Questions and Answers of Accounting A Level And AS Level

Prepare the Balance Sheet at 31 December 2003 for Hadlee from the trial balance given in $7.8 (additional exercise 1)Data from additional ExercisesThe following trial balance has been extracted from
Prepare a Balance Sheet at 31 March 2004 for Perkins from the trial balance given in exercise 3.Data from Exercises 3The following trial balance has been extracted from the books of Perkins, a sole
The owner of a business has taken goods for his own use but no entry has been made in the books to record this. What is the effect of this on the Balance Sheet? Stock A no effect B no effect C
Prepare the Balance Sheet at 31 March 2004 for Tikolo from the trial balance given in $7.8 (additional exercise 2).Data from Additional Exercises 2The trial balance extracted from Tikolo's books at
The following information has been extracted from a Balance Sheet at 31 December 2003.What was the balance on Capital account at 31 December 2003? A. $300 000 B. $320 000 C. $340
A trader who sells food does not include food that is past its 'sell by' date in his stock in the Balance Sheet.Which concept has he applied in valuing his stock? A. Matching B.
A business is about to be closed down as it has insufficient funds to pay its creditors. The owner places a very low value on his stock in the Balance Sheet. Which concept is being applied? A.
The owner of a business paid his private telephone bill from the business bank account. The amount was debited to his Drawings account. Which concept was applied? A. Business entity B.
A trader has included rent which is due but not paid in his Profit and Loss Account. Which accounting concept has been applied? A. Historic cost B. Matching C. Money
The balances in a sales ledger total $16 000. A debtor who owes $800 is known to be in financial difficulty. The figure of debtors shown in the Balance Sheet is $15 200. Which concept has been
A trader sends goods on sale or return to a customer. When the trader prepares his Balance Sheet at 31 March 2004, the customer has still not indicated that he has accepted the goods. Which concept
Antonia's trial balance at 31 December 2003 was as follows.Further information 1. Stock at 31 December 2003 was valued at $8000. 2. The loan was received on 1 April 2003 and is repayable in
In the year ended 31 December 2003, Alex made the following payments: rent $1000; electricity $630; stationery $420. In addition he had received $300 rent from a tenant. At 31 December 2003,
A trader prepares his accounts annually to 30 April. He pays annual rent of $12 000 and makes the payments quarterly in advance on 1 January, 1 April, 1 July and 1 October. Which amount should
Desmond's trial balance at 31 March 2004 was as follows.Further information 1. Stock at 31 March 2004 was valued at $11 000. 2. Expenses owing at 31 March 2004 were: rent payable $2000;
Boulder's trial balance at 31 March 2004 did not balance and the difference was entered in a Suspense account. Boulder does not maintain Control accounts. The following information was later
Bastien does not maintain Control accounts. His trial balance does not balance and he has opened a Suspense account. The following errors have now been discovered. 1. Discount received from
When Jayesh extracted a trial balance from his books at 31 December 2003 he found that it did not balance. He entered the difference in a Suspense account and then prepared a draft Profit and Loss
(a) Outline three reasons for keeping control accounts. (b) The following information was extracted from the books of William Noel for the year ended 30 April 2001.Draw up the Purchase Ledger
Lee's trial balance at 30 June 2004 fails to agree and he places the difference in a Suspense account. Lee then discovers the following errors. 1. The total of the sales journal for one month
A credit balance in the sum of $93 has been omitted from the list of balances extracted from the sales ledger. What is the effect on the trial balance? A. The credit side is understated by
A credit note for $46 sent to A. Moses has been debited to A. Mason's account in the sales ledger. What effect will this have on the trial balance? Debit total A none B $46 overstated C none D $92
The total of the sales journal for one month is $9160. It has been entered in the Sales account as $9610. Which entries are required to correct the error? Debit A Sales account B Sales
Logan has prepared the following trial balance at 31 March 2004.Logan is unable to find the difference on the trial balance and has entered the difference in the Suspense Account. The following
An invoice for repairs to machinery, $500, has been entered in the Machinery at Cost account. Which entries are required to correct the error? Debit A Machinery at Cost account $500 B Repairs to
