New Semester Started Get 50% OFF Study Help! --h --m --s Claim Now

Question Answers

Textbooks

Find textbooks, questions and answers

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Study Help
Tutors
AI Study Planner NEW
Sell Books

Search
Sign In
Register

study help
business
mastering accounting skills

Mastering Accounting Skills 3rd Edition Margaret Nicholson - Solutions

S. Munro started a new business on 1 July. In your ledger write up the double entry accounts needed to record the following transactions: Jul 1 2 Started a new business with 8,000 in a business bank account Bought goods on credit from M. Clifton costing 362.40 plus VAT 63.42, total invoice 425.82 5
C. Gulliver started a new business on 1 September. In your ledger write up the double entry accounts needed to record the following transactions: Sep 1 Started a new business with 7,000 in cash 3 Bought goods on credit from G. Stewart costing 386.76 plus VAT 67.68, total invoice 454.44
M. Gonzalas started a new business on 1 October. In your ledger write up the double entry accounts needed to record the following transactions: Oct 1 Started a new business with 9,000 in a business bank account 2 Bought goods on credit from Tee-Jay Products costing 392.75 plus VAT 68.73, total
Dean Sayer started a new business on 1 May. In your ledger write up the accounts needed to record the following transactions. May 1 Started business with 7,000 in cash 3 Sold goods on credit to K. Bradshaw priced at 300.80 plus VAT 52.64, total invoice 353.44 6 Paid 5,000 of the cash into a bank
M. Daswani started a new business on | June. In your ledger write up the accounts needed to record the following transactions. Jun 1 2 Started business with 10,000 in a business bank account Sold goods on credit to T. Ross priced at 369.20 plus VAT 64.61, total invoice 433.81 4 Sold goods on credit
Thomas Wagner started a new business on 1 July. In your ledger write up the accounts needed to record the following transactions. Jul 1 Started business with 8,000 in cash 3 Sold goods on credit to Oakwood Stores priced at 295.26 plus VAT 51.67, total invoice 346.93 7 Paid 7,500 of the cash into a
Joseph McKenzie started a new business on 1 August. In your ledger write up the accounts needed to record the following transactions. Aug 1 Started business with 7,000 in a business bank account Sold goods on credit to Montague Giles priced at 250.64 plus VAT 43.86, total invoice 294.50 3 8
For each of the following transactions, complete the blank spaces by inserting the name of the account to be debited and the name of the account to be credited. (For the moment we shall concentrate on the debit and credit aspects of each transaction and ignore VAT.) (a) Paid motor expenses in cash.
For each of the following transactions, complete the blank spaces by inserting the name of the account to be debited and the name of the account to be credited. (For the moment we shall concentrate on the debit and credit aspects of each transaction and ignore VAT.) (a) Bought goods paying in cash.
For each of the following transactions, complete the blank spaces by inserting the name of the account to be debited and the name of the account to be credited. (For the moment we shall concentrate on the debit and credit aspects of each transaction and ignore VAT.) (a) Paid electricity bill by
For each of the following transactions complete the blank spaces by inserting the name of the account to be debited and the name of the account to be credited. (For the moment we shall concentrate on the debit and credit aspects of each transaction and ignore VAT.) (a) Goods are returned to R.
A. Oldridge started a new business on 1 May 20-7. In your ledger write up the double entry accounts needed to record the following transactions: May 1 Started business with 5,000 in a business bank account 2 Bought goods on credit from J. Richardson costing 750.00 plus VAT 131.25, total invoice
Keith Wilson started a new business on 1 June 20-7. In your ledger write up the double entry accounts needed to record the following transactions: Jun 1 Started business with 10,000 in cash 2 Bought goods on credit from Kruger Imports costing 502.54 plus VAT 87.94, total invoice 590.48 3 Paid rent
Denise Shelley started a new business on 1 August 20-7. In your ledger write up the double entry accounts needed to record the following transactions: Aug 1 Started business with 5,000 in a business bank account 2 Bought goods on credit from Smith & Weston costing 359.20 plus VAT 62.86, invoice
