Questions and Answers of Introducing Accounting

Helen Duff provides the following information:Additional information at 31 December 20*8■ Stock was valued at £9,003.■ Helen provides depreciation on office equipment at 10% per annum using the
Lynn Parker provides the following information:Additional information at 31 October 20*8■ Stock was valued at £3,199.■ Lynn provides depreciation on all assets using the reducing balance method.
David Lycett provides the following information:Additional information at 31 January 20*8■ Stock was valued at £5,141.■ Wages owing £312.■ Light and heat expenses paid in advance £248.■
Gladys Jones provides the following information:Additional information at 31 August 20*8■ Stock was valued at £16,984.■ Insurance paid in advance £180.■ Telephone bill outstanding £351.■
Tom Green provides the following information:Additional information at 30 April 20*8■ Stock was valued at £612.■ Motor expenses accrued amounted to £182.■ Insurance prepaid £132.■
Isadorah Boom provides the following information:Additional information at 31 August 20*8■ Stock was valued at £6,543.■ Wages owing amounted to £380.■ Rent paid in advance £500.■ Provision
The following information is provided for Cindy Ash:Additional information at 30 November 20*8■ Stock was valued at £10,177.■ Motor expenses owing amounted to £130.■ Light and heat expenses
Jack Simms provides the following information:Additional information at 30 September 20*8■ Stock was valued at £27,492.■ Wages owing amounted to £853.■ Rates paid in advance £1,270.■ Jack
Annie Lim provides the following information:Additional information at 30 June 20*8■ Stock was valued at £9,284.■ Annie has taken goods from the business £1,750 for her personal use.■
Sanaa Malik provides the following information relating to her business for the year ended 31 August 20*8:stock at 1 September 20*7 £13,579; stock at 31 August 20*8 £14,217; purchases £126,993;
The business has just purchased a specialised piece of computerised manufacturing machinery for £240,000. It will be used for three years. It would certainly have no resale value because of its
Rent received for the year is £3,500. The tenant should have paid £4,000.The amount to be included in the profit and loss account is ………. . This is an example of using the ……………….
Select the accounting concept to be used in the following circumstances:(a) Wages outstanding at the end of the financial year: £362.■ Accruals■ Consistency■ Materiality■ Going concern(b) A
The following information relating to GraZeb Ltd for the year ended 31 March 20*8 is given:RequiredPrepare an extract from the income statement for the year ended 31 March 20*8. Profit for the year
Accounting policies should be relevant, ……………….., comparable and understandable. (Fill the gap.)
The information relating to Rutor Ltd for the year ended 31 December 20*8 is given:RequiredPrepare an extract from the income statement for the year ended 31 December 20*8. Profit for the year before
Select the accounting concept to be used in the following circumstances:(a) Jim feels that the old ‘Olivetti’ typewriter valued at cost £47 on the balance sheet could fetch £350 at auction.■
The following information is given for Helaminge Ltd at 30 September 20*8:Authorised and issued share capital 800,000 ordinary shares of 25 pence each; premises at cost £80,000; machinery at cost
The summarised balance sheet of Duvase Ltd at 30 November 20*8 is shown.On 1 December 20*8 Duvase Ltd issued a further 200,000 ordinary shares at £1.60 per share.RequiredPrepare a summarised balance
The following information is given for Arbres Ltd at 30 April 20*8:Authorised share capital 500,000 ordinary shares of 50 pence each; issued share capital 300,000 ordinary shares 50 pence paid;
The summarised balance sheet of D Lilly Ltd at 31 March 20*8 is shown.On 1 April 20*8 D Lilly Ltd issued a further 400,000 ordinary shares at 80 pence per share.Immediately after the share issue the
The summarised balance sheet of Ousby Ltd at 31 October 20*8 is given.The non-current assets were revalued at £400,000 on 1 November 20*8.RequiredPrepare the balance sheet of Ousby Ltd at 1 November
The summarised balance sheet of Graf Ltd at 29 February 20*8 is given.The non-current assets were revalued at £200,000 on 1 March 20*8.RequiredPrepare the balance sheet of Graf Ltd at 1 March 20*8
Douglas Ltd supplies the following information after the first year of trading:Additional informationThe directors wish to transfer £50,000 to general reserve and recommend a final dividend of
Donald Ltd provides the following information after the first year of trading:Additional informationThe directors wish to transfer £40,000 to general reserve and recommend a final dividend of
