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Business Accounting
Enter the following transactions of an antiques shop in the accounts and extract a trial balance as at 31 March 2013. 2013 March 1 Started in business with 8,000 in the bank. 2 5 Bought goods on
Record the following details relating to a carpet retailer for the month of November 2013 and extract a trial balance as at 30 November 2013. 2013 Nov 1 Started in business with 15,000 in the bank. 3
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 2012. 2012 Jan 1 Started in
On 1 October 2012, the owner of the USS Enterprise, Mr Kirk, decides that he will boldly go and keep his records on a double entry system. His assets and liabilities at that date were: Fixtures and
From the following trial balance of B. Cork, extracted after one year’s trading, prepare an income statement for the year ending 31 December 2012. A statement of financial position is not required.
From the following trial balance of G. Foot after his first year’s trading, you are required to draw up an income statement for the year ending 30 June 2012. A statement of financial position is
From the following trial balance of B. Morse drawn-up on conclusion of his first year in business, draw up an income statement for the year ending 31 December 2013. A statement of financial position
Extract an income statement for the year ending 30 June 2012 for G. Graham. The trial balance as at 30 June 2012 after his first year of trading was as follows: Equipment rental Insurance Lighting
Bill Sankey is a sole proprietor who keeps records of his cash and bank transactions. His transactions for the month of March were as follows: March 1 4 6 8 10 Cash in hand 400, Cash at bank 6,000.
Which of the items in the following list are liabilities and which of them are assets?(a) Loan from A. Sangster (d) Bank overdraft (b) We owe a supplier (e) Inventory of goods held for sale (c)
Classify the following items into liabilities and assets: (a) Motor vehicles (f) Owing to bank (b) Premises (g) Cash in hand (c) Accounts payable for inventory (h) Loan from D. Jones (d) Inventory
Luca Pacioli is setting up a new business. Before actually selling anything, he bought a van for £13,000, a transportable market stall for £1,050; a computer for £450; and an inventory of goods
Draw up N. Marriott’s statement of financial position from the following information as at 31 December 2011: Capital Accounts receivable Car Accounts payable Equipment Inventory Cash at bank
Draw up M. Kelly’s statement of financial position as at 30 June 2012 from the following items: Capital Equipment Accounts payable Inventory Accounts receivable Cash at bank 10,200 3,400 4,100
A. Park has the following items in her statement of financial position on 30 April 2012: Capital £31,700; Accounts payable £7,400; Fixtures £9,600; Car £12,300; Inventory £8,600; Accounts
J. Hill has the following assets and liabilities on 30 November 2012: Accounts payable £2,800; Equipment £6,200; Car £7,300; Inventory £8,100; Accounts receivable £4,050; Cash at bank £9,100;
Write up the asset and liability and capital accounts to record the following transactions in the records of J. Beach. 2013 July 1 Started business with 62,000 in the bank. 2 Bought office
You are required to open the asset and liability and capital accounts and record the following transactions for June 2013 in the records of P. Bernard. 2013 June 1 Started business with 17,500 in
Write up the asset, capital and liability accounts in the books of D. Gough to record the following transactions: 2012 June 1 Started business with 16,000 in the bank. 2 Bought van paying by
Write up the accounts to record the following transactions: 2010 March 1 Started business with 750 cash and 9,000 in the bank. 2 Received a loan of 2,000 from B. Blane by cheque. 3 Bought a
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: 2012 May 1 Started in business with capital in cash 5,000. 2 Paid
Write up a two-column cash book for a second-hand bookshop from the following: 2013 Nov 1 Balance brought forward from last month: Cash 295; Bank 4,240. 2 Cash sales 310. 3 Took 200 out of the cash
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. 2012 Mar 1 Balances
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. 2011 June 1
Enter the following transactions, completing the double entry in the books for the month of May 2013: 2013 May 1 Started in business with 18,000 in the bank and 2,000 in cash. 2 Purchased goods 580
Write up the following transactions in the books of P. Hewitt: 2013 March 1 Started in business with cash 16,000. 2 Bought goods on credit from W. Young 420. 3 Paid rent by cash 870. 4 5 Paid 12,500
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. There is no
What is the annualised amount of the net benefits from the project in Question 50.11A?Data from in Question 50.11A? 50.7 What is the payback period on the following project cash flows? (Brackets
Using the data from the solution to Review Question 41.3: (a) Explain why there is a difference between the total gross profits of Lima over the three years and that of Delfina; and (b) How is the
Assume that two companies have exactly the same pattern of costs and revenue and both use FIFO when valuing inventory, but that Lima Ltd uses a marginal costing approach to the valuation of inventory
Why do you think there may be problems for anyone trying to gather data of this type.
