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business accounting
Questions and Answers of
Business Accounting
Which of the items in the following list are liabilities and which of them are assets?(a) Loan to C Shirley(b) Bank overdraft(c) Fixtures and fittings(d) Computers(e) We owe a supplier for goods(f)
State which of the following are wrongly classified: Assets Loan from C Smith Cash in hand Machinery Creditors Premises Motor vehicles Liabilities Stock of goods Debtors Money owing to bank
Classify the following items into liabilities and assets:(a) Motor vehicles(b) Premises(c) Creditors for goods(d) Stock of goods(e) Debtors(f) Owing to bank(g) Cash in hand(h) Loan from D Jones(i)
Which of the following are shown under the wrong headings? Assets Cash at bank Fixtures Creditors Building Stock of goods Debtors Capital Liabilities Loan from J Graham Machinery Motor vehicles
B Wise is setting up a new business. Before actually selling anything, he bought a van for £4,500, a market stall for £2,000 and a stock of goods for £1,500. He did not pay in full for his stock
Draw up G Putty’s balance sheet from the following information as at 31 December 20X8: Capital Debtors Van Creditors Fixtures Stock of goods Cash at bank £ 7,200 1,200 3,800 1,600 1,800 4,200 300
Draw up A Brick’s balance sheet as at 30 June 20X6 from the following items: Capital Equipment Creditors Stock of goods Debtors Cash at bank £ 10,200 3,400 4,100 3,600 4,500 2,800
F Flint is starting a business. Before actually starting to sell anything, he bought fixtures for £1,200, a van for £6,000 and a stock of goods for £2,800. Although he has paid in full for the
Complete the columns to show the effects of the following transactions: (a) We pay a creditor £70 in cash. (b) Bought fixtures £200 paying by cheque. (c) Bought goods on credit £275. (d) The
Complete the columns to show the effects of the following transactions; (a) Bought a van on credit £8,700. (b) Repaid by cash a loan owed to F Duff £10,000. (c) Bought goods for £1,400 paying by
Write up the asset and liability and capital accounts to record the following transactions in the records of F Murray. 20X7 July "1 11 1 Started business with £15,000 in the bank. 2 Bought office
G Brown has the following items in her balance sheet as on 30 April 20X8: Capital £18,400; Creditors £2,100; Fixtures £2,800; Car £3,900; Stock of goods £4,550; Debtors £2,780; Cash at bank
You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of P Bernard. 20X8 June 11 "1 11 11 11 11 "1 "1 Started
J. Hill has the following assets and liabilities as on 30 November 20X9: Creditors £2,800; Equipment £6,200; Car £7,300; Stock of goods £8,100; Debtors £4,050; Cash at bank £9,100; Cash in hand
Write up the accounts to record the following transactions: 20X7 March 1 Started business with £750 cash and £9,000 in the bank. 11 2 Received a loan of £2,000 from B Blane by cheque. 3 Bought a
You are to write up the following in the books: 20X8 July "1 "1 11 "1 "1 "1 "1 "1 3 7 Started in business with £750 cash. Bought goods for cash £110. Bought goods on credit £320 from F Herd. 10
Enter the following transactions in the appropriate accounts: 20X6 Aug 1 Started in business with £7,400 cash. 11 11 11 11 11 11 11 11 11 11 11 2 4 5 7 10 12 19 Sold goods for cash £54. 22 Bought
Enter the following transactions in the accounts: 20X9 May "1 "1 "1 "1 "1 "1 11 11 11 11 11 11 11 11 "1 2 Started in business with £18,000 in the bank. Bought goods on credit from B Hind £1,455. 3
Enter the following transactions, completing the double entry in the books for the month of May 20X7. 20X7 May "1 "1 "1 "1 "1 "1 = = Started in business with £10,000 in the bank. 2 Purchased goods
Write up the following transactions in the books of P Hewitt: 20X8 March 1 Started in business with cash £8,500. "1 2 Bought goods on credit from W Young £420. Paid rent by cash £210. 3 4 Paid
Prepare the double entries (not the T-accounts) for the following transactions using the format: Date July "1 "I 11 "1 "1 "I "1 "1 "1 11 "1 "1 "" "1 "1 Account name Account name 1 Started in business
From the following statements which give the cumulative effects of individual transactions, you are required to state as fully as possible what transaction has taken place in each case. That is,
Write up the following transactions in the T-accounts of F Fernandes: Feb 11 "1 "1 11 "1 1 Started in business with £11,000 in the bank and £1,600 cash. 2 Bought goods on credit: J Biggs £830; D
The following table shows the cumulative effects of a succession of separate transactions on the assets and liabilities of a business. The first column of data gives the opening
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 are
