POST UTME UNILORIN 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A partnership of three individuals, A, B, and C, has a capital of ₦500,000. The profit-sharing ratio is 3:2:1. If the profit for the year is ₦150,000, how much should each partner receive?
Question 2
A company's balance sheet shows total assets of \pm 500,000 and total liabilities of \pm 300,000. What is the company's net worth?
Question 3
A company has the following balance sheet:
| Asset | ₦ | Liability | ₦ | Equity | ₦ |
| --- | --- | --- | --- | --- | --- |
| Cash | 10,000 | Bank Loan | 20,000 | Share Capital | 30,000 |
| Inventory | 15,000 | Accounts Payable | 25,000 | Retained Earnings | 40,000 |
| Property, Plant and Equipment | 30,000 | | | | |
What is the total amount of equity?
Question 4
A company's balance sheet as at 31st December 2020 is as follows: Share Capital: ₦500,000; Retained Earnings: ₦300,000; Debtors: ₦200,000; Creditors: ₦150,000. Calculate the company's net worth.
Question 5
A bank's cash book shows the following transactions: Cash Sale ₦10,000, Cash Purchase ₦5,000, Bank Deposit ₦8,000, and Bank Withdrawal ₦3,000. What is the bank reconciliation statement?
Question 6
A partnership has the following capital accounts:
| Partner | Capital | Drawings | Balance |
| --- | --- | --- | --- |
| A | 20,000 | 5,000 | 15,000 |
| B | 30,000 | 10,000 | 20,000 |
| C | 40,000 | 15,000 | 25,000 |
What is the total amount of capital in the partnership?
Question 7
A company's trading account for the year ended 31st December 2020 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the cost of goods sold.
Question 8
A company's balance sheet shows an asset of ₦1,000,000. However, the asset has depreciated by 20%. What is the amount of the depreciation?
Question 9
A company produces two products, A and B, using two machines, M1 and M2. The production process for product A requires 2 hours on M1 and 3 hours on M2, while product B requires 3 hours on M1 and 2 hours on M2. If the company operates for 24 hours, and each machine operates for 12 hours, how many units of product A and product B should the company produce to maximize profit, given that the profit per unit of product A is ₦200 and product B is ₦300?
Question 10
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference of ₦30,000 is due to a bank error. What is the correct balance in the company's cash book?
Question 11
A company purchased a machine for ₦1,500,000 and immediately sold it for ₦1,800,000. Calculate the profit made on the sale of the machine.
Question 12
A company uses the control account system. The company's control account shows a balance of ₦50,000. The company's trial balance also shows a balance of ₦52,500. What is the correct balance of the company's control account?
Question 13
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Common Stock ₦100,000, and Retained Earnings ₦20,000. What is the total amount of assets and liabilities?
Question 14
A company uses the straight-line method to depreciate its assets. If the asset's cost is \pm 10,000 and its useful life is 5 years, what is the annual depreciation expense?
Question 15
The following are the balances of the ledger accounts of XYZ Ltd. at 31st December 2022.
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