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Questions and Answers of
Business Accounting
A On 1 March 2013, A. Duff, Middle Road, Paisley, sold the following goods on credit to R. Wilson, 24 Peter Street, Loughborough, Order No. 943:(a) Prepare the sales invoice to be sent to R.
The following sales have been made by F. Rae Ltd during the month of June 2012. All the figures are shown net after deducting trade discount, but before adding VAT at the rate of 10 per cent.You are
The credit sales and purchases for the month of December 2007 in respect of G. Bain & Co were: 2013 Dec 1 Sales to H. Impey Ltd 4 Sales to B. Volts 5 Purchases from G. Sharpe and Co 8 Purchases
The following sales and purchases were made by J. Flan Ltd during the month of May 2012.Enter up the Sales and Purchases Day Books, Sales and Purchases Ledgers and the General Ledger for the month of
Louise Baldwin commenced business as a wholesaler on 1 March 2012. Her sales on credit during March 2012 were: March 9 Neville's Electrical 4 computer monitors list price 180 each, less 20% trade
A Mudgee Ltd issued the following invoices to customers in respect of credit sales made during the last week of May 2013. The amounts stated are all net of Value Added Tax. All sales made by Mudgee
R. Bright, an electrical goods wholesaler, has three departments:(a) Music,(b) TV and(c) Kitchen. The following is a summary of Bright’s sales invoices during the week 1 to 7 February 2013.(a)
Enter up the relevant accounts in the purchases and general ledgers from the columnar purchases day book you completed for Question 20.2.Question 20.2Enter up a columnar purchases day book with
Enter up the relevant accounts in the purchases and general ledgers from the columnar purchases day book you completed for Question 20.4.Question 20.4A Enter up a columnar purchases day book with
H. Smith is employed at a rate of £10 per hour. During the week to 18 May 2012 he worked his basic week of 40 hours. According to the requisite tables the income tax due on his wages was £54, and
B. Charles has a basic working week of 40 hours, paid at the rate of £8 per hour. For hours worked in excess of this he is paid 11 /2 times basic rate. In the week to 12 March 2012 he worked 45
B. Croft has a job as a car salesman. He is paid a basic salary of £200 per month, with a commission extra of 2 per cent on the value of his car sales. During the month of April 2012 he sells
T. Penketh is an accountant with a salary of £2,000 per month plus bonus, which for May 2012 was £400. He pays superannuation contributions of 5 per cent of gross pay, and these are allowed as
K. Blake is employed at the rate of £6 per hour. During the week to 25 May 2012 he works 35 hours. According to the tax and National Insurance tables he should pay income tax £28 and National
R. Kennedy is a security van driver. He has a wage of £200 per week, plus danger money of £2 per hour extra spent in transporting gold bullion. During the week ended 15 June 2012 he spends 20 hours
Mrs T. Hulley is paid monthly. For part of April 2012 she earns £860 and then goes on maternity leave, her maternity pay for April being £90. She has pay free of tax £320, whilst on the next £250
P. Urmston is paid monthly. For June 2012 he earns £1,500 and also receives statutory sick pay of £150. He pays £90 superannuation which is allowed as a relief against income tax and he has
The data which follows was extracted from the books of account of H. Kirk, an engineer, on 31 March 2012, his financial year end. £(a) Purchase of extra milling machine (includes £300 for repair of
At the beginning of the financial year on 1 April 2013, a company had a balance on plant account of £372,000 and on provision for depreciation of plant account of £205,400. The company’s policy
In a new business during the year ended 31 December 2013 the following debts are found to be bad, and are written-off on the dates shown:On 31 December 2013 the schedule of remaining accounts
Why is the distinction between classifying something as capital expenditure and classifying it as revenue expenditure so important to the users of financial statements?
A business started trading on 1 January 2010. During the two years ended 31 December 2010 and 2011 the following debts were written off to the Bad Debts Account on the dates stated:On 31 December
A business had always made an allowance for doubtful debts at the rate of 2 per cent of accounts receivable. On 1 January 2011 the amount for this, brought forward from the previous year, was £300.
