit to be shared by A.
Question 6
A company has the following trial balance: Debitors ₦100,000, Creditors ₦50,000, Capital ₦200,000. What is the total amount of assets?
Question 7
A partnership has two partners, A and B. The capital of A is ₦50,000 and that of B is ₦30,000. The profit-sharing ratio is 3:2. Calculate the profit to be shared by A.
Question 8
A partnership has two partners, A and B. The capital accounts of the partners are as follows:
A:£ 100,000
B:£ 50,000
The profit for the year is £ 20,000. Calculate the distribution of the profit between the partners.
Question 9
A company has the following transactions: Purchased office supplies on account for ₦50,000, Sold merchandise on account for ₦150,000, Purchased merchandise for cash ₦200,000. What is the total amount of cash received?
Question 10
A company's trial balance shows the following balances: Accounts Payable ₦500,000, Accounts Receivable ₦200,000, Common Stock ₦1,000,000, Retained Earnings ₦750,000. What is the total equity?
Question 11
A company's cash book showed the following transactions: Cash received from customers ₦10,000, Cash paid to suppliers ₦8,000, and Cash received from bank ₦5,000. What is the company's net cash inflow?
Question 12
A partnership has three partners, A, B, and C. The capital of A is ₦40,000, that of B is ₦30,000, and that of C is ₦20,000. The profit-sharing ratio is 4:3:2. Calculate the profit to be shared by A.
Question 13
A company's trial balance showed an error of ₦20,000 due to an incorrect posting of a purchase. The error was discovered during the preparation of the balance sheet. Prepare the necessary journal entry to correct the error.
Question 14
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. The shares were issued at ₦1.50 each. Calculate the total amount received from the issue of shares.
Question 15
A company's balance sheet as at December 31, 2022, is as follows:
Assets:£ 500,000
Liabilities:£ 200,000
Equity:£ 300,000
Calculate the current ratio.
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