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business
frank woods business accounting
Questions and Answers of
Frank Woods Business Accounting
You have extracted a trial balance and drawn up accounts for the year ended 31 December20X6. There was a shortage of £292 on the credit side of the trial balance, a suspense accountbeing opened for
The following are extracts from the cash book and the bank statement of J Roche.You are required to:(a) Write the cash book up to date, and state the new balance as on 31 December 20X9, and(6) Draw
The bank columns in the cash book for June 20X7 and the bank statement for that month for C Grant are as follows:You are required to:(a) Write the cash book up to date to take the above into account,
The bank statement for G Greene for the month of March 20X6 is:You are to:(a) Write the cash book up to date, and(b) Draw up a bank reconciliation statement as on 31 March 20X6. 20X6 Mar 1 Balance 8
Following is the cash book (bank columns) of E Flynn for December 20X7:The bank statement for the month is:You are required to:(a) Write the cash book up to date to take the necessary items into
A company starts in business on 1 January 20X1. You are to write up the vans account and the provision for depreciation account for the year ended 31 December 20X1 from the information given below.
A company starts in business on 1 January 20X3, 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 maintains its fixed assets at cost. Depreciation provision accounts, one for each type of asset, are in use. Machinery is to be depreciated at the rate of 121/2 per cent per annum, and
A company depreciates its plant at the rate of 20 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 fixed assets at cost. Depreciation provision accounts for each asset are kept.At 31 December 20X8 the position was as follows:The following additions were made during the
The financial year of H Saunders ended on 31 December 20X6. Show the ledger accounts for the following items including the balance transferred to the necessary part of the financial statements, also
J Owen's year ended on 30 June 20X8. 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 20X8 the following balances, among others, stood in the books of M Baldock, a sole trader:(a) Rates, £104 (Dr);(b) Packing materials, £629 (Dr).During the year ended 31 December 20X8
On 1 January 20X6 the following balances, among others, stood in the books of T Thomas:(a) Lighting and heating, (Dr) £277.(6) Insurance, (Dr) £307.During the year ended 31 December 20X6 the
The following trial balance was extracted from the books of A Scholes at the close of business on 28 February 20X7. Purchases and sales Cash at bank Cash in hand Capital account 1 March 20X6 Drawings
T Morgan, a sole trader, extracted the following trial balance from his books at the close of business on 31 March 20X9:Required:Prepare the trading and profit and loss accounts for the year ended 31
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 20X7, the end of his most recent financial year.The
C Taylor, a wholesale dealer in electrical goods, has three departments: (a) Hi Fi, (b) TV, and (c) Sundries. The following is a summary of Taylor’s sales invoices during the period 1 to 7 February
Enter up a columnar purchases day book with columns for the various expenses for M Barber for the month from the following information on credit items. 20X6 July 1 Bought goods from L Ogden 220 "
Enter up the relevant accounts in the purchases and general ledgers from the columnar purchases day book you have completed for Question 20.2.Reference from in question 20.2Enter up a columnar
In a new business during the year ended 31 December 20X8 the following debts are found to be bad, and are written off on the dates shown: On 31 December 20X8 the schedule of remaining debtors,
A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 20X7 the provision for this, brought forward from the previous year, was £260. During the year to
A business started trading on 1 January 20X6. During the two years ended 31 December 20X6 and 20X7 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 20X5, 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) Businesses often create a provision for doubtful debts. (i) Of which concept (or convention) is this an example? Explain your answer. (i) What is the purpose of creating a provision for doubtful
A business makes a provision for doubtful debts of 5% of debtors, also a provision of 2'/2% for discount on debtors. On 1 January 20X7 the balances brought forward on the relevant accounts were
E Chivers commenced business on 1 January 20X7 and makes his accounts to 31 December every year. For the year ended 31 December 20X7, bad debts written off amounted to £1,200. It was also found
A tractor is bought for £6,000. It will be used for three years, and then sold back to the supplier for £3,072. Show the depreciation calculations for each year using (a) the reducing balance
A company, which makes up its accounts annually to 31 December, provides for depreciation of its machinery at the rate of 10 per cent per annum on the diminishing balance system.On 31 December 20X9,
You are to open the books of K Mullings, a trader, via the journal to record the assets and ities, and are then to record the daily transactions for the month of May. A trial balance is to be
Rule up a petty cash book with analysis columns for office expenses, motor expenses, cleaning expenses, and casual labour. The cash float is £350 and the amount spent is reimbursed on 30 June.
