POST UTME UNILAG 2017 Accounting | Objective
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Question 1
A company purchases a machine for ₦200,000 and depreciates it using the straight-line method over a period of 4 years. The annual depreciation is ₦50,000. What is the accumulated depreciation at the end of the 2nd year?
Question 2
A company issued 5,000 shares of ₦10 each at a premium of ₦3. The shares were sold for ₦12 each. Calculate the total amount received from the sale of shares.
Question 3
A company issued 10,000 5% shares of ₦10 each at a premium of ₦5 per share. Calculate the amount received from shareholders.
Question 4
A public sector organization has a budget of ₦1.5 billion for the year. The budget is allocated as follows: ₦500 million for personnel costs, ₦300 million for capital expenditures, and ₦200 million for operating expenses. If the organization has a cash surplus of ₦100 million at the end of the year, what is the total amount of cash available for investment?
Question 5
A company's balance sheet as at 31st December 2022 shows a total assets of ₦1,500,000 and a total liabilities of ₦1,000,000. Calculate the company's equity.
Question 6
A company has a bank account with a balance of ₦500,000. The company deposits ₦200,000 and withdraws ₦150,000. What is the new balance?
Question 7
A company's trial balance showed the following balances: Accounts Payable ₦20,000, Sales Revenue ₦50,000, Cost of Goods Sold ₦30,000. Prepare the company's balance sheet.
Question 8
A government agency has the following transactions in its cash book:
Date | Debit | Credit
-----|--------|--------
Jan 1 | ₦50,000 | ₦0
Jan 10 | ₦20,000 | ₦0
Jan 20 | ₦0 | ₦30,000
What is the balance in the cash account after these transactions?
Question 9
A company has the following transactions: Purchased goods for ₦50,000, Sold goods for ₦60,000, Paid salaries ₦10,000. Prepare a Cash Book and Bank Reconciliation Statement.
Question 10
A company has the following transactions related to its manufacturing department: Beginning work-in-progress (WIP) inventory is ₦100,000; direct materials used are ₦200,000; direct labor costs are ₦150,000; and overhead costs are ₦75,000. What is the total cost of goods manufactured?
Question 11
A trader purchased goods worth ₦30,000 and sold them for ₦40,000. Calculate the profit made on the transaction.
Question 12
A company has the following accounts: Cash: ₦100,000, Accounts Payable: ₦50,000, Common Stock: ₦200,000, and Retained Earnings: ₦150,000. Prepare a balance sheet for the company.
Question 13
A company issued 5,000 shares of ₦10 each at a premium of ₦3 per share. Calculate the total amount received from the issue of shares.
Question 14
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a cash payment of ₦150,000, what is the amount of share capital?
Question 15
A company's trial balance as at 31st December, 2019 showed the following balances: Capital: ₦500,000; Profit for the year: ₦150,000; Drawings: ₦20,000; Sales: ₦500,000; Purchases: ₦400,000. Prepare the company's Balance Sheet as at 31st December, 2019.
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