What is e-commerce?
Explain the difference between the consolidated retained profits figure of £132 and the total of £144 found if you add together the profits for the year of P2 Ltd and S2 Ltd.
(a) For each of the following, state three reasons why a firm may wish to keep:(i) A minimum inventory level of finished goods, and(ii) An even level of production in the face of fluctuating
(a) What is meant by the terms:(i) Budget(ii) Operating budget(iii) Master budget?(b) The information below relates to the business of Madingley Ltd:The following is a schedule of the budgeted income
Using internal rate of return, which of the two projects in Question 50.17 would be preferred?Data From Question 50.17Which of the following two mutually exclusive alternatives should be selected if
What would the consolidated statement of financial position look like if the amounts shown in S’s statement of financial position were used rather than those in the restated statement of P’s
A company purchased equipment on 1 January 2017 for £120,000, at which date the relevant price index for equipment was 100. Depreciation is charged on a straight line basis at 20% per annum. The
Explain why social and environmental reporting is now generally considered to be important.
Why is this information used on an ongoing basis?
What problems do accountants face in preparing integrated reports?
What problems do auditors face in auditing integrated reports?
Why is it considered necessary to have an official set of corporate governance guidelines?
Imagine we bought a building in 2000 for £400,000 that is now worth £1,200,000. If we rented a similar building now it might cost us £100,000 a year. What use would you make of the knowledge that
What problems do stakeholders face in interpreting integrated reports?
What problem do companies face in preparing integrated reports?
What are the benefits of companies adopting integrated reporting?
Describe integrated reporting.
Providing social and environmental information is costly for shareholders. Other than legislation, stock market requirements, or accounting regulations, what motivates companies to provide this
What problems do auditors face in auditing triple bottom line reports?
What problems do accountants face in preparing triple bottom line reports?
What problems do stakeholders face in interpreting triple bottom line reports?
What problems do companies face in preparing triple bottom line reports?
What are the benefits of companies adopting triple bottom line reporting?
Why do you think a forensic accountant needs to be knowledgeable about professional standards?
Enter the relevant amounts for each of the three years from Exhibit 41.3 in the columns labelled 1 to 3 in the following table:Assume that in Year 4, Burke Ltd‘s costs per unit and fixed costs were
What are these problems of absorption costing and marginal costing?
(a) What is meant by the terms contribution and marginal cost?(b) Barton & Co Ltd make and sell 2,000 units per month of a product ‘Barco’. The selling price is £65 per unit, and unit costs are:
Reed Ltd manufactures three products A, B and C. Budgeted costs and selling prices for the three months ending 30 September 2016 are as follows:Labour costs are £3 per hour, and material costs are
Paul Wagtail started a small manufacturing business on 1 May 2015. He has kept his records on the double entry system, and has drawn up a trial balance at 30 April 2016 before attempting to prepare
Vale Manufacturing started in business on 1 April 2015, and incurred the following costs during its first three years.Required:(a) Prepare a statement showing the gross profit for each of the three
(a) What are the differences between marginal cost pricing and full cost pricing?(b) How far is it true to state that marginal cost pricing is a short-term strategy?(c) A.S. Teriod Ltd makes five
A Khang Ltd manufactures digital photo albums. The following information is available for the year ending 31 December 2018.Required:(a) Prepare the statement of profit or loss for Khang Ltd for the
(a) Define the term equivalent production and state when the principle is used.(b) During May 2017, M Wurzel & Co. Limited’s output was 4,000 finished items plus 600 partly finished items. There
(a) Explain the difference between the terms overhead allotment, overhead apportionment and overhead absorption.(b) Why are estimated figures used in calculating overhead absorption rates?(c) The
Horden Products Ltd manufactures goods which could involve any or all of three production departments. These departments are simply entitled A, B and C. A direct wages cost percentage absorption rate
From the information given below, you are required to:(a) Prepare a standard cost sheet for one unit and enter on the standard cost sheet the costs to show sub-totals for:(i) Prime cost(ii) Variable
Explain the concept of economic order quantity (EOQ); its advantages to businesses that use it; and the assumptions made in using it.