On 1 May 20X7, D Wilson Ltd, 1 Hawk Green Road, Stockport, sold the following goods on credit to G Christie & Son, The Golf Shop, Hole-in-One Lane, Marple, Cheshire:Order No A/496 3 sets ‘Boy
On 1 March 20X6, C Black, Curzon Road, Stockport, sold the following goods on credit to J Booth, 89 Andrew Lane, Stockport SK1 1AA, Order No 1697:(a) Prepare the sales invoice to be sent to J Booth.
The following sales have been made by S Thompson 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 percent. 20X9
The following sales and purchases were made by R Colman Ltd during the month of May 20X6. 20X6 May 1 " 4 " " " " " 10 14 16 23 Sold goods on credit to B Davies & Co Sold goods on credit to C Grant
The credit sales and purchases for the month of December 20X7 in respect of C Dennis & Son Ltd were: Net, after VAT trade discount 10% 20X7 Dec 1 Sales to M Morris 140 14 " 4 Sales to G Ford Ltd
B Mann 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
A Rowland 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
Enter the following transactions of a computer repair shop in the accounts and extract a trial balance as at 31 March 20X6. 20X6 March 1 " 2 Started business with 800 in the bank. Bought goods on
Record the following details relating to a games software development business for the month of November 20X7 and extract a trial balance as at 30 November 20X7: 20X7 1 Started with 5,000 in the
Record the following transactions for the month of January of an antique shop, balance off all the accounts, and then extract a trial balance as at 31 January 20X8: 20X8 Jan 1 Started business with
From the following trial balance of B Webb, extracted after one year’s trading, prepare a trading and profit and loss account for the year ended 31 December 20X6. A balance sheet is not required.
From the following trial balance of C Worth 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
From the following trial balance of F Chaplin 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
Extract a trading and profit and loss account for the year ended 30 June 20X8 for F Kidd. The trial balance as at 30 June 20X8 after his first year of trading was as follows: Dr Cr Rent 1,560
Complete question 7.1 by drawing up a balance sheet as at 31 December 20X6.Reference from in problem 7.1 Trial Balance as at 31 December 20X6 Dr Cr Salaries Rent Sales Purchases Motor expenses
Complete question 7.2 by drawing up a balance sheet as at 30 June 20X8.Reference from in problem 7.2 Trial Balance as at 30 June 20X8 Dr Cr Sales Purchases Rent Lighting and heating expenses
Complete question 7.3 by drawing up a balance sheet as at 31 December 20X8.Reference from in problem 7.3 Trial Balance as at 31 December 20X8 Dr Cr General expenses Rent Motor expenses Salaries
Complete question 7.4 by drawing up a balance sheet as at 30 June 20X8.Reference from in problem 7.4 Dr Rent 1,560 Insurance 305 Lighting and heating expenses 516 Motor expenses 1,960 Salaries and
From the following information, draw up the trading account of T Clarke for the year ended 31 December 20X7, which was his first year in business: Carriage inwards Returns outwards Returns inwards
The following information is available for the year ended 31 March 20X8. Draw up the trading account of K Taylor for that year. Stocks: 31 March 20X8 18,504 Returns inwards 1,372 Returns outwards
From the following trial balance of R Graham, draw up a trading and profit and loss account for the year ended 30 September 20X9, and a balance sheet as at that date. Dr Cr Stock 1 October 20X8
The following trial balance was extracted from the books of B Jackson 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 J Smailes as at 31 March 20X9. Draw up a set of financial statements for the year ended 31 March 20X9. Dr Cr Stock 1 April 20X8 Sales 18,160 92,340 Purchases
L Stokes 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
Write up a two-column cash book for a marketing agency from the following details, and balance it off as at the end of the month: 20X8 May 1 " 2 " " " " " 3 4 5 7 Started business with capital in
You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of C Williams. 20X8 June 1 Started business with 2,000 in
Write up the asset, capital and liability accounts in the books of C Walsh to record the following transactions: 20X9 June 1 " 2 " 5 " " " " " " " 8 12 15 19 21 25 30 Started business with 5,000 in
Enter the following transactions in the accounts of E Sangster: 20X7 July 1 Started business with 10,000 in the bank. " 2 T Cooper lent us 400 in cash. " 3 4 6 Took 250 of the cash and paid it into
Enter the following transactions in the accounts: 20X9 May 1 " " " " 2 3 Started business with 2,000 in the bank. Bought goods on credit from C Shaw 900. Bought goods on credit from F Hughes 250. 5
Prepare the double entries (not the T-accounts) for the following transactions: July 1 " 2 Started business with 8,000 in the bank. Bought stationery by cheque 30. " 3 Bought goods on credit from I
Redraft each of the accounts given in your answer to 5.1 in three-column ledger style accounts.Reference from in problem 5.1 20X6 May 1 " 4 " " " 10 18 20 24 Sales on credit to H Harvey 690, N Morgan
Redraft each of the accounts given in your answer to 5.2 in three-column ledger style accounts.Reference from in problem 5.2 20X8 June " " " " " 3 1 Purchases on credit from J Young 458, L Williams
