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business accounting
Questions and Answers of
Business Accounting
The following trial balance of the Shire Golf Club was extracted from the books as on 31 December 2003:Notes:(i) Bar purchases and sales were on a cash basis. Bar stocks at 31 December 2003 were
Read the following and answer the questions below.On 1 January 2008 the Happy Haddock Angling Club had the following assets:During the year to 31 December 2008 the Club received and paid the
The treasurer of the Plumpton Leisure Centre has produced the following receipts and payments account for the year ended 31 December 2004:Notes:(i) Refreshment stocks were valued: 31 December 2003
The following is a summary of the receipts and payments of the Miniville Rotary Club during the year ended 31 July 2009.Required:(a) Calculate the value of the accumulated fund of the Miniville
A business both buys loose tools and also makes some itself. The following data is available concerning the years ending 31 December 2007, 2008 and 2009.You are to draw up the loose tools account for
Using whichever of the following figures are required, prepare a manufacturing account and a trading account for 2003. The manufacturing account should show clearly the prime cost of manufacture and
Prepare the manufacturing, trading and profit and loss accounts from the following balances of W Miller for the year ending 31 December 2003.Rent is to be apportioned: Factory 3 /4; Office 1 /4.
From the following information, draw up the manufacturing and trading accounts for the six months ending 30 September 2005. You should show clearly:(a) Cost of raw materials consumed.(b) Prime cost
From the following you are to draw up a departmental trading account for Fine’s Department Store for the year ending 30 June 2006. Stocks: 1.7.2005 30.6.2006 f Carpet Department 16,100 18,410
J Horner is the proprietor of a shop selling paintings and ornaments. For the purposes of his financial statements he wishes the business to be divided into two departments:Department A Paintings
From the following list of balances you are required to prepare a departmental trading and profit and loss account for the year ending 31 March 2005, in respect of the business carried on under the
The balance sheets of F Black, a sole trader, for two successive years are shown below. Youare required to draw up a cash flow statement for the year ending 31 December 2006 using theFRS 1 layout.
From the following details you are to draft a cash flow statement for D Duncan for the yearending 31 December 2005: using the FRS 1 layout. D Duncan Profit and Loss Account for the year ending 31
You are required to draw up a cash flow statement for K Rock for the year ending30 June 2009 from the following information using the FRS 1 layout. K Rock Profit and Loss Account for the year ending
Stanley and Barclay enter a joint venture to share profits or losses equally resulting from dealings in second-hand digital TVs. Both parties take an active part in the business, each recording his
Draw up a profit and loss appropriation account for the year ending 31 December 2007 and balance sheet extract at that date, from the following:(i) Net profits £111,100.(ii) Interest to be charged
Wilson, Player and Sharp are in partnership. They shared profits in the ratio 2:4:3. It is decided to admit Titmus. It is agreed that goodwill is worth £72,000 and that it is to be brought into the
A company starts in business on 1 January 2006. You are to write up the vans account and the provision for depreciation account for the year ended 31 December 2006 from the information given below.
A company starts in business on 1 January 2008, the financial year end being 31 December.You are to show:(a) The machinery account.(b) The provision for depreciation account.(c) The balance sheet
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 vehicle bought on 1 January 2010 cost £16,000. Its useful economic life is estimated at 4 years and its trade-in value at that point is estimated as being £4,000.During 2012 a review of the
(a) What is the meaning of depreciation?(b) Give three reasons why depreciation may occur.(c) Name two methods of depreciation.(d) In what way do you think the concept of consistency applies to
(a) Identify the four factors which cause fixed 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 lorry,(iii) a 50 year
Mavron plc owned the following motor vehicles as at 1 April 2006:Mavron plc’s policy is to provide at the end of each financial year depreciation using the straight line method applied on a
Contractors Ltd was formed on 1 January 2006 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
Distance Limited owned three lorries at 1 April 2006:A Purchased 21 May 2002 Cost £31,200 B Purchased 20 June 2004 Cost £19,600 C Purchased 1 January 2006 Cost £48,800 Depreciation is charged
XY Ltd provides for depreciation of its machinery at 20% 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
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 fixed assets which are in
(a) The following trial balance was extracted from the books of M Jackson on 30 April 2007. From it, and the note below it, prepare his trading and profit and loss account for the year ending 30
On 1 April 2006 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
On 1 January 2001 a business purchased a laser printer for £1,800. The printer has an estimated life of 4 years after which it will have no residual value.It is expected that the output from the