For the year ended 31 December 2017, the quantities of units sold are expected to be:The opening inventory at 1 January 2017 will be 144 units. The closing inventory desired at 31 December 2017 is
Took comes to see you in March 2016. He is full of enthusiasm for a new product that he is about to launch on to the market. Unfortunately his financial recklessness in the past has led him into
Draw up a cash budget for F. Jack showing the balance at the end of each month, from the following information for the six months ended 31 December 2017:(a) Opening cash (including bank) balance on 1
Mtoto Ltd operate as wholesale ‘cash and carry’ stores and in addition to its main store have two other depots. The company’s summarised statement of financial position as at 31 August 2018 was
David Llewelyn has been advised by his bank manager that he ought to provide a forecast of his cash position at the end of each month. This is to ensure that his cash inputs will be sufficient to
The managing director of Pumpkin Ltd was reviewing the results of the company for the financial year ended 31 March 2017. The following summarised information was available:The managing director was
Belinda Raglan owns a clothing factory. Trading over the last two years has been very successful and she feels that having achieved good results it is now time to request an increase in the overdraft
Moray Ferries Ltd own a single ship which provides a short sea ferry service for passengers, private vehicles and commercial traffic. The present ship is nearing the end of its useful life and the
Using detailed examples, write a report explaining the differences between a cash budget, a cash flow forecast, and a statement of cash flows.
Richard Toms has agreed to purchase the business of Norman Soul with effect from 1 August 2017. Soul’s budgeted working capital at 1 August 2017 is as follows:In addition to paying Soul for the
A company’s estimated pattern of costs and revenues for the first four months of 2017 is as follows:1 One-quarter of the materials are paid for in the month of production and the remainder two
F. Tain is opening his first boutique on 1 July 2018. He is investing £30,000 as capital. His plans are as follows:(i) On 1 July 2018 to buy and pay for premises £60,000; shop fixtures £4,000;
M. Lamb is going to set up a new business on 1 April 2018. She estimates that her first six months in business will be as follows:(i) She will put £60,000 into a bank account for the business on 1
The following information has been extracted from the books of Issa Ltd for the financial year ended 31 December 2017.The company had commenced the preparation of its budget for the year ending 31
The statement of financial position of Pies and Cakes Ltd at 30 June 2018 was expected to be as follows:The plans for the six months to 31 December 2018 can be summarised as:(i) Production costs per
The summarised statement of financial position of Newland Traders at 30 May 2017 was as follows:Selling and materials prices at 30 May 2017 provide for a gross profit at the rate of 25% of sales.The
Len Auck and Brian Land trade as partners in Auckland Manufacturing Company making components for minicomputers. To cope with increasing demand the partners intend to extend their manufacturing
Central Grid plc manufactures tungsten parts which pass through two processes, machining and polishing, before being transferred to finished goods. The management of the company have in operation a
Borrico Ltd manufacture a single product and they had recently introduced a system of budgeting and variance analysis. The following information is available for the month of July 2018:12 Standard
Singleton has been operating for some years as a manufacturer of a single product, and after several years’ growth has decided to form a company Singleton Ltd.His accountant advised him that in an
The following information relates to The Melted Cheese Company Ltd for the year to 31 December 2018:Calculate the price, volume and mix variances for 2018.
The following data was collected for Metal Chain Ltd for the year ended 31 October 2018.Calculate the price, volume and mix variances for the year. Budget Budget selling sales units Product
Felicidade plc manufactures a detergent in one of its factories. The information for the year to 30 June 2018 was as follows:The standard cost of manufacturing a litre was £3.10.Calculate the price
The Morningside Company Ltd had the following results for the year to 31 December 2017. A single product – a woggley – was made by the company.The standard cost of manufacturing each unit was
If fixed costs are £70,000; selling price per unit is £14; and the variable cost of each unit in £6:(a) What is the number of units sold at which a profit will be made for the first time?(b) What
Which of the following two mutually exclusive alternatives should be selected if a 6% interest rate is used for the calculation of net present value? Machine X project Machine Y project Net cash flow
The annual profit forecast for a project is:The project requires that a new machine be purchased for £180,000. It will be depreciated using the straight line method over five years to a residual
What is the payback on a project requiring £60,000 initial investment that has a net cash inflow of £41,000 in Year 1, £23,000 in Year 2, and £8,000 in Year 3?
Polemic Ltd manufacture and sell a single product. The following information is available for three financial years ending 30 September.Additional information:(1) When the management of Polemic
At the monthly senior management meeting of Hampshire plc on 1 May 2017, various suggestions were made to improve the profit to be made by selling the firm's single product in the last quarter of the
Magwitch Limited’s finance director produced the following forecast breakeven chart for the year ending 31 May 2018:During the year the company produced and sold 20,000 units, and both revenue and
What is the internal rate of return on the project in Question 50.7?Data From Question 50.7What is the payback period on the following project cash flows? (Brackets indicate expenditure.)
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