POST UTME MOUNTAIN TOP UNIVERSITY 2022 Accounting | Objective
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Question 1
A firm has a capital of ₦2,000,000 and a reserve of ₦1,000,000. Calculate the ratio of capital to reserve.
Question 2
A company has the following trial balance: Debitors: ₦100,000; Creditors: ₦80,000; Capital: ₦120,000. What is the total amount of assets?
Question 3
A partnership consists of three partners, A, B, and C. Their capital accounts are ₦100,000, ₦150,000, and ₦200,000 respectively. If the profit for the year is ₦50,000, and the profit-sharing ratio is 2:3:4, calculate the amount of profit to be distributed to each partner.
Question 4
A company has the following incomplete records: Cash, Accounts Receivable, and Accounts Payable. If the balance in the Cash account is ₦30,000, and the balance in the Accounts Payable account is ₦15,000, what is the total amount of assets and liabilities in the company?
Question 5
A company issues 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Question 6
A company uses the straight-line method of depreciation for its assets. The asset has a cost of ₦50,000 and a useful life of 5 years. The company uses a depreciation rate of 10% per annum. Calculate the annual depreciation charge for the asset
Question 7
A company's trial balance shows a discrepancy of ₦5,000. The accountant suspects an error in the posting of a transaction. The transaction involved the sale of goods for ₦20,000, with a discount of 5%. The error is likely to be in the
Question 8
A company purchases a building for ₦500,000 and depreciates it using the reducing-balance method. If the rate of depreciation is 10% per annum, what is the value of the building after 3 years?
Question 9
A company's financial statements show the following information: Net Income ₦50,000, Dividends ₦20,000, and Retained Earnings ₦30,000. What is the new balance of Retained Earnings?
Question 10
A company has a profit of ₦500,000 and a tax rate of 25%. Calculate the amount of tax payable.
Question 11
Determine the amount of depreciation for a machine with an initial value of ₦250,000, a residual value of ₦50,000, and a useful life of 5 years, assuming a straight-line method of depreciation.
Question 12
A company's cash book shows a credit balance of ₦15,000. However, the bank statement shows a debit balance of ₦20,000. What is the correct explanation for this discrepancy?
Question 13
A company purchases a machine for ₦120,000 and depreciates it by 10% per annum. Calculate the book value of the machine after 3 years.
Question 14
In a partnership account, the capital of a partner is increased by ₦50,000. The partner's drawings for the year are ₦20,000. The partner's share of profit is ₦30,000. What is the partner's new capital balance?
Question 15
A company's trial balance shows a discrepancy of ₦5,000 between the debit and credit sides. The company's accountant has identified the following errors: (i) a journal entry of ₦10,000 was posted twice, (ii) a journal entry of ₦8,000 was posted incorrectly as a debit instead of a credit, and (iii) a journal entry of ₦12,000 was posted incorrectly as a credit instead of a debit. What is the correct adjustment to be made to the trial balance?
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