Complete the blank spaces by inserting the name of the ledger in which the following accounts would appear. The first one is completed as an example. (a) D. Wilson customer's account (b) Purchase returns account (c) Motor expenses account (d) Motor vehicles account (e) Smith & Pearson supplier's
Complete the blank spaces by inserting the name of the ledger in which the following accounts would appear: (a) Machinery account (b) B. Senior customer's account (c) Purchases account (d) Office furniture account (e) Newstylax supplier's account (f) Purchase returns account ledger ledger ledger
You are responsible for keeping the purchase, sales and nominal ledgers of Oaklands Fencing. Open ledger accounts and enter the following balances as at 1 February 20-6: DR Keswick Timber Premier Imports Decking Centre 896.84 Morris Parks 675.20 Bank 5,979.76 Furniture & fittings 7,520.58 Purchases
You are responsible for keeping the purchase, sales and nominal ledgers of David Williams. Open ledger accounts and enter the following balances as at 1 May 20-6:In your ledger write up the double entry accounts to record the following transactions for the month of May 20-6. At the end of the month
You are responsible for keeping the purchase, sales and nominal ledgers of Moorland Textiles. Open ledger accounts and enter the following balances as at 1 November 20-6:In your ledger write up the double entry accounts to record the following transactions for the month of November 20-6. At the end
Prepare a trial balance as at 30 November 20-6 using the balances remaining on the accounts for Moorland Textiles (see Assignment 6.4).
Prepare a trial balance as at 31 May 20-6 by listing the balances remaining on the accounts for David Williams (see Assignment 6.5).
(a) The imprest (float) to start the month was £150.00. You have petty cash vouchers to the value of £135.20. How much should be in your petty cash box?(b) The imprest at the start of the month was £175.00. If £164.30 is spent during the month, how much will you receive at the end of the
Look carefully at the illustration of the completed petty cash book for the month of February 20-6 on page 72 and answer the following questions:What is the amount of the imprest?How much was spent on stationery during the month?Was there any petty cash left at the end of the month? If so, how
Pudsey Electronics operates an analytical petty cash book using the imprest system with analysis columns for: VAT, Postage, Stationery, Refreshments, Sundry expenses and Ledger. On 1 September 20-7 there was an opening balance of £38.42.As the petty cashier, you are required to perform the
Mark Alexander is a sole trader who operates an analytical petty cash book using the imprest system, with analysis columns for VAT, Postage, Stationery, Refreshments, Sundry Expenses and Ledger. The imprest of£230.00 is restored at the beginning of each month.As petty cashier, you are required to
Hazar Khan operates an analytical petty cash book using the imprest system, with analysis columns for VAT, Postage, Stationery, Refreshments, Sundry expenses and Ledger. The imprest of £180.00 is restored at the beginning of each month.As petty cashier you are required to enter the following
Michelle Singleton operates an analytical petty cash book using the imprest system, with analysis columns for VAT, Postage, Stationery, Refreshments, Sundry expenses and Ledger. The imprest of £220.00 is restored at the beginning of each month.As petty cashier, you are required to enter the
Robert Groves operates an analytical petty cash book using the imprest system, with analysis columns for VAT, Postage, Stationery, Refreshments, Sundry expenses and Ledger. The imprest of £200.00 is restored at the beginning of each month.As petty cashier, you are required to enter the following
Thomas Wagner operates an analytical petty cash book using the imprest system, with analysis columns for VAT, Postage, Stationery, Refreshments, Sundry expenses and Ledger. The imprest of £190.00 is restored at the beginning of each month.As petty cashier, you are required to enter the following
Explain briefly the meaning of the term ‘standing order’.
(a) What does the abbreviation R/D stand for?(b) Give two reasons why a cheque may be marked R/D.
State two advantages of a current account.
What is a ‘bank overdraft’?
Why is it necessary to complete a cheque counterfoil?
Name the three participants involved when a cheque is used.
Explain why a BACS method of payment may be chosen.
(a) Who is the drawer on a cheque?(b) State the details that need to be completed when writing a cheque.