Redraft each of the accounts given in your answer to 5.1 in three-column ledger style accounts. 5.1 Enter the following items in the appropriate debtors' accounts (i.e. your customers' accounts)
Redraft each of the accounts given in your answer to 5.2 in three-column ledger style accounts. 5.2 Enter the following in the appropriate creditors' accounts (i.e. your suppliers' accounts) only. Do
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
Enter the following transactions of an antiques shop in the accounts and extract a trial balance as at 31 March 20X6. 20X6 March 1 Started in business with £8,000 in the
Record the following details relating to a carpet retailer for the month of November 20X7 and extract a trial balance as at 30 November 20X7: 20X7 Nov 11 11 "1 "1 "1 "1 1 Started in business with
Redraft each of the accounts given in your answer to 5.6A in three-column style accounts. 5.6A Enter the following transactions in personal accounts only. Bring down the balances at the end of the
Record the following transactions for the month of January of a small finishing retailer, balance off all the accounts, and then extract a trial balance as at 31 January 20X8:
On 1 October 20X9, the owner of the USS Enterprise, Mr Kirk, decided that he will boldly go and keep his records on a double entry system. His assets and liabilities at that date were:Kirk’s
From the following trial balance of B Morse drawn up on conclusion of his first year in business, draw up a trading and profit and loss account for the year ended 31 December 20X8. A balance sheet is
From the following trial balance of B Lane after his first year’s trading, you are required to draw up a trading and profit and loss account for the year ended 30 June 20X8. A balance sheet is not
Henry York is a sole trader who keeps records of his cash and bank transactions in a threecolumn cash book. His transactions for the month of March were as follows:Required:(a) Enter the above
Extract a trading and profit and loss account for the year ended 30 June 20X8 for G Graham. The trial balance as at 30 June 20X8 after his first year of trading was as follows:Stock at 30 June 20X8
Complete question 7.1 by drawing up a balance sheet as at 31 December 20X6.Data from Question 7.1From the following trial balance of A Moore, extracted after one year’s trading, prepare a trading
Complete question 7.2 by drawing up a balance sheet as at 30 June 20X8.Data from Question 7.2From the following trial balance of B Lane after his first year’s trading, you are required to draw up a
Complete question 7.3A by drawing up a balance sheet as at 31 December 20X8.Data from Question 7.3AFrom the following trial balance of B Morse drawn up on conclusion of his first year in business,
Complete question 7.4A by drawing up a balance sheet as at 30 June 20X8.Data from Question 7.4AExtract a trading and profit and loss account for the year ended 30 June 20X8 for G Graham. The trial
G. Hope started in business on 1 July 20X0, with £40,000 capital in cash. During the first year he kept very few records of his transactions.The assets and liabilities of the business at 30 June
The following information relates to A Trader’s business:During the year, Trader had sold private investments for £4,000 which he paid into the business bank account, and he had drawn out £200
From the following trial balance of G Still, draw up a trading and profit and loss account for the year ended 30 September 20X9, and a balance sheet as at that date.Stock at 30 September 20X9 was
From the following information, draw up the trading account of J Bell for the year ended 31 December 20X7, which was his first year in business: Carriage inwards Returns outwards Returns
The following information is available for the year ended 31 March 20X8. Draw up the trading account of P Frank for that year. Stocks: 31 March 20X8 Returns inwards Returns
The following trial balance was extracted from the books of F Sorley on 30 April 20X7. From it, and the note about stock, prepare his trading and profit and loss account for the year ended 30 April
The following is the trial balance of T Owen as at 31 March 20X9. Draw up a set of financial statements for the year ended 31 March 20X9.Stock at 31 March 20X9 was £58,440. Stock 1 April
F Brown drew up the following trial balance as at 30 September 20X8. You are to draft the trading and profit and loss account for the year ended 30 September 20X8 and a balance sheet as at that
From the following trial balance of Kingfire, extracted after one year of operations, prepare a trading and profit and loss account for the year ending 30 June 20X3, together with a balance sheet as
Write up a two-column cash book for a pine furniture shop from the following details, and balance it off as at the end of the month: 20X8 May "1 "1 "1 "1 "1 "1 11 "1 "1 "1 2 3 Started in business
What is meant by the ‘money measurement concept’?