Redraft each of the accounts given in your answer to 5.6 in three-column style accounts.Reference from in problem 5.6 20X7 May 1 Credit sales B Flynn 241, R Kelly 29, J Long 887, T Fryer 124. " " " 2
Which of the following statements is correct? (A) We paid a creditor by cheque (B) A debtor paid us 90 in cash (C) J Hall lends us 500 by cheque (D) Bought goods on credit Effect upon Assets
Draw up A Foster's balance sheet from the following information as at 31 December 20X8: Capital 23,750 Debtors 4,950 Motor vehicles 5,700 Creditors 2,450 Fixtures 5,500 Stock of goods 8,800 Cash at
Draw up M Kelly’s balance sheet as at 30 June 20X6 from the following items: Capital 15,000 Office machinery 9,000 Creditors 900 Stock of goods 1,550 Debtors 275 Cash at bank 5,075
F Dale has the following assets and liabilities as on 30 November 20X9: Creditors £3,950; Equipment £11,500; Motor vehicle £6,290; Stock of goods £6,150; Debtors £5,770; Cash at bank £7,280;
What are the advantages of effective supply chain management?
What are the advantages of an ERP system?
What is e-commerce?
The following project costs have been estimated relating to the upgrading of some equipment;: all the costs are ae incurred solely because of the project:Ignoring tax, prepare a statement showing the
Assume the company in Question 46.1 pays tax at 30 per cent, on 30 September each year, nine months after the end of its financial period. The company receives 20 per cent writing-down allowances on
Assuming an interest rate of 6 per cent, what is the net present value of the net of tax cash flows in Question 46.2 for 2004, 2005, 2006 and 2007?Data From Question 46.2:-Assume the company in
Using a discount rate of 6 per cent, what is the net present value of the project in Question 46.11?Data From Question 46.11:-What is the payback on a project requiring £40,000 initial investment
What is the internal rate of return on the project in Question 46.11A?Data From Question 46.11:-What is the payback on a project requiring £40,000 initial investment that has a net cash inflow of
The annual profit forecast for a project is:The project requires that a new machine be purchased for £128,000. It will be depreciated using the straight line method over five years to a residual
Hirwaun Pig Iron Co. operate a single blast furnace producing pig iron. The present blast furnace is obsolete and the company is considering its replacement. The alternatives the company is
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
The Morningside Company Ltd had the following results for the year to 31 December 2007. A single product - a woggley - was made by the company.The standard cost of manufacturing each unit was
Felicidade PLC manufactures a detergent in one of its factories. The information for the year to 30 June 2005 was as follows:The standard cost of manufacturing a litre was £3. 10.Calculate the price
The following data was collected for Metal Chain Ltd for the year ended 31 October 2008.Calculate the price, volume and mix variances for the year. Budget Budget Actual Actual Budget Budget selling
The following information relates to The Melted Cheese Company Ltd for the year to 31 December 2011:Calculate the price, volume and mix variances for 2011. Budget Budget Actual Actual Budget selling
Flint Palatignium Ltd calculates the prices of its output by adding a mark-up of 15 per cent to standard costs. These standard costs are arrived at by reference to budgeted outputs and estimated
HGW Limited produces a product called a Lexton. The standard selling price and the manufacturing costs of this product are as follows:The projected production and sales for March 2004 were 520
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 2010, various suggestions were made to improve the profit to be made by selling the firm’s single product in the last quarter of
Magwitch Limited’s finance director produced the following forecast breakeven chart for the year ending 31 May 2011:During the year the company produced and sold 20,000 units, and both revenue and
Shares bought on 1 January 2004 for £2,500 were sold on 31 December 2008 for £4,400.What was the rate of annual compound interest on the investment?
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 manufactures 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 2011:12 Standard
Makers Ltd assembles computer games machines. Standard costs have been prepared as follows:The standard direct labour rate is £5 per hour.During May 2005, 5,000 Gamesmasters were sold at £60 each
Took comes to see you in March 2006. 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 2004:(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 balance sheet as at 31 August 2011 was as follows.•
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 2010. The following summarised information was available:There were no other
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
Richard Toms has agreed to purchase the business of Norman Soul with effect from 1 August 2007. Soul’s budgeted working capital at 1 August 2007 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 2007 is as follows:1 One-quarter of the materials are paid for in the month of production and the remainder two
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