POST UTME REDEEMERS UNIVERSITY 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the single-entry system of accounting. The following transactions were recorded in the cash book for the year ended December 31, 2022:
Question 2
A partnership between John, Mary, and David has a capital balance of ₦500,000. John's capital account shows a balance of ₦150,000, Mary's capital account shows a balance of ₦200,000, and David's capital account shows a balance of ₦150,000. If the partnership distributes profits in the ratio 2:3:1, what is the amount of profit distributed to John?
Question 3
A company's ledger accounts as at December 31, 2022, are as follows:
Question 4
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 50,000. Calculate the total amount received from the issue of shares.
Question 5
A company has a departmental account for the manufacturing department. The departmental account shows a profit of 10,000. Prepare the statement of changes in equity for the year ended 31st December 2022.
Question 6
A company's bank reconciliation statement as at December 31, 2022, is as follows:
Question 7
A company has the following cash book:
Date | Particulars | Debit | Credit | Balance
01/01 | Cash | ₦10,000 | | ₦10,000
02/01 | Bank | | ₦5,000 | ₦5,000
03/01 | Cash | | ₦8,000 | ₦13,000
What is the balance in the cash book?
Question 8
A company has the following trial balance:
Debtors: ₦50,000, Creditors: ₦30,000, Capital: ₦100,000, Profit: ₦20,000. What is the total amount of assets?
Question 9
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Question 10
A company's balance sheet showed a capital of ₦500,000 and a profit of ₦150,000. Calculate the new capital.
Question 11
In a partnership account, the capital of a partner is increased by the amount of drawings made by the partner. Which of the following is the correct journal entry for this transaction?
Question 12
A company has a bank account with a balance of 5,000. The company makes a deposit of 10,000 and a withdrawal of 8,000. Prepare the bank reconciliation statement as at 31st December 2022.
Question 13
A manufacturing company produces two products, A and B, which require 2 hours and 3 hours of labor respectively. The company operates for 8 hours a day and pays its workers ₦100 per hour. If product A sells for ₦500 per unit and product B sells for ₦300 per unit, and the company produces 10 units of A and 15 units of B per day, what is the total profit per day?
Question 14
A company has the following share capital:
Number of Shares | Face Value | Total Value
100 | ₦10 | ₦1,000
What is the total value of the share capital?
Question 15
A company's trading account for the year ended 31st December 2022 is as follows: Sales ₦500,000, Purchases ₦300,000, Returns Outward ₦10,000, and Returns Inward ₦5,000. Calculate the gross profit for the year.
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