A A business, which started trading on 1 January 2010, adjusted its allowance for doubtful debt at the end of each year on a percentage basis, but each year the percentage rate is adjusted in
A business which prepares its financial statements annually to 31 December suffered bad debts which were written-off:The business had a balance of £400 on the Allowance for Doubtful Debts Account on
(a) Businesses often create an allowance for doubtful debts. (i) Of which concept (or convention) is this an example? Explain your answer. (ii) What is the purpose of creating an allowance for
The statement of financial position as at 31 May 2010 of Forest Traders Limited included an allowance for doubtful debts of £2,300. The company’s accounts for the year ended 31 May 2011 are now
A business makes an allowance for doubtful debts of 3% of accounts receivable, also a provision of 1% for discount on accounts receivable. On 1 January 2011 the balances brought forward on the
J. Blane commenced business on 1 January 2009 and prepares her financial statements to 31 December every year. For the year ended 31 December 2009, bad debts written off amounted to £1,400. It was
A D. Faculti started in business buying and selling law textbooks, on 1 January 2012. At the end of each of the next three years, his figures for accounts receivable, before writing-off any bad
(A) Explain why a provision may be made for doubtful debts. (B) Explain the procedure to be followed when a customer whose debt has been written-off as bad subsequently pays the amount originally
A car costs £12,000. It will be kept for three years, and then sold for £3,000. Calculate the depreciation for each year using(a) the reducing balance method, using a depreciation rate of 35 per
A. Gill purchased a notebook PC for £1,200. It has an estimated life of four years and a scrap value of £100. She is not certain whether she should use the straight line or the reducing balance
A company, which makes up its financial statements annually to 31 December, provides for depreciation of its machinery at the rate of 15 per cent per annum using the reducing balance method. On 31
Ivor Innes has supplied you with the following information:During the year to 31 March 2011, Ivor withdrew £11,400 from the business for private purposes. In November 2010, Ivor received a legacy of
A On 10 August 2009 Joblot, a computer software retailer, bought a non-current asset which cost £100,000. It had an anticipated life of four years and an estimated residual value of £20,000. Due to
A motor vehicle which cost £12,000 was bought on credit from Trucks Ltd on 1 January 2009. Financial statements are prepared annually to 31 December and depreciation of vehicles is provided at 25
A Black and Blue Ltd depreciates its forklift trucks using a reducing balance rate of 30 per cent. Its accounting year end is 30 September. On 30 September 2013, it owned four forklift trucks: (A)
A company starts in business on 1 January 2011. You are to write up the vans account and the provision for depreciation account for the year ended 31 December 2011 from the information given below.
A company starts in business on 1 January 2010, the financial year end being 31 December. You are to show:(a) The equipment account.(b) The provision for depreciation account.(c) The statement of
A company depreciates its plant at the rate of 25 per cent per annum, straight line method, for each month of ownership. From the following details draw up the plant account and the provision for
A company maintains its non-current assets at cost. A provision for depreciation account is used for each type of asset. Machinery is to be depreciated at the rate of 15 per cent per annum, and
A company maintains its non-current assets at cost. Depreciation provision accounts for each asset are kept. At 31 December 2011 the position was as follows:The following additions were made during
(a) Identify the four factors which cause non-current assets to depreciate.(b) Which one of these factors is the most important for each of the following assets? (i) a gold mine; (ii) a van; (iii) a
A vehicle bought on 1 January 2013 cost £16,000. Its useful economic life is estimated at four years and its trade-in value at that point is estimated as being £4,000. During 2015 a review of the
A Mavron plc owned the following motor vehicles as at 1 April 2012:Mavron plc’s policy is to provide at the end of each financial year depreciation using the straight line method applied on a
A Contractors Ltd was formed on 1 January 2012 and the following purchases and sales of machinery were made during the first 3 years of operations.Each machine was estimated to last 10 years and to
A machine cost £40,000 on 1 January 2012. The reducing balance depreciation method is used at 25 per cent per annum. Year end is 31 December. During 2014, it was decided that a straight line method
(a) A machine was bought on credit for £15,000 from the XY Manufacturing Co Ltd, on 1 October 2011. The estimated useful economic life of the machine was seven years and the estimated scrap value
