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business accounting
Questions and Answers of
Business Accounting
J Wright, a sole trader, extracted the following trial balance from his books at the close of business on 31 March 20X9:Notes:(a) Stock 31 March 20X9 £6,805.(b) Wages and salaries accrued at 31
The trial balance for a small business at 31 August 20X8 is as follows:At 31 August 20X8 there was:Stock valued at cost prices £9,100Accrued rent of £400Prepaid business rates of £300The motor
This question also relates to extended trial balances (see Exhibit 28.2) From the following trial balance of John Brown, store owner, prepare a trading account and profit and loss account for the
The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader.The following additional information as at 31 May 20X6 is available:(a) Rent is accrued by £210.(b) Rates
From the following figures calculate the closing stock in trade that would be shown using (i) FIFO, (ii) LIFO, (iii) AVCO methods. March September Bought 100 at £16 each 220 at £19
For question 29.1 draw up the trading account for the year showing the gross profits that would have been reported using (i) FIFO, (ii) LIFO, (iii) AVCO methods.Data from question
From the following figures calculate the closing stock-in-trade that would be shown using (i) FIFO, (ii) LIFO, (iii) AVCO methods on a perpetual inventory basis.
Draw up trading accounts using each of the three methods from the details in question 29.3A.Data from question 29.3:From the following figures calculate the closing stock-in-trade that would be shown
The sixth formers at the Broadway School run a tuck shop business. They began trading on 1 December 20X9 and sell two types of chocolate bar, ‘Break’ and ‘Brunch’.Their starting capital was a
Thomas Brown and Partners, a business of practising accountants, have several clients who are retail distributors of the Allgush Paint Spray guns.The current price list of Gushing Sprayers Limited,
Mary Smith commenced trading on 1 September 20X9 as a distributor of the Straight Cut garden lawn mower, a relatively new product which is now becoming increasingly popular. Upon commencing trading,
From the following draw up a bank reconciliation statement from details as on 31 December 20X6: Cash at bank as per bank column of the cash book Unpresented cheques Cheques received and paid into the
‘The idea that stock should be included in accounts at the lower of historical cost and net realisable value follows the prudence convention but not the consistency convention.’Required:(a) Do
Draw up a bank reconciliation statement, after writing the cash book up to date, ascertaining the balance on the bank statement, from the following as on 31 March 20X9: Cash at bank as per bank
The following are extracts from the cash book and the bank statement of F Perry.You are required to:(a) Write the cash book up to date, and state the new balance as on 31 December 20X9, and(b) Draw
The bank columns in the cash book for June 20X7 and the bank statement for that month for D Hogan 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 R Hood for the month of March 20X6 is:The cash book for March 20X6 is:You are required to:(a) Write the cash book up to date, and(b) Draw up a bank reconciliation statement as
The following is the cash book (bank columns) of F King 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
Read the following and answer the questions below. On 31 December 20X8 the bank column of C Tench’s cash book showed a debit balance of £1,500. The monthly bank statement written up to 31
In the draft accounts for the year ended 31 October 20X9 of Thomas P Lee, garage proprietor, the balance at bank according to the cash book was £894.68 in hand. Subsequently the following
The following is a summary of a cash book as presented by George Ltd for the month of October:All receipts are banked and all payments are made by chequeOn investigation you discover:(1) Bank charges
You are required to prepare a sales ledger control account from the following for the month of November: 20X7 Nov Nov 1 Sales ledger balances Totals for November: Sales journal Returns inwards
You are required to prepare a purchases ledger control account from the following for the month of April. The balance of the account is to be taken as the amount of creditors as on 30 April.
From the following figures, compile debtors ledger and creditors ledger control accounts for the month, and ascertain what the net balances of the respective ledgers should be on 31 January 20X0.
Prepare a sales ledger control account from the following information for October 20X6, carrying down the balance at 31 October: 20X6 Oct Oct Sales ledger balances 31 Sales journal Bad debts written
The trial balance of Outsize Books Ltd revealed a difference in the books. In order that the error(s) could be located it was decided to prepare purchases and sales ledger control accounts.From the
During the half year, debit balances in the sales ledger, amounting to £438, were transferred to the purchases ledger.Required:Prepare the sales ledger control account and the purchases ledger
The following extracts have been taken from the subsidiary books of the business owned by D Jenkinson for the month of April 20X0.It should be noted that the balances in the accounts of D
The financial year of The Better Trading Company ended on 30 November 20X7. You have been asked to prepare a Total Debtors Account and a Total Creditors Account in order to produce end-of-year
(a) Why are many accounting systems designed with a purchases ledger (creditors ledger) control account, as well as with a purchases ledger (creditors ledger)?(b) The following errors have been
Control Accounts are used mainly for debtors and creditors. Explain:(a) Why it may be appropriate to use control accounts.(b) The advantages of using them.
Explain the concept of prudence in relation to the recognition of profits and losses.
The balance sheet as at 31 May 20X7 of Forest Traders Limited included a provision for doubtful debts of £2,300. The company’s accounts for the year ended 31 May 20X8 are now being prepared. The
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