POST UTME LAUTECH 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has a capital of ₦500,000, divided into 50,000 shares of ₦10 each. If the company issues 10,000 shares at a premium of ₦5 per share, calculate the amount of premium received.
Question 2
A company has a capital of ₦2,000,000, divided into 200,000 shares of ₦10 each. If the company issues 30,000 shares at a premium of ₦5 per share, calculate the amount of premium received.
Question 3
A company's balance sheet as at 31st December 2020 is as follows:
| Assets | ₦ | Liabilities | ₦ | Equity | ₦ |
| --- | --- | --- | --- | --- | --- |
| Cash | 100,000 | Bank Loan | 200,000 | Share Capital | 500,000 |
| Inventory | 150,000 | Trade Creditors | 300,000 | Retained Earnings | 200,000 |
| Property, Plant and Equipment | 500,000 | | | | |
| | | | | | |
| Total | 750,000 | Total | 500,000 | Total | 700,000 |
What is the company's current ratio?
Question 4
A government agency has a budget of ₦10,000,000 for a project. If the agency spends ₦5,000,000 on personnel and ₦2,000,000 on equipment, what is the amount of funds remaining for other expenses?
Question 5
A public sector organization has the following transactions: Purchase of goods: ₦100,000, Sale of goods: ₦150,000, Salaries: ₦80,000. Prepare a statement of financial position.
Question 6
A company's trial balance shows the following balances: Accounts Payable: ₦50,000, Sales Revenue: ₦150,000, Cost of Goods Sold: ₦80,000. Prepare a corrected trial balance.
Question 7
A firm's cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. The difference is due to a bank overdraft of ₦10,000. What is the correct balance on the firm's cash book?
Question 8
A company's balance sheet shows a total of ₦500,000. The trading account shows a profit of ₦120,000. The profit and loss account shows a balance of ₦80,000. What is the balance on the capital account?
Question 9
A manufacturing company has the following departmental accounts: Production Department ₦500,000, Administration Department ₦200,000, Selling Department ₦300,000. What is the total amount of expenses?
Question 10
A company's cash book shows the following transactions:
| Date | Debit | Credit |
| --- | --- | --- |
| 1st Jan | 10,000 | |
| 5th Jan | | 8,000 |
| 10th Jan | 12,000 | |
| 15th Jan | | 10,000 |
What is the company's cash balance as at 15th January?
Question 11
A company's trading account for the year ended 31st December 2020 showed a profit of ₦1,500,000. The company's profit and loss account for the year ended 31st December 2020 showed a net profit of ₦2,500,000. The company's balance sheet as at 31st December 2020 showed a total equity of ₦8,000,000. Calculate the company's retained earnings as at 31st December 2020.
Question 12
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that partner A will receive.
Question 13
A company has the following single entry records: Cash ₦100,000, Bank ₦200,000, Creditors ₦150,000. What is the total amount of assets?
Question 14
The partners in a firm share profits and losses in the ratio 3:5:7. If the total profit for the year is ₦1,500,000, calculate the amount of profit that will be distributed to each partner.
Question 15
A company has the following trial balance: Debitors ₦200,000, Creditors ₦150,000, Capital ₦300,000, Profit and Loss Account ₦50,000. What is the total amount of assets?
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