POST UTME UNIPORT 2021 Accounting | Objective
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Question 1
A company has a manufacturing department that produces two products, X and Y. Product X has a selling price of ₦100 per unit, while product Y has a selling price of ₦150 per unit. If the company sells 500 units of product X and 300 units of product Y, what is the total revenue from the sale of these products?
Question 2
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product in stock, valued at ₦100 each. During the year, 300 units were sold, and 200 units were purchased at ₦120 each. The company uses the weighted average method to value inventory. What is the total value of inventory on December 31, 2022?
Question 3
A partnership account shows a profit of ₦20,000. If the partners share the profit in the ratio 2:3, what is the amount of profit shared by each partner?
Question 4
A company's balance sheet as at 31 December 2020 is as follows:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Debentures | 20,000 |
| Bank | 15,000 | Share Capital | 30,000 |
| Stock | 20,000 | Profit & Loss | 25,000 |
| Total | 45,000 | Total | 85,000 |
What is the value of the company's cash?
Question 5
A company uses the double-entry system to record transactions. The following trial balance was extracted from the company's ledger:
Question 6
A company uses the single entry system to record its transactions. The company's ledger shows the following entry: 'Debit: ₦10,000; Credit: ₦5,000'. What is the accounting equation for this entry?
Question 7
A company issued 5,000 debentures of ₦100 each at a discount of 5%. What is the amount received from the issue of debentures?
Question 8
A company issues 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. If the company receives a total of ₦500,000, what is the amount received from the issue of debentures?
Question 9
A company's balance sheet shows an asset of ₦100,000. If the asset is depreciated by 10% each year, what is the amount of depreciation for the first year?
Question 10
A company's profit and loss account for the year ended 31 December 2020 is as follows:
| Particulars | ₦ |
| --- | --- |
| Sales | 100,000 |
| Cost of Goods Sold | 60,000 |
| Gross Profit | 40,000 |
| Operating Expenses | 20,000 |
| Net Profit | 20,000 |
What is the company's gross profit margin?
Question 11
In a partnership account, if the capital of the partners is in the ratio 3:2, and the total capital is ₦120,000, what is the amount of capital contributed by each partner?
Question 12
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. If the partnership has a net income of ₦120,000, how much of the net income will partner A receive?
Question 13
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
Question 14
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
Question 15
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 shared by A and B.
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