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frank woods business accounting
Questions and Answers of
Frank Woods Business Accounting
The following information has been extracted from the books of account of Rufford plc for the year to 31 March 2006:Additional information: :1. Administrative expenses include the following items:2.
From the following balances in the books of Breaker plc you are to draw up (i) a detailed trading and profit and loss account for the year ending 31 March 2004 for internal use, and (ii) a profit and
The following balances have been extracted from the books of Mitchell plc on 31 July 2002.From them draw up (i) a detailed trading and profit and loss account for internal use, for the year ending 31
Bunker plc is a trading company; it does not carry out any manufacturing operations. The following information has been extracted from the books of account for the year to 31 March 2010:Additional
Fresno Group plc have prepared their financial statements for the year ended 31 January 2004. However, the financial accountant of Fresno Group plc had difficulty in preparing the statements required
The following balances remained in the books of Exit Ltd on 31 March 2004, after the profit and loss account and appropriation account had been drawn up. You are to draft the balance sheet as at 31
After the profit and loss account has been prepared for the year ending 30 April 2007 and various transfers made from the profit and loss reserve, the following balances remain in the books of
The following trial balance has been extracted from the books of Baganza plc as at 30 September 2007:Additional information:1. The stock at 30 September 2007 was valued at £3,600,000.2. Depreciation
The trial balance of Jeremina plc as at 31 March 2002 is as follows:(i) Stock of finished goods on 31 March 2002 £163,000.(ii) Motor expenses and depreciation on motors to be apportioned:
You are Br erired: with the following information relating to Plott plc for the year to 31 March 2011:Additional information:1. The above information has been obtained after the compilation of the
The following information has been extracted from the books of Quire plc as at 30 September 2011.The following additional information is to be taken into account:1. Stocks at 30 September 2011 were
The following trial balance has been extracted from the books of Patt plc as at 31 March 2010:Additional information:1. Following the preparation of the above trial balance, the following additional
The Merton Manufacturing Co Ltd has been in business for many years making fitted furniture and chairs. During 2004 and 2005 substantial losses have been sustained on the manufacture of chairs and
Deflation Ltd, which had experienced trading difficulties, decided to reorganise its finances.On 31 December 2005 a final trial balance extracted from the books showed the following position:Approval
On 31 March 2002, the following was the balance sheet of Planting Trees Ltd.The following scheme of capital reduction was sanctioned by the Court and agreed by the shareholders:(a) Preference shares
The balance sheet of Tatters Ltd on 31 December 2008 was as follows:The dividend on the preference shares is £12,000 in arrears. A scheme of reconstruction was accepted by all parties and was
The ledger balances of Tick Tick Ltd at 31 March 2011 were as follows:A capital reduction scheme has been sanctioned under which the 250,000 preference shares are to be reduced to 80p each, fully
In preparing its accounts for the year to 31 May 2007, Whiting plc had been faced with a number of accounting problems, the details of which were as follows:(i) The company had closed down its entire
The directors are preparing the published accounts of Dorman plc for the year to 31 October 2005. The following information is provided for certain of the items which are to be included in the final
Oldfield Enterprises Limited was formed on 1 January 2005 to manufacture and sell a new type of lawn mower. The bookkeeping staff of the company have produced monthly figures for the first ten months
The accountant of Hook, Line and Sinker, a partnership of seven people, has asked your advice in dealing with the following items in the partnership accounts for the year to 31 May 2007.(a) (i)
The chief accountant of Uncertain Ltd is not sure of the appropriate accounting treatment for a number of events occurring during the year 2005/6.(i) A significant number of employees have been made
Deal Ltd was incorporated on 1 September 2004 and took over the business of Fish and Chip on 1 June 2004. It was agreed that all profits made from 1 June should belong to the company and that the
