POST UTME KSU 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 10,000 | |
| 2nd Jan | Bank | | 5,000 |
| 3rd Jan | Cash | | 8,000 |
What is the balance of the cash account?
Question 2
A company's financial statements show the following:
| Asset | Cost | Accumulated Depreciation | Book Value |
| --- | --- | --- | --- |
| Machinery | 50,000 | 10,000 | 40,000 |
| Building | 100,000 | 20,000 | 80,000 |
What is the total book value of the assets?
Question 3
A company issued 5,000 shares of ₦10 each at a premium of ₦2 per share. Calculate the total amount received from the issue of shares.
Question 4
In a partnership account, the capital of the partners is divided in the ratio of 3:5:7. If the total capital is ₦150,000, what is the amount of capital contributed by the partner with the highest share?
Question 5
A government ministry has the following transactions for the year:
Debit: Salaries ¦ 150,000, Rent ¦ 75,000, Depreciation ¦ 30,000, Capital Expenditure ¦ 150,000
Credit: Revenue ¦ 300,000, Other Income ¦ 45,000
Prepare the statement of changes in equity.
Question 6
A company has the following transactions: Purchased office supplies for ₦5,000, paid rent for ₦10,000, and purchased equipment for ₦20,000. What is the total amount of expenses?
Question 7
A company's income statement showed the following: Sales Revenue ₦1,000,000, Cost of Goods Sold ₦500,000, Operating Expenses ₦200,000. Calculate the company's net income.
Question 8
A company's balance sheet shows an increase in stock of ₦50,000. The company's profit and loss account shows a decrease in stock of ₦20,000. What is the correct amount of stock?
Question 9
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 10
A company has the following transactions: Purchased office supplies for ₦5,000, paid rent for ₦10,000, and purchased equipment for ₦20,000. What is the total amount of assets?
Question 11
A company has a capital of ₦ 50,000, divided into 5,000 shares of ₦ 10 each. The company also has 1,000 10% debentures of ₦ 100 each. If the company makes a loss of ₦ 15,000, how much will the debenture holders receive?
Question 12
A company has a capital of ₦ 100,000, divided into 10,000 shares of ₦ 10 each. The company also has 1,000 10% debentures of ₦ 100 each. If the company makes a profit of ₦ 20,000, how much will the debenture holders receive?
Question 13
A company's bank reconciliation statement shows the following:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Bank | | 1,000 |
| 2nd Jan | Cash | | 500 |
| 3rd Jan | Bank | | 2,000 |
What is the balance of the bank account?
Question 14
A government ministry has the following transactions for the year:
Debit: Salaries ¦ 100,000, Rent ¦ 50,000, Depreciation ¦ 20,000, Capital Expenditure ¦ 100,000
Credit: Revenue ¦ 200,000, Other Income ¦ 30,000
Prepare the statement of changes in equity.
Question 15
A company issues 1,000, 10% debentures of ₦100 each. If the debentures are issued at a discount of 5%, calculate the amount received from the debenture holders.
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