A three-column cash book for a wine wholesaler is to be written up from the following details, balanced off, and the relevant discount accounts in the general ledger shown. 20X8 Mar 1 Balances
Explain the term ‘materiality’ as it is used in accounting.
Write up a two-column cash book for a second-hand bookshop from the following: 20X9 Nov 11 11 "1 11 11 11 11 11 11 11 11 11 11 "1 11 Balance brought forward from last month: Cash £295; Bank
Enter the following in the three-column cash book of an office supply shop. Balance off the cash book at the end of the month and show the discount accounts in the general ledger.
At 1 September the financial position of Sara Young’s business was:During September:1. The three debtors settled their accounts by cheque subject to a cash discount of 4%.2. A cheque for £100 was
You are to enter up the Sales Day Book from the following details. Post the items to the relevant accounts in the Sales Ledger and then show the transfer to the sales account in the General Ledger.
Enter up the Sales Day Book from the following details. Post the items to the relevant accounts in the Sales Ledger and then show the transfer to the sales account in the General Ledger. 20X8 Mar 1
F Benjamin of 10 Lower Street, Plymouth, is selling the following items at the recommended retail prices as shown: white tape £10 per roll, green felt at £4 per metre, blue cotton at £6 per sheet,
J Fisher, White House, Bolton, is selling the following items at the retail prices as shown: plastic tubing at £1 per metre, polythene sheeting at £2 per length, vinyl padding at £5 per box, foam
A Jack has the following purchases for the month of May 20X8:Required:(a) Enter up the purchases day book for the month.(b) Post the transactions to the suppliers’ accounts.(c) Transfer the total
J Glen has the following purchases for the month of June 20X9:Required:(a) Enter up the purchases day book for the month.(b) Post the items to the suppliers’ accounts.(c) Transfer the total to the
C Phillips, a sole trader specialising in material for Asian clothing, has the following purchases and sales for March 20X9:Required:(a) Prepare the purchases and sales day books of C Phillips from
A Henriques has the following purchases and sales for May 20X6:Required:(a) Write up the sales and purchases day books.(b) Post the items to the personal accounts.(c) Post the totals of the day books
A Jones has the following credit purchases and credit sales for May:Required:(a) Write up sales and purchases day books.(b) Post the items to the personal accounts.(c) Post the totals of the day
You are to enter up the Purchases Day Book and the Returns Outwards Day Book from the following details, then to post the items to the relevant accounts in the Purchases Ledger and to show the
You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and purchase ledgers.