Hox Ltd provides the following summarised balance sheet at 31 May 20*8:The non-current assets were revalued at £300,000 on 1 June 20*8.RequiredPrepare a summarised balance sheet at 1 June 20*8 after
Wong Ltd provides the following summarised balance sheet at 31 December 20*8:The non-current assets were revalued on 1 January 20*9 at £210,000.RequiredPrepare a summarised balance sheet at 1
The summarised balance sheet of Norest Ltd at 31 January 20*8 is given.On 1 February 20*8 Norest Ltd issued a further 100,000 ordinary shares at a price of 30 pence per share.RequiredPrepare a
The summarised balance sheet of Trosh Ltd at 31 October 20*8 is given.On 1 November 20*8 Trosh Ltd issued a further 200,000 ordinary shares at £1.75 each.RequiredPrepare a summarised balance sheet
The summarised balance sheet of Smith-Patel Ltd at 31 March 20*8 is given.On 1 April 20*8 Smith-Patel Ltd issued a further 200,000 £1 ordinary shares at £1.50. On the same date the company revalued
The summarised balance sheet of Wiley-Fox Ltd at 30 November 20*8 is given.On 1 December 20*8 Wiley-Fox Ltd issued a further 100,000 ordinary shares at 40 pence per share. On the same date the
The following trial balance has been extracted from the books of Stephanie Hood Ltd on 30 April 20*8.Additional informationThe directors recommend:■ A transfer to general reserve £50,000■ A
Pling Ltd has an authorised capital of 500,000 ordinary shares of £1 each and 250,000 10% preference shares of £1 each. The following trial balance has been extracted from the books of account at
The owner of a business is planning to include his premises as an asset in the end-of-year balance sheet at cost value of £200,000. However, the finance manager feels that this is too low a value
Outline one reason why accountants apply accounting concepts when preparing end-of-year financial statements.
Complete the following statements:■ Although the staff who work in a business are often regarded as one of its most valuable assets, they are not included in the business balance sheet. This is an
Ifor Jones supplies the following information for the month of February 20*8:Requireda) Prepare a sales ledger control account for the month of February 20*8.b) Prepare a purchases ledger control
Rory McDuff supplies the following information for the month of December 20*8:Requireda) Prepare a sales ledger control account for the month of December 20*8.b) Prepare a purchases ledger control
Melodie Clyde supplies the following information for November 20*8:RequiredPrepare a debtors’ ledger control account for the month of November 20*8. Debit balances in debtors' ledger on 1 November
Xiu Jin supplies the following information for October 20*8:RequiredPrepare a purchases ledger control account for the month of October 20*8. Credit balances in purchase ledger on 1 October
Dick Dresden supplies the following information for March 20*8:RequiredPrepare a debtors’ ledger control account for the month of March 20*8. Total debtors on 1 March 20*8 Credit sales Cash
Claire Droy supplies the following information for August 20*8:RequiredPrepare a sales ledger control account for the month of August 20*8. Total debtors on 1 August 20*8 Credit sales Cash sales Cash
The following information is given for September 20*8 for Ted Brester:RequiredPrepare a purchases ledger control account for the month of September 20*8. Total creditors on 1 September 20*8 Credit
The following information is given for May 20*8 for Greg Trout:RequiredPrepare a purchases ledger control account for the month of May 20*8. Total creditors on 1 May 20*8 Credit purchases Cash
The following information relates to the debtors’ ledger of Martin Daley for the month of July 20*8:RequiredPrepare a debtors’ ledger control account for the month of July 20*8. Total debtors on
The following information relates to the sales ledger of Frew Niell for the month of December 20*8:RequiredPrepare a sales ledger control account for the month of December 20*8. Total debtors on 1
The following information relates to the creditors’ ledger of Phillip Tyke for the month of February 20*8:RequiredPrepare a creditors’ ledger control account for the month of February 20*8. Total
The following information relates to the purchase ledger of Tricia Clott for the month of October 20*8:RequiredPrepare a purchases ledger control account for the month of October 20*8. Total
Yip provides the following information from his books of prime entry for May 20*8:Requireda) Prepare a purchase ledger control account for May 20*8.b) Explain what the control account reveals. Credit
Yip provides the following information from his books of prime entry for April 20*8:RequiredPrepare a purchase ledger control account for the month of April 20*8.