Robert Hurford keeps a two-column cash book. During the month of May 20-8 the following transactions took place. Enter each transaction in the cash book, balance the cash book at the end of the month, and bring down the balances. May 1 Balances brought down from previous month: cash 262; bank 2,756
Ann Bannister keeps a two-column cash book. During the month of September 20-8 the following transactions took place. Enter each transaction in the cash book, balance the cash book at the end of the month, and bring down the balances. Sep 1 Balances brought down from the previous month: cash 308; 3
James Chang keeps a two-column cash book. During the month of October 20-8 the following transactions took place. Enter each transaction in the cash book, balance the cash book at the end of the month, and bring down the balances. Oct 1 23458021222 Balances brought down from the previous month:
William Dyson keeps a two-column cash book. During the month of September 20-8 the following transactions took place. Enter each transaction in the cash book, balance the cash book at the end of the month, and bring down the balances. Sep 1 Balances brought down from previous month: cash 248; bank
Alison D. Klerk keeps a two-column cash book. During the month of October 20-9 the following transactions took place. Enter each transaction in the cash book, balance the cash book at the end of the month, and bring down the balances. Oct 1 Balances brought down from the previous month: cash 269;
Douglas Lockwood keeps a two-column cash book. During the month of September 20-9 the following transactions took place. Enter each transaction in the cash book, balance at the end of the month, and bring down the balances. Sep 1 Balances brought down from previous month: cash 78; bank overdraft
Harry Bairstow keeps a three-column cash book. During the month of June 20-9 the following transactions took place:You are required to:(a) Enter the opening balances.(b) Enter details of receipts and payments, including cash discounts. (c) Total and balance the cash book and bring down the
Wilson Singer keeps a three-column cash book. During the month of September 20-8 the following transactions took place:(a) Enter the opening balances.(b) Enter details of receipts and Napiients including cash discounts.(c) Total and balance the cash book and bring down the balances.(d) Total the
Gina Howard keeps a three-column cash book. During the month of October 20-8 the following transactions took place:You are required to:(a) Enter the opening balances.(b) Enter details of receipts and payments including cash discounts.(c) ‘Total and balance the cash book and bring down the
Simms Enterprises keeps a three-column cash book. During the month of May 20-8 the following transactions took place:You are required to:a) Enter the opening balances.b) Enter details of receipts and payments including cash discounts.c) Total and balance the cash book and bring down the balances.d)
You are responsible for compiling, in date order, the analysed purchases and purchase returns day books for Pick-up Parts. The firm analyses its invoices and credit notes into two departments, Tyres and Exhausts. At the end of the month you are required to post the analysed day books to the
You are responsible for compiling, in date order, the analysed purchases and purchase returns day books for Europas Fashions. The firm analyses its invoices and credit notes into two departments, Jackets and Jeans. At the end of the month you are required to post the analysed day books to the
You are responsible for compiling, in date order, the analysed purchases and purchase returns day books for Marcus Cavendish. The firm analyses its invoices and credit notes into two departments, China and Cutlery. At the end of the month you are required to post the analysed day books to the
You are responsible for compiling, in date order, the analysed purchases and purchase returns day books for Kerterama Ltd. The firm analyses its invoices and credit notes into two departments, Curtains and Cushions. At the end of the month you are required to post the analysed day books to the
You are responsible for compiling, in date order, the analysed sales and sales returns day books for Shandley Group. The firm analyses its invoices and credit notes into two departments, Paint and Wallpaper. At the end of the month you are required to post the analysed day books to the sales and
You are responsible for compiling, in date order, the analysed sales and sales returns day books for Colorcraft Ltd. The firm analyses its invoices and credit notes into two departments, Blinds and Curtains. At the end of the month you are required to post the analysed day books to the sales and