Enter up the Sales Day Book and the Returns Inwards Day Book from the following details. Then post to the customers’ accounts and show the transfers to the General Ledger. 20X8 June
You are to enter the following items in the books, post to personal accounts, and show the transfers to the General Ledger. 20X9 July 1 Credit purchases from: K Hill £380; M Norman £500; N Senior
You are to open the books of F Polk, a trader, via the journal to record the assets and liabilities, and are then to record the daily transactions for the month of May. A trial balance is to be
The following is a summary of the petty cash transactions of Jockfield Ltd for May 20X8.You are required to:(a) Rule up a suitable petty cash book with analysis columns for expenditure on cleaning,
(a) Why do some businesses keep a petty cash book as well as a cash book?(b) Kathryn Rochford keeps her petty cash book on the imprest system, the imprest being £25. For the month of April 20X9 her
You are to show the journal entries necessary to record the following items:(a) 20X8 May 1 Bought a van on credit from Deedon Garage for £5,395.(b) 20X8 May 3 A debt of £81 owing from P Knight was
Oakhill Printing Cost Ltd operates its petty cash account on the imprest system. It is maintained at a figure of £80, with the balance being restored to that amount on the first day of each month.
Rule up a petty cash book with analysis columns for office expenses, motor expenses, cleaning expenses, and casual labour. The cash float is £600 and the amount spent is reimbursed on 30 June.
On 1 March 20X6, A Duff, Middle Road, Paisley, sold the following goods on credit to R Wilson, 24 Peter Street, Loughborough, Order No 943:All goods are subject to VAT at 10%.(a) Prepare the sales
The following sales have been made by F Rae Ltd during the month of June 20X9. All the figures are shown net after deducting trade discount, but before adding VAT at the rate of 10%.You are required
On 1 May 20X7, F Marr Ltd, 2 Frank Lane, Manchester, sold the following goods on credit to M Low & Son, Byron Golf Club, Cheesham, Notts:Order No A/4963 sets ‘Tiger Gold’ golf clubs at £810
The following sales and purchases were made by J Flan Ltd during the month of May 20X6.Enter up the Sales and Purchases Day Books, Sales and Purchases Ledgers and the General Ledger for the month of
The credit sales and purchases for the month of December 20X7 in respect of G Bain & Co were:Write up all of the relevant books and ledger accounts for the month. 20X7 Dec "1 11 11 Sales to H
Louise Baldwin commenced business as a wholesaler on 1 March 20X9.Her sales on credit during March 20X9 were:All transactions are subject to Value Added Tax at 10%.(a) Rule up a Sales Day Book and
Mudgee Ltd issued the following invoices to customers in respect of credit sales made during the last week of May 20X7. The amounts stated are all net of Value Added Tax. All sales made by Mudgee Ltd
Enter up a columnar purchases day book with columns for the various expenses for F Wayne for the month from the following information on credit items. 20X6 July 1 Bought goods from G Hope 11 3 Bought
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 20X7.The
Enter up the relevant accounts in the purchases and general ledgers from the columnar purchases day book you completed for Question 20.2.Data from Question 20.2:Enter up a columnar purchases day book
Enter up a columnar purchases day book with columns for the various expenses for G Graham for the month from the following information on credit items. 20X8 Aug 1 Bought goods from J Syme Bought
Enter up the relevant accounts in the purchases and general ledgers from the columnar purchases day book you completed for Question 20.4A.Data from Question 20.4A:Enter up a columnar purchases day
B Charles has a basic working week of 40 hours, paid at the rate of £4 per hour. For hours worked in excess of this he is paid 11/2 times basic rate. In the week to 12 March 20X6 he worked 45 hours.
H Smith is employed at a rate of £5 per hour. During the week to 18 May 20X9 he worked his basic week of 40 hours. According to the requisite tables the income tax due on his wages was £27, and
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% on the value of his car sales. During the month of April 20X6 he sells £30,000 worth
T Penketh is an accountant with a salary of £2,000 per month plus bonus, which for May 20X6 was £400. He pays superannuation contributions of 5% of gross pay, and these are allowed as reliefs
K Blake is employed at the rate of £6 per hour. During the week to 25 May 20X6 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 20X6 he spends 20 hours
Mrs T Hulley is paid monthly. For part of April 20X6 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 20X6 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 further
What are the legal principles underlying the protection of personal information kept on computers?
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