On 30 June 2004 Smith and Sons Ltd acquired all the assets, except the investments, of Firefly Ltd.The following are the summaries of the profit and loss account of Firefly Ltd for the years ending
CK Ltd was incorporated on 15 December 2009 with an authorized capital of 200,000 ordinary shares of £0.20 each to acquire as at 31 December 2009 the business of CK, a sole trader, and RP Ltd, a
The balance sheet of Hubble Ltd as at 31 May 2010 is shown below.Hubble Ltd agreed to purchase at this date the freehold premises, plant and machinery and stock _ of A Bubble at agreed valuations of
From the following information you are required to prepare a statement apportioning the~ unappropriated profit between the pre-incorporation and post-incorporation periods, showing the basis of
Rowlock Ltd was incorporated on 1 October 2008 to acquire Rowlock’s mail order business, with effect from 1 June 2008.The purchase consideration was agreed at £35,000 to be satisfied by the issue
Camden Lock Ltd has just finished its first year of trading to 31 December 2006. Corporation tax throughout was 40 per cent and income tax 20 per cent. You are given the following information:(i) Net
Camden Lock Ltd has just finished its second year of trading to 31 December 2007. Balances from Question need to be brought forward into this question. Tax rates are the same as for 2006.The
Corporation tax for the tax years 2007, 2008, and 2009 was 40 per cent and income tax foreach year was 20 per cent.(A) Skim-Ltd’s draft profit and loss account for the year ended 31 December 2008
Joytan Ltd has a trading profit, before dealing with any of the undermentioned items, for the year ended 31 December 2004 of £500,000. Prepare the profit and loss account for the year.(a) The
Moontan Ltd has an operating profit for the year ended 31 December 2002, before dealing with the following items, of £200,000. Complete the profit and loss account.(a) The standard rate of income
The following information relates to Kemp plc for the year to 31 March 2009:Required:Write up the following accounts for the year to 31 March 2009, being careful to insert the appropriate date for
The following figures appeared in W Ltd’s balance sheet at 31 March 2002:During the year ended 31 March 2003, W Ltd made a payment of £520,000 to the Collector of Taxes in settlement of the
An extract from the draft financial statements of Either Ltd at 30 November 2005 shows the following figures before allowing for any dividend which might be proposed:Additional information
Martin Ltd has a nominal share capital of £900,000 comprising 900,000 ordinary shares of £1 each. The whole of the capital was issued at par on the following terms:Per share Payable on application
Rushgrove Ltd has a nominal share capital of £400,000 comprising 400,000 ordinary shares of £1 each. The whole of the capital was issued at par on the following terms:Per share Payable on
During the year to 30 September 2020, Kammer plc made a new offer of shares. The details of the offer were as follows:1 100,000 ordinary shares of £1 each were issued payable in instalments as
MLimited has an authorised share capital of £1,500,000 divided into 1,500,000 ordinary shares of £1 each. The issued share capital at 31 March 2020 was £500,000 which was fully paid, and had been
Why do companies make rights issues?
You and | are shareholders in a company. You hold 10 million shares which represents 66.66%of shares. The company announces a 1:1 rights issue (investors have the right but not the obligation to buy
A company with 50,000 £1 shares in issue wishes to make a rights issue to its existing shareholders.The rights issue is a 2 for 5 rights issue at a price of £1.20 per share. The par value of each
Acompany wishes to make a rights issue to its existing shareholders. The rights issue is a 2 for 5 rights issue at a price of £1.20 per share. The par value of each share is £1 and the shares trade
In the above scenario, how much additional funding would be received by the company when you sell the shares in the market?
In the context of a company limited by shares, who has ‘limited liability’ - the company, its directors, its shareholders or its employees?
Following on from Question 1.2: How much is that stakeholder’s liability limited to (in other words what is the maximum they stand to lose)?Question 1.2In the context of a company limited by
What are some of the differences between sole traders and limited companies?
Where can the share of private limited companies be bought and sold? What about public limited companies?
