All practice questions

During a financial year, Zenith Manufacturing Company recorded a total cost of production of $\text{N}480,000$. The company transfers finished goods to the trading account at market value, which reflects a mark-up of $25\%$ on the cost of production. What is the amount of manufacturing profit in Naira to be credited to the Profit and Loss Account for the year?

As at 1st January 2025, Crestwood Marine Plc had an issued share capital of 800,000 Ordinary Shares of ₦1.00 each fully paid, and a Share Premium Account balance of ₦220,000. During the year, the directors declared a 1-for-5 bonus issue of ordinary shares using the Share Premium account. Subsequently, the company wrote off preliminary expenses of ₦25,000 and share issue costs of ₦15,000 against the remaining Share Premium balance as legally permitted. Calculate the remaining balance in the Share Premium Account in Naira (₦) at the end of the year.

A administrative district in West Africa covers a total land area of $50,000\text{ km}^2$, of which $35\%$ is classified as arable land suitable for farming. The district has a total population of $7,000,000$ inhabitants, and farmers with their immediate dependents (the agricultural population) make up $60\%$ of this total. What is the agricultural population density of this district in persons per $\text{km}^2$ of arable land?

Town P is located at longitude $60^\circ\text{E}$, where the local solar time is $12:00\text{ noon}$. Town Q is located at longitude $15^\circ\text{W}$. What is the local solar time at Town Q, expressed as the hour of the day in 24-hour time?

Kola, a sole trader, recorded total purchases of $₦2,450,000$ for the financial year ended 31 December 2025. During the year, Kola took goods costing $₦65,000$ (with a retail selling price of $₦85,000$) from the business for personal family use. If no adjustment has been made for the withdrawn goods, what is the adjusted purchases figure (in $₦$) to be reported in the Trading Account?

Efe, Funke, and Garba are partners sharing profits and losses in the ratio $3:2:1$ respectively. On December 31, 2025, Garba dies. At the date of death, the accounting records reveal the following balances:

- Garba's Capital Account (credit): $\text{₦}120,000$
- Garba's Current Account (credit): $\text{₦}15,000$
- Total firm Goodwill valuation: $\text{₦}90,000$
- Total net profit on asset revaluation: $\text{₦}30,000$
- Accrued interest on capital due to Garba: $\text{₦}6,000$
- Garba's total drawings to date of death: $\text{₦}10,000$

What is the net amount (in $\text{₦}$) payable to Garba's executor account?

On a topographical map drawn to a Representative Fraction (RF) scale of $1 : 100,000$, the measured distance between a railway station and a local airstrip is $7.5\text{ cm}$. What is the actual ground distance between the two locations in kilometers?

A rectangular agricultural estate measuring $5\text{ cm}$ by $12\text{ cm}$ on a topographical map represents an actual ground area of $60\text{ km}^2$. If the map is enlarged such that the estate covers an area of $240\text{ cm}^2$ on the new map, what is the denominator of the Representative Fraction (RF) scale of the enlarged map?

A research station located at longitude $142^\circ\text{E}$ records a solar flare observation at $03:16\text{ PM}$ local solar time. At the exact same instant, an oceanographic vessel records the same solar flare at $07:48\text{ AM}$ local solar time on the same day. What is the longitude of the oceanographic vessel in degrees East?

In a demographic survey of a municipality in Nigeria, the total population was recorded as $120{}000$. The survey revealed that $42\%$ of the population is under $15$ years of age, and $6\%$ is aged $65$ years and above. Calculate the total dependency ratio of the municipality (expressed as a percentage rounded to one decimal place).

During a five-year demographic survey period, a coastal region in Nigeria recorded an initial total population of $1,200,000$. Over this period, total live births were $150,000$ and total deaths recorded were $70,000$. At the end of the five years, a census established the total population at $1,340,000$. Assuming no other vital statistics apply, calculate the net migration (the net gain of in-migrants over out-migrants) experienced by the region over this period.

A proposed high-voltage transmission line connecting a hydro-electric station to an urban sub-station measures $14.5\text{ cm}$ on a topographical map drawn to a scale of $1 : 50,000$. If the map undergoes a photographic reduction such that its total surface area becomes $\frac{1}{4}$ of its original size, what is the actual ground distance, in kilometers, represented by a length of $5.8\text{ cm}$ measured on the newly reduced map?

Kano Logistics Plc has an authorized capital of $5,000,000$ ordinary shares of $\text{₦}0.50$ each. The company issued $3,000,000$ ordinary shares, with $\text{₦}0.40$ per share called up by the directors. If the total calls in arrears amount to $\text{₦}50,000$, what is the value of the paid-up share capital in Naira?

Adeola dispatched $400$ bags of rice costing $\text{₦}25,000$ per bag to Musa on consignment. Adeola paid freight of $\text{₦}500,000$ and transit insurance of $\text{₦}300,000$. Upon receiving the goods, Musa paid clearing charges of $\text{₦}200,000$, godown rent of $\text{₦}150,000$, and sales promotion expenses of $\text{₦}100,000$. At the end of the trading period, Musa had sold $300$ bags of rice.

Calculate the total value of the unsold consignment stock in Naira ($\text{₦}$).

Town A is situated at longitude $20^\circ\text{W}$. When the local solar time at Town A is $09:00\text{ AM}$, the local solar time at Town B is $01:00\text{ PM}$ on the same day. What is the longitude of Town B in degrees East?

Tayo, a sole proprietor, started the financial year with an opening capital of $₦1,200,000$. During the year, he introduced $₦300,000$ as additional capital and withdrew cash of $₦180,000$ for private use. He also withdrew goods costing $₦45,000$ (having a selling price of $₦54,000$) for personal consumption; however, this transaction was erroneously credited to the Sales account at selling price. If the draft net profit reported for the year prior to rectifying this error was $₦510,000$, what is the true closing capital of the business at the end of the year in Naira ($₦$)?

A scientific research vessel positioned at longitude $48.5^\circ\text{W}$ records its local solar time as 3:34 p.m. At that exact instant, a terrestrial tracking station records its local solar time as 9:10 a.m. on the same day. What is the longitude of the tracking station in degrees West?

Adeleke Traders consigned $300$ boxes of merchandise costing $\text{₦}8,000$ per box to Danjuma & Sons. Adeleke Traders paid $\text{₦}120,000$ for freight and transit insurance. Danjuma & Sons paid landing charges of $\text{₦}60,000$ and warehouse rent of $\text{₦}40,000$. Danjuma & Sons sold $240$ boxes at $\text{₦}12,000$ per box and earned an ordinary commission of $5\%$ and a del-credere commission of $2.5\%$ on total sales. A credit customer defaulted, creating a bad debt of $\text{₦}35,000$. Before sales commenced, Danjuma & Sons had remitted a cash advance of $\text{₦}500,000$. What is the net amount (in $\text{��}$) remitted by Danjuma & Sons to settle their account in Adeleke Traders' ledger?

On a topographical map with a constant contour interval of $20\text{ m}$, Point X is located on the contour line labeled $240\text{ m}$. Point Y is located higher up the same hill, exactly three contour intervals above Point X. What is the elevation of Point Y in meters?

A radio signal transmitted live from Station X, located at longitude $78^\circ\text{E}$, is logged at $10:40\text{ AM}$ local solar time. At the exact same instant, the signal is received at Station Y, where the local solar time is logged as $03:16\text{ PM}$ on the same day. What is the longitude of Station Y in degrees East?