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business accounting
Questions and Answers of
Business Accounting
When depositing money in your current account you can use(A) A cheque book(B) A paying-in slip(C) A cash book(D) A general ledger.
Complete the following table:(a) Goods bought on credit from J Reid.(b) Goods sold on credit to B Perkins.(c) Vans bought on credit from H Thomas.(d) Goods sold, a cheque being received
Complete the following table:(a) Goods bought on credit from T Morgan.(b) Goods returned to us by J Thomas.(c) Machinery returned to L Jones Ltd.(d) Goods bought for cash.(e) Van bought on credit
You are to write up the following in the books:2008 July 1 Started in business with £2,400 cash.3 Bought goods for cash £630.7 Bought goods on credit £980 from T Joop.10 Sold goods for cash
You are to write up the following in the books:2008 July 1 Started in business with £2,400 cash.3 Bought goods for cash £630.7 Bought goods on credit £980 from T Joop.10 Sold goods for cash
Enter the following transactions in the accounts of L Linda:2007 July 1 Started in business with £20,000 in the bank.2 R Hughes lent us £5,000 in cash.3 Bought goods on credit from B Brown £1,530
Enter the following transactions in the accounts:2009 May 1 Started in business with £18,000 in the bank.2 Bought goods on credit from B Hind £1,455.3 Bought goods on credit from G Smart £472.5
Enter the following transactions, completing the double entry in the books for the month of May 2007:2007 May 1 Started in business with £9,000 in the bank and £1,000 in cash.2 Purchased goods
Write up the following transactions in the books of J Brown:2008 March 1 Started in business with cash £9,600.2 Bought goods on credit from J Harper £310.3 Paid rent by cash £650.4 Paid £3,000
Prepare the double entries (not the T-accounts) for the following transactions using the format:Date Account name Account nameJuly 1 Started in business with £5,000 in the bank and £1,000 cash.2
Write up the following transactions in the T-accounts of F Fernandes:Feb 1 Started in business with £11,000 in the bank and £1,600 cash.2 Bought goods on credit: J Biggs £830; D Martin £610; P
From the following statements which give the cumulative effects of individual transactions, you are required to state as fully as possible what transaction has taken place in each case. That is,
The following table shows the cumulative effects of a succession of separate transactions on the assets and liabilities of a business. The first column of data gives the opening
Which of the items in the following list are liabilities and which of them are assets?(a) Loan to C Shirley(b) Bank overdraft(c) Fixtures and fittings(d) Printers(e) We owe a supplier for goods(f)
Classify the following items into liabilities and assets:(a) Motor vehicles (f) Owing to bank(b) Premises (g) Cash in hand(c) Creditors for goods (h) Loan from D Jones(d) Stock of goods (i)
Draw up G Putty’s balance sheet from the following information as at 31 December 2008: Capital Debtors Van 7,200 1,200 3,800 Creditors 4,100 Fixtures 1,800 Stock of goods 4,200 Cash at bank 300
Draw up M Kelly’s balance sheet as at 30 June 2006 from the following items: f Capital Equipment 10,200 3,400 Creditors 4,100 Stock of goods 3,600 Debtors 4,500 Cash at bank 2,800
Complete the columns to show the effects of the following transactions:(a) We pay a creditor £340 in cash.(b) Bought PC £430 paying by cheque.(c) Bought goods on credit £1,300.(d) The proprietor
Complete the columns to show the effects of the following transactions;(a) Bought a van on credit £8,700.(b) Repaid by cash a loan owed to F Duff £10,000.(c) Bought goods for £1,400 paying by
E Silva has the following items in her balance sheet as on 7 April 2005: Capital £18,370;Creditors £2,100; Fixtures £2,800; Car £6,650; Stock of goods £3,180; Debtors £2,780; Bank £4,150;Cash
Complete the following table:(a) Bought office machinery on credit from D Isaacs Ltd.(b) The proprietor paid a creditor, C Jones, from his private funds.(c) A debtor, N Fox, paid us in cash.(d)
Complete the following table:(a) Bought lorry for cash.(b) Paid creditor, T Lake, by cheque.(c) Repaid P Logan’s loan by cash.(d) Sold lorry for cash.(e) Bought office machinery on credit from
Write up the asset and liability and capital accounts to record the following transactions in the records of J Beanie:2007 July1 Started business with £25,000 in the bank.2 Bought office furniture
You are required to open the asset and liability and capital accounts and record the following transactions for June 2008 in the records of P Bernard:2008 June 1 Started business with £12,000 in
Write up the asset, capital and liability accounts in the books of D Gough to record the following transactions:2009 June 1 Started business with £16,000 in the bank.2 Bought van paying by cheque
Write up the accounts to record the following transactions:2007 March 1 Started business with £750 cash and £9,000 in the bank.2 Received a loan of £2,000 from B Blane by cheque.3 Bought a
The balance sheet of Seafield Ltd at 31 December 19X4 shows the following balances: 31 December 19X4 31 December 19X3 Trade debtors 35,000 30,000 Trade creditors 25,000 23,000 The relevant price
The balance sheet for Cremore Ltd at 31 December 19X3 is given below: Plant and machinery Cost Depreciation Current assets Stock Debtors Cash 19X3 19X2 000 000 000 000 800 800 320 160 480 640 210 130
If you wished to assess the efficiency of a company, which of the following ratios would you use:
