POST UTME LAUTECH 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 10,000, 5% preference shares of ₦10 each at a premium of ₦2. Calculate the amount received from shareholders.
Question 2
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Question 3
A company issues 5,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the total premium received.
Question 4
In a partnership account, what is the correct method of calculating the capital of a partner who has been absent for the past two years?
Question 5
A company has the following balance sheet as at 31st December, 2017: assets ₦500,000, liabilities ₦200,000, and equity ₦300,000. What is the return on equity (ROE) for the year?
Question 6
A company's balance sheet shows a current liability of ₦200,000. Its profit and loss account shows a profit of ₦150,000. Calculate the company's net worth.
Question 7
A company's trial balance shows the following:
| Account | Debit | Credit |
| --- | --- | --- |
| Rent Received | 15,000 | |
| Rent Paid | | 20,000 |
| | | |
What is the correct treatment of these accounts in the preparation of the company's final accounts?
Question 8
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | ₦10,000 | |
| 2nd Jan | Bank | | ₦15,000 |
| 3rd Jan | Cash | ₦8,000 | |
| 4th Jan | Bank | | ₦12,000 |
What is the correct balance of the company's bank account at the end of the month?
Question 9
A company uses the single entry system to record its transactions. The following transactions were recorded in the year ended December 31, 2018:
(i) Cash received from customers, ₦1,500,000;
(ii) Cash paid to suppliers, ₦800,000;
(iii) Cash paid to employees, ₦300,000;
(iv) Cash received from the sale of assets, ₦200,000;
(v) Cash paid for rent, ₦100,000;
(vi) Cash received from the sale of goods, ₦1,200,000;
(vii) Cash paid to the bank, ₦500,000;
(viii) Cash received from the bank, ₦600,000.
Prepare the assets account for the year ended December 31, 2018.
Question 10
A company's trial balance shows an error of ₦1,500 due to an omission of a transaction. The error is discovered after the preparation of the financial statements. What is the correct journal entry to rectify the error?
Question 11
A company's balance sheet at the end of the year shows the following:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Bank Loan | 20,000 |
| Debtors | 30,000 | Creditors | 15,000 |
| Stock | 40,000 | | |
| | | | |
What is the total amount of the company's equity at the end of the year?
Question 12
A company's trading account for the year ended 31st December 20X7 is as follows:
Sales: ₦500,000
Returns outwards: ₦20,000
Returns inwards: ₦10,000
Cost of goods sold: ₦300,000
What is the gross profit for the year?
Question 13
A company uses the single entry system to record its transactions. The following transactions were recorded in the year ended December 31, 2018:
(i) Cash received from customers, ₦1,500,000;
(ii) Cash paid to suppliers, ₦800,000;
(iii) Cash paid to employees, ₦300,000;
(iv) Cash received from the sale of assets, ₦200,000;
(v) Cash paid for rent, ₦100,000;
(vi) Cash received from the sale of goods, ₦1,200,000;
(vii) Cash paid to the bank, ₦500,000;
(viii) Cash received from the bank, ₦600,000.
Prepare the rent account for the year ended December 31, 2018.
Question 14
A company's manufacturing account shows a loss of ₦50,000. Its trading account shows a profit of ₦150,000. Calculate the company's net profit.
Question 15
A company purchased a machine for ₦1,000,000 and depreciated it by 10% per annum using the straight-line method. Calculate the machine's value after 3 years.
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