Amber's trial balance at 31 December 2003 failed to agree and the difference was entered in a Suspense account. The total of the purchase ledger balances had been entered as creditors in the trial
A trial balance failed to agree and a Suspense account was opened. It was then found that rent received of $500 had been debited to the Rent Payable account. Which entries are required to correct
Which of the following will cause a difference on a trial balance? A. An invoice omitted from the sales journal B. An invoice for $415 entered in the Sales journal as $451 C. An
After which error will a trial balance still balance? A. Wages paid, $1500, was entered correctly in the bank account but debited to the wages account as $2500. B. Rent receivable of $200
Lian has run a business repairing motor vehicles for some years but has not kept proper accounting records. However, the following information is available.The premises were bought some years ago and
Seng commenced business on 1 January 2003 when he paid $40 000 into the bank together with $20 000 which he had received as a loan from his brother. At 31 December 2003 Seng's assets and liabilities
Jackson commenced business with $10000 that he had received as a gift from his aunt and $8000 that he had received as a loan from his father. He used some of this money to purchase a machine for
Ammar provides the following information for the year ended 30 June 2004.Ammar's margin on all sales is 20%. Required Prepare Ammar's Trading Account for the year ended 30 June 2004 in as
Saeed does not keep proper books of account for his business but he has provided the following details of his assets and liabilities.Further information 1. Land and buildings have been revalued
At 1 January 2003 Robert's business assets were valued at $36 000 and his liabilities amounted to $2000. At 31 December 2003 Robert's assets amounted to $57 000 and included his private car which he
Neha's warehouse was damaged by fire on 5 November 2003 and most of the stock was destroyed. The stock that was salvaged was valued at $12 000. Neha has provided the following information to
Ahmed carries on business as a general trader. He has not kept proper accounting records and he asks you to help him prepare his Trading and Profit and Loss Account for the year ended 30 September
At 1 April 2002 Tonkin's business assets were: motor van valued at $5000 (cost $8000), tools $1600, stock $700, debtors $168, cash $400. His creditors totalled $1120. At 31 March 2003 his assets
At 1 March 2003 Allen's debtors amounted to $12 100. In the year ended 28 February 2004 he received $63 500 from debtors and allowed them cash discounts of $3426. At 28 February 2004 his debtors
Nurvish, who does not keep proper records for his business, supplies the following information.In the year ended 30 June 2004, Nurvish paid suppliers $54 000. Nurvish sells his goods at a gross
At 1 October 2003 Maria's debtors amounted to $7440. Of this amount $384 is known to be bad. In the year to 30 September 2004 she received $61 080 from debtors. Her debtors at 30 September 2004 were
Nadia was ill when her stock should have been counted on 31 December 2003. The stock count did not take place until 8 January 2004 when it was carried out by an inexperienced member of staff. The
All of Grayson's stock was stolen when his business was burgled on 4 March 2004. His stock at 31 December 2003 was $23 000. From 1 January to 4 March 2004 sales totalled $42 000 and purchases were
The following information has been extracted from the books of Rorre Ltd at 31 December 2003.Draft accounts show a net profit of $31 000 for the year ended 31 December 2003. The following errors have
A Purchase Ledger Control account has been reconciled with the purchase ledger balances as shown.Which figure for creditors should be shown in the Balance Sheet? A. $75 000 B. $77
At 31 December 2003 the balance on Sellit's Sales Ledger Control account was $17 584 (debit). It did not agree with the total of balances extracted from the sales ledger. The following errors have
At 31 May 2004 the debit balance on a Sales Ledger Control account was $18640. This balance did not agree with the total of balances extracted from the sales ledger. The following errors have now
Korn, a retailer, does not keep proper books of account but he has provided the following information about his business.Korn's bank account transactions for the year ended 30 April 2004 were as
Cornelius commenced business on 1 April 2002. He has not kept complete records of his transactions but he supplies the following information.Further information 1. Cornelius made payments of

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