A Distance Limited owned three lorries at 1 April 2012: Lorry A: purchased on 21 May 2008 for £31,200 Lorry B: purchased on 20 June 2010 for £19,600 Lorry C: purchased on 1 January 2012 for
XY Ltd provides for depreciation of its machinery at 20 per cent per annum on cost; it charges for a full year in the year of purchase but no provision is made in the year of sale/disposal. Financial
A company maintains its non-current assets at cost. Accumulated provision for depreciation accounts are kept for each asset. At 31 December 2011 the position was as follows:The following transactions
Alice Burke prepares her financial statements on 31 December each year and maintains a Plant and Equipment register at cost. She provides depreciation for the full year on non-current assets which
(a) The following trial balance was extracted from the books of M. Jackson on 30 April 2013. From it, and the note below it, prepare his income statement for the year ending 30 April 2013, and a
On 1 April 2009 a business purchased a machine costing £112,000. The machine can be used for a total of 20,000 hours over an estimated life of 48 months. At the end of that time the machine is
A On 1 January 2011 a business purchased a laser printer costing £1,800. The printer has an estimated life of four years after which it will have no residual value. It is expected that the output
The financial year of M. Hussey ended on 31 December 2009. Show the ledger accounts for the following items including the balance transferred to the necessary part of the financial statements, also
A W. Hope’s year ended on 30 June 2011. Write up the ledger accounts, showing the transfers to the financial statements and the balances carried down to the next year for the following:(a)
On 1 January 2011 the following balances, among others, stood in the books of M. Prior, a sole proprietor:(a) Business rates, £400 (Dr);(b) Packing materials, £800 (Dr). During the year ended 31
A The two accounts below were taken from the books of a retailer at the end of his financial year, 31 December 2010.Required: Answers to the following questions. 1 What type of account is the
A On 1 January 2012 the following balances, among others, stood in the books of B. Baxter:(a) Lighting and heating, (Dr) £192.(b) Insurance, (Dr) £1,410.During the year ended 31 December 2012 the
Three of the accounts in the ledger of Charlotte Williams indicated the following balances at 1 January 2013: Insurance paid in advance £562; Wages outstanding £306; Rent receivable, received in
A The owner of a small business selling and repairing cars which you patronise has just received a copy of his accounts for the current year. He is rather baffled by some of the items and as he
The following trial balance was extracted from the books of R. Giggs at the close of business on 28 February 2010.Notes:(a) Inventory 28 February 2010 £2,400.(b) Wages and salaries accrued at 28
The trial balance for a small business at 31 August 2011 is as follows:Required: 1 The adjustments to the ledger accounts for rent and business rates for the year to 31 August 2011. 2 An income
A J. Wright, a sole trader, extracted the following trial balance from his books at the close of business on 31 March 2012:Notes:(a) Inventory 31 March 2012 £6,805.(b) Wages and salaries accrued at
This question also relates to extended trial balances. From the following trial balance of John Brown, store owner, prepare an income statement for the year ending 31 December 2013, and a statement
A The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader.The following additional information as at 31 May 2012 is available:(a) Rent is accrued by £210.(b) Rates
Mr Chai has been trading for some years as a wine merchant. The following list of balances has been extracted from his ledger as at 30 April 2010, the end of his most recent financial year.The
From the following figures calculate the closing inventory-in-trade that would be shown using (i) FIFO, (ii) LIFO, (iii) AVCO methods. March September Bought 200 at 20 each 100 at 22 each December
For Question 29.1 draw up the trading account part of the income statement for the year showing the gross profits that would have been reported using (i) FIFO, (ii) LIFO, (iii) AVCO methods.Question
A Draw up trading account parts of the income statement using each of the three methods from the details in Question 29.3.Question 29.3From the following figures calculate the closing
Thomas Brown and Partners, a business of practising accountants, have several clients who are retail distributors of the Allgush Paint Spray guns. The current price list of Gushing Sprayers Limited,
The sixth formers at the Broadway School run a tuck shop business. They began trading on 1 December 2012 and sell two types of chocolate bar, ‘Break’ and ‘Brunch’. Their starting capital was
A Mary Smith commenced trading on 1 September 2012 as a distributor of the Straight Cut garden lawn mower, a relatively new product which is now becoming increasingly popular. Upon commencing