You are responsible for compiling, in date order, the analysed sales and sales returns day books for Avenger Sportswear. The firm analyses its invoices and credit notes into two departments, Shirts and Shorts. At the end of the month you are required to post the analysed day books to the sales and
From the following trial balance of Sandra Ramsden, who has been trading for one year, you are required to draw up a trading and profit and loss account and balance sheet for the year ended 31 December 20-6. Trial balance as at 31 December 20-6 DR CR Sales 20,662 Purchases 15,269 Rent 650
The following trial balance was taken from the books of Michael Seymour after one year’s trading. You are required to prepare a trading and profit and loss account and balance sheet for the year ending 31 December 20-7. Trial balance as at 31 December 20-7 DR Purchases 14,650 Sales CR 18,874
From the following trial balance of Pauline Ellis you are required to prepare a trading and profit and loss account for the year ended 31 May 20-7 anda balance sheet as at that date. Trial balance as at 31 May 20-7 DR CR Capital on 1 June 20-6 Purchases 20,508 23,308 Sales 27,974 Debtors 3,670
From the following trial balance of Frederick Allen, you are required to draw up a trading and profit and loss account for the year ending 31 October 20-7 and a balance sheet as at that date. Trial balance as at 31 October 20-7 DR CR Sales 35,650 Purchases 28,452 Stock at 1 November 20-6 5,425
On 31 March 20-8 the following trial balance was taken from the books of James Conway: Trial balance as at 31 March 20-8 DR CR 38,200 Capital on 1 April 20-7 Cash at bank Cash in hand Debtors 13,326 234 15,808 Creditors 13,864 Stock at 1 April 20-7 Motor van 16,940 7,000 Sales 45,736 Purchases
David Nicholson is the owner of a textile business. He has completed his trading and profit and loss account for the year ended 31 December 20-2.The following balances remain in his ledger:You are required to:(a) Prepare a balance sheet as at 31 December 20-2 clearly showing all the items under the
Anne Parfitt owns a retail carpet business. After her trading and profit and Joss account for the year ended 31 May 20-5 was completed, the following balances remain in her ledger:You are required to:(a) Prepare a balance sheet as at 31 May 20-5 clearly showing all the items under the appropriate
A packing machine was purchased for £20,000. The business plans to use it for five years, and it is estimated that at the end of that time it will have a disposal value of £5,000. Depreciation is to be calculated by the straight line method.You are required to calculate the amount of depreciation
John Preston purchased a delivery van on 1 January 20-7 costing £8,000. He anticipated he would keep it for three years, and it would then be sold for an estimated figure of £2,744. He decided to calculate depreciation at the rate of 30 per cent per annum, using the reducing balance method.You
Michael Johnson purchased a new fork-lift machine costing £10,500. He expects to keep it for four years and at the end of that time its residual value is estimated to be £2,520.You are required to show your calculations for depreciation for each of the four years using:(a) the straight line
Ross Brothers purchased a new machine in July 20-7 costing £3,000. It is estimated it will have a useful life of five years, and a disposal value at the end of this time of £712. Accounts are prepared to 31 December each year and a full year’s depreciation is provided in the year of
D. Armstrong’s accounts are prepared to 31 December each year. He provides depreciation for his motor vehicles at a rate of 20 per cent per annum using the diminishing balance method.On 1 January 20-5, Armstrong bought a motor van costing £6,500. On 1 April 20-6 Armstrong purchased a further
K. Gillow prepares his accounts annually to 30 June. He depreciates all his machinery at a rate of 30 per cent per annum on the reducing balance method. Details of the machines and the dates of purchase are as follows:In the year of purchase, depreciation is to be calculated according to the number
Graham Dyson purchased machinery for £3,000 in April 20-4. It is expected to have an effective working life of five years and its estimated disposal value at the end of this period is £712.You are required to show the machinery and the provision for depreciation accounts for the five years.