You are to study the following financial statements for two similar types of retail store and then answer the questions which follow.Required: Summary of Financial Statements Trading and Profit and
Study the following accounts of two companies and then answer the questions which follow. Both companies are stores selling textile goods.Required: Trading and Profit and Loss Accounts R Ltd T Ltd
Adrian Frampton was considering the purchase of one of two businesses. However, Frampton had only been provided with limited information about the businesses, as follows:Required: Summarised
Three companies have the capital structures shown below. Company Ordinary shares 12% debentures A B C 000 000 000 600 400 50 200 550 600 600 600 The return on capital employed was 20 per cent for
Martha is the accountant of a trading business. During the past year she produced interim accounts for the six months ended 30 November 19X5, and draft final accounts for the year ended 31 May 19X6,
The following are extracts from the balance sheets as at 31 March 19X4 and 31 March 19XS5 of Glebe Ltd:Required: 31 March 19X4 31 March 19X5 Current assets Stocks 20,000 25,000 Trade debtors
Colin Black is considering investing a substantial sum in the ordinary shares of Jacks Ltd. Having some accounting knowledge he has extracted the following information from the accounts for the last
The following information has been extracted from the accounts of Witton Way Ltd:Additional information:During the year to 30 April 19X6, the company tried to stimulate sales by reducing the selling
You are presented with the following information for three quite separate and independent companies:Additional information:Required: Summarised Balance Sheets at 31 March 19X7 Total assets less
The chairman of a family business has been examining the following summary of the accounts of the company since it began three years ago.The company’s products are popular in the locality and in
The following information is provided for Bessemer Ltd which operates in an industry subject to marked variations in consumer demand.Required:(a) The forecast profit and loss appropriation accounts
The following are the financial statements of D Limited, a wholesaling company, for the year ended 31 December:1 You may assume that:(i) The range of products sold by D Limited remained unchanged
G ple isang holding company with subsidiaries that have diversified interests. G plc’s board of directors is interested in the group acquiring a subsidiary in the machine tool manufacturing sector.
J plc supplies and fits car tyres, exhaust pipes and other components. The company has branches throughout the country. Roughly 60 per cent of sales are for cash (retail sales).The remainder are
Relevant balance sheets as at 31 March 19X4 are set out below:You have recently been appointed chief accountant of Jasmin (Holdings) plc and are about to prepare the group balance sheet at 31 March
What would the production levels have to be for each month if the following data was available: Units 19X5 Jan Feb Mar Apr May Jun (a) Stocks levels wanted at the end of each month 690 780 1,100
For the year ended 31 December 19X9 the sales of units are expected to be:Required:(a) What will production be per month if an even production flow is required and stock levels during the year could
(a) For each of the following, state three reasons why a firm may wish to keep:(i) a minimum stock level of finished goods, and(ii) an even level of production in the face of fluctuating demand.(b)
Ukridge comes to see you in April 19X3. He is full of enthusiasm for a new product that he is about to launch on to the market. Unfortunately his financial recklessness in the past has led him into
Draw up a cash budget for N Morris showing the balance at the end of each month, from the following information for the six months ended 31 December 19X2:(a) Opening cash (including bank) balance
Richard Toms has agreed to purchase the business of Norman Soul with effect from 1 August 19X7. Soul’s budgeted working capital at 1 August 19X7 is as follows:In addition to paying Soul for the
lan Spiro, formerly a taxi-driver, decided to establish a car-hire business after inheriting £50,000.His business year would be divided into budget periods each being four weeks.He commenced
A company’s estimated pattern of costs and revenues for the first four months of 19X7 is as follows:1 One-quarter of the materials are paid for in the month of production and the remainder two
D Smith is to open a retail shop on 1 January 19X4. He will put in £25,000 cash as capital. His plans are as follows:You are required to:(a) Draw up a cash budget for the six months ended 30 June
The summarised balance sheet of Newland Traders at 30 May 19X7 was as follows:Required:(a) Sales and purchases budgets and budgeted trading and profit and loss accounts for the six months ended 30
The balance sheet of Gregg Ltd at 30 June, 19X6 was expected to be as follows: Fixed assets Land and buildings Plant and machinery Motor vehicles Office fixtures Current assets Balance Sheet 30 June
Len Auck and Brian Land trade as partners in Auckland Manufacturing Company making components for minicomputers. To cope with increasing demand the partners intend to extend their manufacturing
(a) If you were lent £12,000 for 56 days at 9 per cent, how much interest would you pay?(b) If a debt factor offered to discount a £6,000 bill of exchange at 15 per cent, and if the bill had an
Interest of £1,000 is charged and included in a loan of £3,000. The loan has to be repaid at £750 per quarter over the next 12 months. What is the real rate of interest of the loan?