A Yuan Ltd has an accounting year ended 28 February 2011. Due to staff shortages, the stocktaking had not been undertaken until 9 March 2011 and the inventory valued at this date is £100,600. This
From the following, draw up a bank reconciliation statement from details as on 31 December 2012: Cash at bank as per bank column of the cash book Unpresented cheques Cheques received and paid into
The following are extracts from the cash book and the bank statement of F. Perry. You are required to:(a) Write the cash book up to date, and state the new balance as on 31 December 2012, and(b) Draw
A Draw up a bank reconciliation statement, after writing the cash book up to date, ascertaining the balance on the bank statement, from the following as on 31 March 2012: Cash at bank as per bank
A The bank columns in the cash book for June 2012 and the bank statement for that month for D. Hogan are as follows:You are required to:(a) Write the cash book up to date to take the above into
Read the following and answer the questions below. On 31 December 2011 the bank column of C. Tench’s cash book showed a debit balance of £1,500. The monthly bank statement written up to 31
The bank statement for R. Hood for the month of March 2012 is:You are required to:(a) Write the cash book up to date, and(b) Draw up a bank reconciliation statement as on 31 March 2012. 2012 Mar 1
A In the draft accounts for the year ended 31 October 2012 of Thomas P. Lee, garage proprietor, the balance at bank according to the cash book was £894.68 in hand. Subsequently the following
A The following is the cash book (bank columns) of F. King for December 2013:You are required to:(a) Write the cash book up to date to take the necessary items into account, and(b) Draw up a bank
You are required to prepare a sales ledger control account from the following information for the month of November: 2010 Nov 1 Sales ledger balances Totals for November: Sales day book Returns
A You are required to prepare a purchases ledger control account from the following information for the month of April. The balance of the account is to be taken as the amount of accounts payable as
Prepare a sales ledger control account from the following information: 2012 March 1 Debit balances Totals for March: Sales day book Cash and cheques received from debtors Discounts allowed Debit
A Prepare a sales ledger control account from the following information for October 2012, carrying down the balance at 31 October: 2012 Oct 1 Sales ledger balances Sales day book 31 Bad debts written
The trial balance of Outsize Books Ltd revealed a difference in the books. In order that the error(s) could be located it was decided to prepare purchases and sales ledger control accounts. From the
From the following figures, compile accounts receivable ledger and accounts payable ledger control accounts for the month, and ascertain what the net balances of the respective ledgers should be on
Prepare the sales ledger control account and the purchases ledger control account for the half-year to 31 December 2012. Sales ledger balances, 1 July 2012 - Debit - Credit Purchases ledger balances,
A The following extracts have been taken from the subsidiary books of the business owned by D. Jenkinson for the month of April 2013.It should be noted that the balances in the accounts of D.
The financial year of The Better Trading Company ended on 30 November 2010. You have been asked to prepare a Total Accounts Receivable Account and a Total Accounts Payable Account in order to produce
Control Accounts are used mainly for accounts receivable and accounts payable. Explain:(a) why it may be appropriate to use control accounts;(b) the advantages of using them.
Return to Review Question 7.1 and prepare a statement of financial position as at 31 December 2013.Review Question 7.1From the following trial balance of B. Cork, extracted after one year’s
Enter the following items in the appropriate debtors’ accounts (i.e. your customers’ accounts) only; do not write up other accounts. Then balance-off each of these personal accounts at the end of
Enter the following in the appropriate creditors’ accounts (i.e. your suppliers’ accounts) only. Do not write up the other accounts. Then balance-off each of these personal accounts at the end of
Enter the following in the personal accounts (i.e. the creditor and debtor accounts) only. Do not write up the other accounts. Balance-off each personal account at the end of the month. After
Enter the following transactions in personal accounts only. Bring down the balances at the end of the month. After completing this, state which of the balances represent debtors and which represent
You are to enter up the necessary accounts for the month of May from the following information relating to a small printing firm. Then balance-off the accounts and extract a trial balance as at 31
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