POST UTME MOUNTAIN TOP UNIVERSITY 2019 Accounting | Objective

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Question 1
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's trial balance shows a debit balance of ₦20,000 in the 'Drawings' account. What is the correct allocation of the drawings to the partners?
A. Partner A ₦12,000, Partner B ₦8,000
B. Partner A ₦15,000, Partner B ₦5,000
C. Partner A ₦18,000, Partner B ₦2,000
D. Partner A ₦10,000, Partner B ₦10,000
Question 2
A company's trading account for the year ended 31st December 2022 shows a profit of ₦1,500,000. The company's balance sheet as at 31st December 2022 shows a current liability of ₦800,000 and a non-current liability of ₦1,200,000. The company's equity as at 31st December 2022 is ₦2,500,000. What is the company's net worth as at 31st December 2022?
A. ₦1,200,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 3
A company's balance sheet as at 31st December 2022 shows a current asset of ₦1,200,000 and a non-current asset of ₦1,500,000. The company's current liability is ₦800,000 and the non-current liability is ₦1,200,000. What is the company's net worth as at 31st December 2022?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦2,000,000
Question 4
A company prepares a trial balance at the end of the year. The following accounts are listed: Cash ₦50,000, Accounts Payable ₦20,000, Sales ₦80,000, Purchases ₦60,000. What is the total amount of the company's assets?
A. ₦110,000
B. ₦120,000
C. ₦130,000
D. ₦140,000
Question 5
A company uses the weighted average method to assign overhead costs to jobs. The following data are available: Job 1: 10 units, Job 2: 20 units, Overhead Costs: ₦15,000, and Total Units: 30. What is the overhead cost per unit?
A. ₦500
B. ₦1,000
C. ₦1,500
D. ₦2,000
Question 6
A partnership is formed between two individuals, A and B, with a capital contribution of ₦500,000 and ₦300,000 respectively. The partnership agreement states that profits and losses will be shared in the ratio 3:2. If the partnership makes a profit of ₦150,000, what is A's share of the profit?
A. ₦180,000
B. ₦120,000
C. ₦150,000
D. ₦200,000
Question 7
A company has the following incomplete records: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Sales | 10,000 | | | 5-Jan | Purchases | | 8,000 | | 10-Jan | Sales | 12,000 | | | 15-Jan | Purchases | | 9,000 | | 20-Jan | Sales | 15,000 | | | 25-Jan | Purchases | | 12,000 | Determine the net profit for the month of January.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 8
A partnership has 3 partners, A, B, and C, with capital contributions of ₦100,000, ₦80,000, and ₦60,000 respectively. The profit-sharing ratio is 3:2:1. Calculate the total profit and the share of each partner.
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 9
Determine the amount of depreciation for a machine that cost ₦150,000 and has a useful life of 5 years, with a residual value of ₦30,000. The machine is depreciated using the straight-line method.
A. ₦20,000
B. ₦25,000
C. ₦30,000
D. ₦35,000
Question 10
A company has the following trial balance: Debit: ₦100,000; Credit: ₦80,000. Prepare the balance sheet.
A. Assets: ₦100,000; Liabilities: ₦80,000; Capital: ₦20,000
B. Assets: ₦80,000; Liabilities: ₦100,000; Capital: ₦20,000
C. Assets: ₦100,000; Liabilities: ₦80,000; Capital: ₦20,000
D. Assets: ₦80,000; Liabilities: ₦100,000; Capital: ₦20,000
Question 11
A company's trading account for the year ended 31st December 2022 shows a profit of ₦1,500,000. The company's balance sheet as at 31st December 2022 shows a current liability of ₦800,000 and a non-current liability of ₦1,200,000. The company's equity as at 31st December 2022 is ₦2,500,000. What is the company's net worth as at 31st December 2022?
A. ₦1,200,000
B. ₦1,500,000
C. ₦2,000,000
D. ₦2,500,000
Question 12
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.
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 13
A company's trial balance shows a debit balance of ₦50,000 in the 'Accrued Expenses' account. However, the company's accounting records show that the actual amount of accrued expenses is ₦75,000. What is the correct journal entry to record the adjustment?
A. Debit Accrued Expenses ₦25,000, Credit Accrued Expenses ₦25,000
B. Debit Accrued Expenses ₦25,000, Credit Profit and Loss ₦25,000
C. Debit Profit and Loss ₦25,000, Credit Accrued Expenses ₦25,000
D. Debit Accrued Expenses ₦50,000, Credit Accrued Expenses ₦50,000
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be distributed to each partner.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 15
A company's balance sheet shows a current asset of ₦150,000 in the 'Accounts Receivable' account. However, the company's accounting records show that the actual amount of accounts receivable is ₦200,000. What is the correct journal entry to record the adjustment?
A. Debit Accounts Receivable ₦50,000, Credit Profit and Loss ₦50,000
B. Debit Accounts Receivable ₦50,000, Credit Cash ₦50,000
C. Debit Cash ₦50,000, Credit Accounts Receivable ₦50,000
D. Debit Accounts Receivable ₦100,000, Credit Profit and Loss ₦100,000

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