POST UTME JOSEPH AYO BABALOLA UNIVERSITY 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 2
A company has the following balances in its ledger:
Debit: ₦1,000,000 (Sales), ₦500,000 (Purchases), ₦200,000 (Rent), ₦300,000 (Wages)
Credit: ₦1,200,000 (Capital), ₦800,000 (Drawings), ₦400,000 (Interest)
Prepare the Balance Sheet for the company.
Question 3
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦100,000. The general ledger shows a balance of ₦150,000. Calculate the bank reconciliation statement.
Question 4
A partnership has a capital of ₦500,000. The partners share profits and losses in the ratio 3:2. If the profit for the year is ₦150,000, how much will each partner receive?
Question 5
A company has the following liabilities:
₦1,000,000 (Loans), ₦500,000 (Creditors), ₦200,000 (Tax), ₦300,000 (Wages)
Calculate the total value of the liabilities.
Question 6
A company maintains a self-balancing ledger for its accounts receivable. The ledger shows a balance of ₦150,000. However, the company's trial balance shows a balance of ₦180,000 for the same account. What is the most likely explanation for the discrepancy?
Question 7
A company uses the single entry method to record its transactions. The company's single entry ledger shows a balance of ₦80,000. However, the company's trial balance shows a balance of ₦60,000 for the same account. What is the most likely explanation for the discrepancy?
Question 8
A company's profit and loss account for the year ended 31st December 2021 is as follows:
| Particulars | ₦ |
| --- | --- |
| Sales | 200,000 |
| Cost of Goods Sold | 150,000 |
| Gross Profit | 50,000 |
| Operating Expenses | 20,000 |
| Net Profit | 30,000 |
What is the gross profit percentage?
Question 9
A manufacturing company has two departments: A and B. Department A produces 80% of the company's total output, while Department B produces 20%. If the company's total sales revenue is ₦1,000,000, how much of the revenue comes from Department A?
Question 10
A company has the following errors in its ledger:
Debit: ₦1,000,000 (Sales), ₦500,000 (Purchases), ₦200,000 (Rent), ₦300,000 (Wages)
Credit: ₦1,200,000 (Capital), ₦800,000 (Drawings), ₦400,000 (Interest)
Correct the errors and prepare the corrected ledger.
Question 11
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 12
A company uses the single entry method to record its transactions. The company's single entry ledger shows a balance of ₦120,000. However, the company's trial balance shows a balance of ₦100,000 for the same account. What is the most likely explanation for the discrepancy?
Question 13
A company's balance sheet as at 31st December 2021 is as follows:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Debentures | 50,000 |
| Bank | 20,000 | Share Capital | 100,000 |
| Stock | 30,000 | Profit & Loss | 20,000 |
| Total | 60,000 | Total | 180,000 |
What is the amount of profit and loss?
Question 14
A company issues 5% debentures of ₦100 each at a premium of ₦10 per debenture. What is the total amount received from the issue of debentures?
Question 15
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
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