Shift Ltd has a nominal share capital of £400,000 comprising 400,000 ordinary shares of£1 each. The whole of the capital was issued at par on the following terms:Applications were received for
The authorised and issued share capital of Cosy Fires Ltd was £75,000 divided into 75,000 ordinary shares of £1 each, fully paid. On 2 January 2007, the authorised capital was increased by a
During the year to 30 September 2007, Kammer plc made a new offer of shares. The details of the offer were as follows:1. 100,000 ordinary shares of £1 each were issued payable in instalments as
M_Limited has an authorised share capital of £1,500,000 divided into 1,500,000 ordinary shares of £1 each. The issued share capital at 31 March 2007 was £500,000 which was fully paid, and had been
Applications were invited by the directors of Grobigg Ltd for 150,000 of its £1 ordinary shares at £1.15 per share payable as follows:Applications were received for 180,000 shares and it was
A company’s balance sheet appears as follows:Required:(a) If £10,000 of the ordinary shares were purchased at par, there being no new issue of shares for the purpose, show the journal entries to
Debentures of £30,000 are issued on 1 January 2003. Redemption is to take place, on equal terms, four years later. The company decides to put aside an equal amount to be invested at 5 per cent which
Some years ago M plc had issued £375,000 of 10 per cent debentures 2006/2010 at par. The terms of the issue allow the company the right to repurchase these debentures for cancellation at or below
The following information relates to White Rabbit Trading plc:On 1 February 2007 the company closed the list of applications for 400,000 ordinary shares at a premium of 50p. The shares were to be
During the year to 30 September 2009, Popham plc issued 100,000 £1 ordinary shares. The terms of the offer were as follows:Applications were received for 200,000 shares. The directors decided to
The following information relates to Grigg plc:1. On 1 April 2008 the company had £100,000 10 per cent debentures in issue. The interest on these _debentures is paid on 30 September and 31 March.2.
An engineering company purchased a machine on hire purchase over a period of three years, paying 2,672 on 1 January 2006, and further annual payments of 5,700 due on 31 December 2006, 2007 and 2008.
On 1 January 2005 P Wriggle bought a computer (cash price 1,046) from Dowe Ltd on the following hire purchase terms. Wriggle was to make an immediate payment of 300 and three annual payments of 300
Bulwell Aggregates Ltd wish to expand their transport fleet and have purchased three heavy lorries with a list price of 18,000 each. Robert Bulwell has negotiated hire purchase finance to fund this
D Lane purchased two cars for his business under hire purchase agreements:Both agreements provided for payment to be made in 24 monthly instalments commencing on the last day of the month following
On 31 March 2004, D Biggs, who prepares his financial statements to 31 March, bought a lorry on hire purchase from Truck Fleet Ltd. The cash price of the lorry was 61,620. Under the terms of the hire
J Wild eared business on 1 April 2002 selling one model of digital cameras on hire purchase.During the year to 31 March 2003 he purchased 2,000 cameras at a uniform price of £90 and sold 1,900
RJ commenced business on 1 January 2008. He sells refrigerators, all of one standard type, on hire purchase terms. The total amount, including interest, payable for each refrigerator, is
Object Limited is a retail outlet selling word processing equipment both for cash and on hire purchase terms. The following information has been extracted from the books of account as at 31 August
On1 January 2006, F Limited commenced business selling goods on hire purchase. Under the _ terms of the agreements, an initial deposit of 20 per cent is payable on delivery, followed by four equal
On 1 January 2007, Carver bought a machine costing £20,000 on hire purchase. He paid a deposit of £6,000 on 1 January 2007 and he also agreed to pay two annual instalments of £5,828 on 31 December
Dundas Limited purchased a machine under a hire purchase agreement on 1 January 2008.The agreement provided for an immediate payment of £2,000, followed by five equal instalments of £3,056, each
The financial statements of J. Foot Ltd are made up to 31 March in each year. Work on Contract 349 started on 1 July 2006 and completed on 31 January 2008. The total contract price was £580,000, but
Stannard and Sykes Ltd are contractors for the construction of a pier for the Seafront Development Corporation. The value of the contract is £300,000, and payment is by engineer’s certificate
Cantilever Ltd was awarded a contract to build an office block in London and work commenced at the site on 1 May 2005.During the period to 28 February 2006, the expenditure on the contract was as
You are required to prepare the contract account for the year ended 31 December 2010, and show the calculation of the sum to be credited to the profit and loss account for that year.On 1 April 2010