David Allen purchased a vehicle costing £23,000 on 1 January 20-3. Its useful life is anticipated to be five years. At the end of this time it is estimated to be worth £3,000. A provision for depreciation is to be established and depreciation charges calculated on the fixed instalment method.
Brian Tate purchased machinery costing £25,000 in March 20-5. It is the firm’s policy to depreciate machinery by direct depreciation on the machinery account, using the reducing balance method at a rate of 20 per cent per annum. A full year’s depreciation is charged in the year of purchase and
James Clayton purchased a motor van on 1 June 20-5 costing £10,800, paying by cheque. It was estimated he would keep it for three years, providing depreciation at a rate of
per cent per annum by the reducing balance method. On 1 June 20-8 the van was sold for £3,000 cash. Final accounts are prepared to 31 May each year.You are required to write up for the years 20-5, 20-6, 20-7, 20-8 and 20-9:(a) G@) motor van account(ii) provision for depreciation account(iii)
William Evans is a sole trader, and his financial year ends on 31 December each year. On 4 January 20-5 he purchased machinery costing £15,500, paying by cheque. Evans plans to use the machinery for four years and estimates that at the end of that time its residual value will be £3,000.A
(i) What is meant by depreciation, and why is it important for a business to provide for depreciation?(ii) A. Swain is a haulage contractor. On 1 January 20-6 he purchased three tipper lorries for £4,800 each. Mr Swain estimated that his lorries would have an effective working life of five years
On 1 March 20-7, D. Nelson owes your firm £76.50. He is declared bankrupt and it is decided reluctantly on 30 March 20-7 to write off the debt as a bad debt. You are required to prepare D. Nelson’s account and a bad debts account.
Alan Senior is a debtor who owes your firm £350. Because of serious financial difficulties he is unable to pay and asks you to agree to a payment of 50 per cent in full settlement of the debt. After consideration, you agree and he pays by cheque on 30 November 20-7. You are required to prepare
A. Baxter is declared bankrupt owing your firm £175. On 15 April 20-7, you receive a final settlement payment of 45 pence in the pound, in cash. You are required to prepare A. Baxter’s account and a bad debts account.
John London’s debt of £220 was written off some years ago. On 3 August 20-7, you receive a cheque and a note saying he is now in a position to repay his debt. You are required to open the necessary ledger accounts to show how this matter would be dealt with.
Every business that sells goods on credit wishes to avoid bad debts. You are required to:(a) Describe the steps you would take before a new customer is allowed credit.(b) State how you would deal with this customer if his creditworthiness is doubtful.
(a) What are bad debts? Why is it necessary to write off bad debts? (b) From the information given below, write up the bad debts account in the books of Jean Wilder for the year 20-7. Debts written off as irrecoverable were:On 1 December 20-7, a final dividend of 5 pence in the pound was received
Paul Simpson is a sole trader. During the year ended 31 March 20-8 the following customers were declared bankrupt:You are required to write up the bad debts account in the ledger of Paul Simpson for the year ended 31 March 20-8. Include all relevant dates and show clearly the amount to be
Nigel Barker runs a small business. He decided to make a provision for bad debts equal to 5 per cent of the total debtors outstanding at the end of each financial year.You are required to:(a) Prepare the provision for bad debts account for the years ended 31 December 20-5 and 20-6.(b) Show the
H. Crawford had a business that adjusted its provision for bad debts at the end of the financial year, at a given percentage of the total debtors. The percentage varied each year, depending on the economic situation.Irrecoverable debts were written off during the year to a bad debts account, as and
On 20 September 20-7, Brian Fox's debtors totalled £12,000. He decided to write off the following as bad debts:He further decided to make a provision for doubtful debts of 10 per cent on the remaining debtors. On 30 September 20-8 his debtors totalled £10,000 when Brian Fox decided to maintain
(a) What are the differences between bad debts written off and provision for bad debts?(b) Give two reasons for creating a provision for bad debts.(c) What is meant by bad debts recovered? How are such items entered in the profit and loss account of a business?(d) On 1 January 20-4 there was a