The financial year of L Pacioli ended on 31 December 2007. Show the ledger accounts for the following items including the balance transferred to the necessary part of the financial statements, also
W Hope’s year ended on 30 June 2008. 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) Stationery:
On 1 January 2009 the following balances, among others, stood in the books of G Pierce, a sole trader:(a) Business rates, £340 (Dr);(b) Packing materials, £610 (Dr).During the year ended 31
On 1 January 2009 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 2009 the
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 regards
The following trial balance was extracted from the books of R Giggs at the close of business on 28 February 2007.(a) Stock 28 February 2007 £2,400.(b) Wages and salaries accrued at 28 February 2007
The trial balance for a small business at 31 August 2008 is as follows:At 31 August 2008 there was:• Stock valued at cost prices £9,100 • Accrued rent of £400 • Prepaid business rates of
J Wright, a sole trader, extracted the following trial balance from his books at the close of business on 31 March 2009: Dr Cr Purchases and sales Stock 1 April 2008 Capital 1 April 2008 Bank
This question also relates to extended trial balances (see Exhibit 26.2)From the following trial balance of John Brown, store owner, prepare a trading account and profit and loss account for the year
For Question 27.1 draw up the trading account section of the trading and profit and loss account for the year showing the gross profits that would have been reported using (i) FIFO,(ii) LIFO, (iii)
A Gill, purchased a notebook PC for £1,211. It has an estimated life of three years and a scrap value of £50.She is not certain whether she should use the straight line or the reducing balance
Ivor Innes has supplied you with the following information:During the year to 31 March 2008, Ivor withdrew £11,400 from the business for private purposes. In November 2008, Ivor received a legacy of
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 2006, it owned four forklift trucks:(A)
Write up a two-column cash book for a small furniture shop from the following details, and balance it off as at the end of the month:2008 May 1 Started in business with capital of £1,000 in cash and
On 1 September, V Duckworth, a bar manager and entrepreneur, has the following financial position relating to her activities as a corporate function organiser:During September the following events
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
B Gray has the following purchases for the month of May 2008:2008 May 1 From M Day: 4 DVD players at £36 each, 3 mini hi-fi units at £122 each. Less 20 per cent trade discount.3 From L Hope: 2
J Glen has the following purchases for the month of June 2009:2009 June 2 From F Day: 2 sets golf clubs at £800 each, 5 footballs at £40 each. Less 25 per cent trade discount.11 From G Smith: 6
A Henriques has the following purchases and sales for May 2006:2006 May 1 Sold to M Marshall: brass goods £24, bronze items £36. Less 25 per cent trade discount.7 Sold to R Richards: tin goods
A Jones has the following credit purchases and credit sales for May:May 1 Sold to M Marshall: brass goods £24, bronze items £36. All less 25 per cent trade discount Sold to R Richards: tin goods
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 the following items in the books, post to personal accounts, and show the transfers to the general ledger.2009 July 1 Credit purchases from: K Hill £380; M Norman £500; N Senior
You are to show the journal entries necessary to record the following items which occurred in 2008:(a) March 1 Bought a van on credit from Fring’s Wheels for £7,200.(b) March 3 A debt of £90
Show the journal entries necessary to record the following items:2007 Apr 1 Bought fixtures on credit from Bell and Co £1,153.4 We take goods costing £340 out of the business stock without paying
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
Louise Baldwin commenced business as a wholesaler on 1 March 2009Enter the above information in the sales day book, totalling and ruling off at the end of March 2009.(b) Make the necessary postings
B Ready, 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 March 2007.The VAT
Enter up the relevant accounts in the purchases and general ledgers from the columnar purchases day book you completed for Question 18.4A.Question 18.4Enter up a columnar purchases day book with
T Penketh is an accountant with a salary of £2,000 per month plus bonus, which for May 2006 was £400. He pays superannuation contributions of 5% of gross pay, and these are allowed as reliefs
(a) Distinguish between capital and revenue expenditure.(b) Napa Ltd took delivery of a PC and printer on 1 July 2006, the beginning of its financial year.The list price of the equipment was £4,999
At the beginning of the financial year on 1 April 2005, 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 is
John Boggis saw a computer for sale in a local store for £1,499. This was much cheaper than he’d seen it for sale elsewhere. He needed five of these PCs and also needed the cabling to network
In a new business during the year ended 31 December 2006 the following debts are found to be bad, and are written off on the dates shown:On 31 December 2006 the schedule of remaining debtors
A business had always made a provision for doubtful debts at the rate of 4% of debtors. On 1 January 2008 the amount, brought forward from the previous year was £320.During the year to 31 December