General information on the Lytax group of companies:Lytax Ltd is a company in the building construction industry.It has three regional offices, North Borders, Midlands and South Downs, which are
L Pacioli Ltd has a branch in Bath at which a full set of books is kept. At the end of the year the following summary is compiled of the transactions between the branch and the headquarters as
Haddock Ltd, whose head office is in Perth, operates a branch in Inverness. All goods are purchased by headquarters and invoiced to and sold by the branch at cost plus 40 per cent. Other than a sales
RST Limited is a family-controlled company which operates a chain of retail outlets Aa ealal in motor spares and accessories.Branch stocks are purchased by a centralised purchasing function in order
Paper Products has a head office in London and a branch in Bristol. The following information has been extracted from the head office books of account as at 31 March 2006:Additional information:1
Packer and Stringer were in partnership as retail traders sharing profits and losses: Packer three-quarters, Stringer one-quarter. The partners were credited annually with interest at the rate of 6
LR, a trader, commenced business on 1 January 2009, with a head office and one branch.All goods were purchased by the head office and goods sent to the branch were invoiced at a fixed selling price
Nion is a retail stock outlet operating from a head office in London and a branch in Brighton.The following trial balances have been extracted from the books of account as at 31 October
Star Stores has its head office and main store in Crewe, and a branch store in Leek. All goods are purchased by the head office. Goods are invoiced to the branch at cost price plus a profit loading
EG Company Limited, a manufacturing business, exports some of its products through an overseas branch whose currency is ‘florins’, which carries out the final assembly operations before selling
OTL Ltd commenced business on 1 January 2010. The head office is in London and there is a branch in Highland. The currency unit of Highland is the crown.The following are the trial balances of the
Home Ltd is incorporated in the UK and rents mobile homes to holidaymakers in this country and in Carea. The company has a head office in London and a branch in Carea where the local currency is
Prepare the sales ledger control account and the purchases ledger control account for the half-year to 31 December 2016 Sales ledger balances, 1 July 2016 - Debit - Credit 20,040 56 Purchases
A business which prepares its financial statements annually to 31 December suffered bad debts which were written-off: The business had a balance of £790 on the Allowance for Doubtful Debts Account
In accounting practice a distinction is drawn between the terms 'reserves' and 'provisions' and between 'accrued expenses' and 'accounts payable'.Required:Briefly define each of the four terms quoted
Using the information in Review Question 35.11, prepare J. Duncan's statement of financial position as at 31 December 2015.Data From Review Questions 35.11 35.11 The following are summaries of the
Using the information in Review Question 35.13, prepare P. Maclaran's Statement of Financial Position as at 31 December 2015.Data From Review Question 35.13 35.13A The following are summaries of the
If accounts payable at 1 January 2016 were £2,500, accounts payable at 31 December 2016£4,200 and payments to creditors £32,000, then purchases for 2016 are(A) £30,300(B) £33,700(C) £31,600(D)
Mower Ltd started in business on 1 April 2015. Its issued share capital was 400,000 ordinary shares of £1 each and 100,000 6 per cent preference shares of £1 each. The following information is
Activate Ltd has an authorized capital of £600,000, comprising of 400,000 ordinary shares of £1 each and 200,000 6 per cent preference shares of £1 each. Of these, 300,000 ordinary shares and
A statement of financial position is to be drawn up from the following information as at 30 September 2015: Issued share capital: ordinary shares 1 each Authorised share capital: ordinary shares of 1
The following balances remained in the ledger of OK Ltd after preparation of the statement of profit or loss for the year ending 31 March 2016The directors propose:(i) a transfer to general reserve
Developing Ltd has an authorized capital of 100,000, 8% preference shares of £1 each and 400,000 ordinary shares of 50p each. After preparation of the statement of profit or loss for 2017, the
Select Ltd is registered with an authorized capital of 300,000 ordinary shares of £1. The following trial balance was extracted from the books of the company on 31 March 2016, after the preparation
The trial balance extracted from the books of Tailor Times Ltd at 31 December 2016 was as follows:You are given the following additional information:(1) The authorized and issued share capital is
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