From the following information, prepare a sales ledger control account for the month of May, showing clearly the balance carried forward at 31 May 20-7. May 1 Sales ledger balances 4,760 Sales day book 5,912 Sales returns day book 423 Cheques received from customers 3,969 Discount allowed 179 Bad
From the following information, prepare a purchase ledger control account for the month of May, showing clearly the balance carried forward at 31 May 20-7. May 1 Purchase ledger balances Purchases day book Purchase returns day book Cheques paid to creditors Discount received 8,904 7,038 324 6,604
From the following information, prepare a sales ledger control account for the month of June, showing clearly the balance carried forward at 30 June 20-7. June 1 Sales ledger balances Sales day book 6,869 12,762 Sales returns day book 295 Cash received from customers 187 Cheques received from
From the following information, prepare a purchase ledger control account for the month of June, showing clearly the balance carried forward at 30 June 20-7. June 1 Purchase ledger balances Purchases day book Purchase returns day book Cheques paid to creditors Discount received 13,561 17,614 232
Khalid Shah extracted the following balances from his books for the month of January 20-7.You are required to:(a) Prepare a sales ledger control account for the month of January, clearly showing the balance carried forward at 31 January 20-7.(b) Prepare a purchase ledger control account for the
The following information relates to the sales ledger control account for ledger number 2, K to R.(a) Write up the sales ledger control account from the information given above.(b) Comment on the significance of the closing figure as revealed by the control account with the figure for debtors as
James Grant runs a small mail order business. On 1 January 20-7 there was£500 owing for rent in respect of the business premises. During the year the following payments were made for rent, by cheque:On 31 December 20-7 there was £500 owing for rent.You are required to write up James Grant’s
The following information refers to the rates account in the ledger of K.Parker. On 1 January 20-7 the rates prepaid were £525. During the year the following payments were made for rates, by cheque:30 April £1,150 for the six months ending 30 September 20-7.5 October £1,150 for the six months
The following information is available in respect of the electricity account in the ledger of M. Summers. On 1 July 20-6 there was an unpaid bill for electricity of £287. During the year the following payments were made for electricity, by cheque.On 30 June 20-7 there was an electricity account
The following information refers to the packing materials account in the ledger of David Dyson:You are required to write up and balance the packing materials account for the year ended 31 May 20-5, showing clearly the amount to be transferred to the final accounts and the amount to be carried
During the year ended 31 December 20-4, Nigel Giffard paid the following amounts for rent by cheque.You are required to:(a) Enter the above information in the rent account of Nigel Giffard.(b) Balance the rent account at 31 December 20-4, showing clearly the amount to be transferred to the final
Tony Simms’ trading account shows net sales of £40,850 and a gross profit of £20,620.You are required to enter a correct formula and calculate his gross profit ratio.
Ruth Sampson's final accounts show a net profit of £10,158 and net sales of £38,726. Two of the expenses in the profit and loss account are: rent and rates £6,250 and salaries £10,430. You are required to enter correct formulae and calculate:(i) Net profit ratio.(ii) Rent and rates expense
John King’s final accounts show a gross profit of £50,126, a net profit of£20,852 and net sales of £84,734. Two of the expenses in the profit and loss account are advertising £2,208, and heat and light £3,250. You are required to enter correct formulae and calculate:(i) Gross profit
Use the figures in the trading, profit and loss account and balance sheet you prepared for Richard Martin in Assignment

Showing 600 - 700 of 705

1
2
3
4
5
6
7
8

Step by Step Answers

Services

Sitemap
Fun
Definitions
Become Tutor
Used Textbooks
Study Help Categories
Recent Questions
Expert Questions
Campus Wear
Sell Your Books

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship
Online Quiz
Give Feedback, Get Rewards

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Student Discount
Campus Ambassador

Secure Payment

Download Our App

© 2026 SolutionInn. All Rights Reserved