A business started trading on 1 January 2007. During the two years ended 31 December 2007 and 2008 the following debts were written off to the bad debts account on the dates stated:On 31 December
A business, which started trading on 1 January 2007, adjusted its doubtful debt provision at the end of each year on a percentage basis, but each year the percentage rate is adjusted in accordance
A business which prepares its financial statements annually to 31 December suffered bad debts which were written off:The business had a balance of £300 on the provision for doubtful debts account on
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
Redraft each of the accounts given in your answer to 5.1 in three-column ledger style accounts.Question 5.1 Enter the following items in the appropriate debtors’ accounts (i.e. your customers’
Redraft each of the accounts given in your answer to 5.2 in three-column ledger style accounts.Question 5.2Enter the following in the appropriate creditors’ accounts (i.e. your suppliers’
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
Redraft each of the accounts given in your answer to 5.6 in three-column style accounts.Question 5.6Enter the following transactions in personal accounts only. Bring down the balances at the end of
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 2008.2008 March 1 Started in business with £10,000 in the bank.2 Bought goods on
Record the following details relating to a carpet retailer for the month of November 2007 and extract a trial balance as at 30 November 2007:2007 Nov 1 Started in business with £15,000 in 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 2008:2008 Jan 1 Started in
Which of the following are correct?(A) (i), (ii) and (iii) only (B) (ii), (iii) and (iv) only (C) (i), (ii) and (iv) only (D) (i) and (iv) only (i) Bought office furniture for cash (ii) A debtor, P
Which of the following are incorrect?(A) (ii) and (iv) only (B) (iii) and (iv) only (C) (ii) and (iii) only (D) (i) and (iii) only (i) Sold van for cash (ii) Returned some of Office Equipment to
Which of the following are correct?(A) (i) and (ii) only (B) (i), (ii) and (iii) only (C) (ii), (iii) and (iv) only (D) (i), (ii) and (iv) only (i) Received commission by cheque (ii) Paid rates by
What would have been the balance on the account of C De Freitas on 19 May 2008?(A) A debit balance of £265(B) A credit balance of £95(C) A credit balance of £445(D) A credit balance of £265
From the following trial balance of A Moore, extracted after one year’s trading, prepare a trading and profit and loss account for the year ending 31 December 2008. A balance sheet is not
From the following trial balance of E Es after her first year’s trading, you are required to draw up a trading and profit and loss account for the year ending 30 April 2005. A balance sheet is not
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 ending 31 December 2008.A balance sheet is
Extract a trading and profit and loss account for the year ending 30 June 2008 for G Graham. The trial balance as at 30 June 2008 after his first year of trading was as follows:Stock at 30 June 2008
Henry York is a sole trader who keeps records of his cash and bank transactions. His transactions for the month of March were as follows:March 1 Cash in hand £100, Cash at bank £5,672 4 York
A Manny started in business on 1 January 2007, with £74,000 capital in cash. During the first year he kept very few records of his transactions.The assets and liabilities of the business at 31
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 information, draw up the trading account section of the trading and profit and loss account of J Bell for the year ending 31 December 2007, which was his first year in business:
The following information is available for the year ending 31 March 2008. Draw up the trading account section of the trading and profit and loss account of P Frank for that year. Stocks: 31 March
From the following trial balance of O Veneto, draw up a trading and profit and loss account for the year ending 30 April 2006, and a balance sheet as at that date. Dr Cr Stock: 1 May 2005 80,000
The following trial balance was extracted from the books of F Sorley on 30 April 2007. From it, and the note about stock, prepare his trading and profit and loss account for the year ending 30 April
The following is the trial balance of T Owen as at 31 March 2009. Draw up a set of financial statements for the year ended 31 March 2009. Dr Cr f Stock: 1 April 2008 52,800 Sales 276,400 Purchases
F Brown drew up the following trial balance as at 30 September 2008. You are to draft the trading and profit and loss account for the year ending 30 September 2008 and a balance sheet as at that
Enter the following transactions in the ledger of A Baker and prepare a trial balance at 31 May, together with a calculation of the profit for the month and a balance sheet at 31 May.May 1 Started
Ms Porter’s business position at 1 July was as follows:Required:(a) Open ledger accounts (including capital) at 1 July (b) Record all transactions (c) Prepare a trial balance (d) Prepare a trading
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 2008, together with a balance sheet as
Which of these best describes fixed assets?(A) Items bought to be used in the business(B) Items which will not wear out quickly(C) Expensive items bought for the business(D) Items of long life that
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