Petra provides the following information, which has been extracted from her books of prime entry on 31 August 20*8:The dishonoured cheque for £360 was originally part of the monies received and,
On 31 December 20*8 Tracy Beddow’s cash book showed a debit balance of £374.On the same date it was found that:■ Cheques amounting to £236 had not been presented at the bank for payment■ A
On 31 March 20*8 the cash book of Nancy Best showed a bank overdraft of £590.On the same date it was found that:■ Cheques amounting to £938 had not been presented at the bank for payment■ A
On 31 August 20*8 Bernard Drouin received his bank statement. It showed a credit balance of £210. The bank columns of his cash book showed a debit balance of £170.On the same date it was found
On 30 April 20*8 Pat Nicholson received her bank statement. It showed a credit balance of £858.The bank columns of her cash book showed a debit balance of £180.On the same date it was found
The bank columns of Matthew Carter are as follows:Required(a) Make any necessary adjustments to Matthew’s cash book.(b) Prepare a bank reconciliation statement at 31 October. Dr 1 Oct 3 Oct 7
The bank columns of Vera Dawson’s cash book are as follows:Vera received her bank statement on 4 February.Make any adjustments to Vera Dawson’s cash book.Prepare a bank reconciliation statement
The bank columns of Leslie Vine’s cash book are as follows:Leslie received his bank statement on 4 July.Prepare a bank reconciliation statement at 30 June. Dr 1 June 8 June 16 June 30 June 1
The bank columns of Lily Baxter’s cash book are as follows:Lily received her bank statement on 2 February,RequiredPrepare a bank reconciliation statement at 31 January. Dr 1 Jan 15 Jan 29 Jan 1
The bank columns of Rebecca Florin’s cash book are as follows:Rebecca received her bank statement on 2 April.RequiredPrepare a bank reconciliation statement at 31 March. Dr 1 Mar Balance b/d P
The bank columns of Lucy Hill’s cash book are as follows:Lucy received her bank statement on 4 December.RequiredPrepare a bank reconciliation statement at 30 November Dr 2 Nov Balance b/d 10 Nov A.
The bank columns of Tim Robson’s cash book are as follows:Tim Robson received his bank statement on 3 May.RequiredPrepare a bank reconciliation statement at 30 April. Dr 2 Apr 10 Apr 27 Apr Balance
The bank columns of Philip Robb’s cash book are as follows:Philip receives his bank statement on 5 August:RequiredPrepare a bank reconciliation statement at 31 July. Dr 1 July 17 July 24 July 1
Bjorn Tyke had cash in hand £407 and a bank overdraft of £238 on 1 August.The following transactions took place during the first week in August:Requireda) Prepare Bjorn’s cash book for the period
Arthur Mow had cash in hand £237 and a bank overdraft of £2,875 on 16 October.The following transactions took place the following week:Requireda) Prepare Arthur’s cash book for the week ended 23
Roy Becker had cash in hand £281 and a balance at bank £834 on 6 December.The following transactions took place in December:Requireda) Prepare Roy’s cash book for the period 6 December to 12
Sven David had cash in hand £88 and a balance at bank £376 on 1 May.The following transactions took place during May:Requireda) Prepare Sven’s cash book for the period 1 May to 7 May.b) Post the
B Branden had cash in hand £861 and a balance at bank £1,307 at 1 November. The following transactions took place during November:Requireda) Prepare Branden’s cash book for the period 1 November
Tom Cunningham had cash in hand £217 and a balance at bank £1,132 at 1 February. The following transactions took place during February:Requireda) Prepare Tom’s cash book for the period 1 February
The following transactions relate to the business of Robin:Requireda) Enter the transactions in the cash book.b) Balance the cash book on 30 May. 23 May 24 May 24 May 25 May 27 May 28 May 29 May 30
The following transactions relate to the business of York:Requireda) Enter the transactions in the cash book.b) Balance the cash book on 25 October. 19 October 20 October 21 October 21 October 22
The following transaction relate to the business of Dublin:Requireda) Enter the transactions in the cash book.b) Balance the cash book on 8 May. 3 May 3 May 5 May 6 May 7 May 8 May Cash sales
The following transactions relate to the business of Golightly:Requireda) Enter the transactions in the cash book.b) Balance the cash book on 9 January. 2 January 3 January 3 January 5 January 6
The following transactions relate to the business of Lamb:Requireda) Enter the transactions in the cash book.b) Balance the cash book on 10 November. 3 November 5 November 6 November 6 November 8
The following transactions relate to the business of Hunter:Requireda) Enter the transactions into the cash book.b) Balance the cash book on 8 April. 2 April 3 April 4 April 6 April 7 April 8 April 8
The following transactions relate to the business of Silver:Requireda) Enter the transactions in the cash book.b) Balance the cash book on 9 October. 3 October 4 October 7 October 8 October 8
The following transactions relate to the business of Martin:Requireda) Enter the transactions in the cash book.b) Balance the cash book on 7 May. 1 May 2 May 3 May 6 May 6 May 7 May 8 May Cash sales
On 17 December Phil draws £27,300 from the business bank account to pay the wage bill due on 20 December.On 23 December he pays £4,768 cash receipts into the bank account.RequiredShow the entries
The cash book of Rowe is shown.RequiredBalance the cash and bank columns of the cash book on 16 January and carry any balances down. Date 2 Jan 5 Jan 9 Jan 15 Jan Particulars Folio
Glaze maintains a two-column cash book. The following transactions have taken place:RequiredEnter the transactions in the cash book.The source documents used to write up the cash book are:■ Debit
Allen maintains a two-column cash book. The following transactions have taken place using the business bank account:RequiredEnter the transactions in the cash book. 1 July 4 July 6 July 7 July 8
Pratesh maintains a two-column cash book. The following cash transactions have taken place:RequiredEnter the transactions in the cash book. 1 May 2 May 5 May 6 May 7 May 8 May Cash received from
Miller maintains a two-column cash book. The following cash transactions have taken place:RequiredEnter the transactions in the cash book. 1 February 3 February 5 February 6 February 7 February 8
Rebecca owns a garage. The following transaction took place during March 20*8:Requireda) Enter the transactions in the appropriate books of prime entry.b) Show the necessary entries in the ledgers.
Jim Kelly owns a clothes shop. The following transactions took place during June 20*8:Requireda) Enter the transactions in the appropriate books of prime entry.b) Show the necessary entries in the
The following credit transactions took place during December 20*8:Requireda) Enter the transaction in the appropriate books of prime entry.b) Show the necessary entries in the ledgers.
The following credit transactions took place during October 20*8:Requireda) Enter the transactions in the appropriate books of prime entry.b) Show the necessary entries in the ledgers.
The following credit transactions took place during April 20*8:Requireda) Enter the transactions in the appropriate books of prime entry.b) Show the necessary entries in the ledgers
The following credit transactions took place during February 20*8:Requireda) Enter the transactions in the appropriate books of prime entry.b) Show the necessary entries in the ledgers.
The following credit transactions took place during August 20*8:Requireda) Enter the transactions in the appropriate books of prime entry.b) Show the necessary entries in the ledgers.
The following transaction took place during March 20*8:Requireda) Enter the transactions in the appropriate books of prime entry.b) Show the necessary entries in the ledgers.
Which book of prime entry would be used to enter the following transactions?1. Goods returned by Marshall, a customer.2. Purchase of computer for use in the office on credit from Offo Ltd.3. Goods
Explain which book of prime entry would be used to enter the following transactions:1. Goods for resale purchased on credit from Dast.2. Goods returned to Berks.3. Purchase of office equipment from
The following errors have been discovered in the books of Jenni. She has already prepared a draft trading and profit and loss account. These have revealed a gross profit of £107,648 and a net profit
The following information is available:1. Business motor expenses for the week £82 has been entered in the cash book as £28.2. Capital introduced by the proprietor £4,000 has been entered in the
The following information is available:1. Rent account has been overcast £300. Wages account has been undercast £150. Sales account has been overcast £150.2. Returns inwards £219 has been debited
The following information is available for Malcolm Troqueer:Trial balance at 31 January 20*8RequiredRedraft the trial balance, making any corrections deemed necessary. Capital Premises at cost Office
The following information is given for Sue Lycett at 31 December 20*8:Trial balance at 31 August 20*8RequiredRedraft the trial balance, making any corrections deemed necessary. Capital Vehicles at
The following information is given for Boris Klien at 31 July 20*8:capital at 1 August 20*7 £2,387; motor vehicle £18,000; machinery £21,000; premises £75,000; wages £23,471; rent £8,500; rates
The following accounts contain errors:■ Rent account■ Mortgage account■ Insurance account■ Drawings account■ Advertising account■ Returns outward■ Carriage outward■ Purchases

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