If £1,000 is invested for five years at 12 per cent compound per annum, how much interest is earned over the five years?
If the interest on the investment in question 33.4 had been compounded every six months, how much interest would have been earned over the five years?Question 33.4If £1,000 is invested for five
Shares bought on 1 January 19X2 for £2,000 were sold on 31 December 19X5 for£3,158. What was the rate of annual compound interest on the investment?
Should you accept an offer of £15,000 for your rights over the next four years to the£4,000 annual rent from shop premises you own and have leased to a local company? You could invest the £15,000
In relation to the rental income, what rate of interest does the offer made in question 33.7 represent?Question 33.7Should you accept an offer of £15,000 for your rights over the next four years to
A condition of a ten-year loan of £20,000 is that the borrower will pay equal annual amounts into a sinking fund so that it accumulates at the end of the ten years to the amount of the loan. The
If the interest on the sinking fund in question 33.9 were at 10 per cent, how much would the annual payments into it be? ;Question 33.9A condition of a ten-year loan of £20,000 is that the borrower
The following project costs have been estimated relating to the upgrading of some equipment; all the costs are being incurred solely because of the project: 19X2 January 1 One year's rent on
Assume the company in question 33.11 pays tax at 40 per cent, on 30 September each year, nine months after the end of its financial period. The company receives 25 per cent writing-down allowances on
Assuming an interest rate of 10 per cent, what is the net present value of the net of tax cash flows in question 33.12 for 19X2, 19X3, 19X4 and 19X35?Question 33.12Assume the company in question
The annual profit from a project is forecasted as:Equipment with a five-year useful economic life and no residual value will be purchased on 1 September for £30,000. £15,000 additional working
If the interest rate is 10 per cent, what is the net present value of the net cash flows arising from the project in question 33.14?Question 33.14The annual profit from a project is forecasted
If retained, a machine would be depreciated at £2,500 for the next four years, at which point it would be fully written down and scrapped. The machine could be sold at any point in the next year for
Using a discount rate of 12 per cent, what is the net present value of the project in question 33.17?Question 33.17What is the payback period on the following project cash flows? (Brackets indicate
What is the internal rate of return on the project in question 33.17?Question 33.17What is the payback period on the following project cash flows? (Brackets indicate expenditure.) Year 0 11234 Net
What is the annualised amount of the net benefits from the project in question 33.17?Question 33.17What is the payback period on the following project cash flows? (Brackets indicate expenditure.)
What is the payback on a project requiring £60,000 initial investment that has a net cash inflow of £40,000 in year 1, £25,000 in year two, and £15,000 in year three?
Using a discount rate of 10 per cert, what is the net present value of the project in question 33.21?Question 33.21What is the payback on a project requiring £60,000 initial investment that has a
What is the internal rate of return on the project in question 33.21?Question 33.21What is the payback on a project requiring £60,000 initial investment that has a net cash inflow of £40,000 in
What is the annualised amount of the net benefits from the project in question 33.21?Question 33.21What is the payback on a project requiring £60,000 initial investment that has a net cash inflow of
The annual profit from a project is forecasted as: Sales 80,000 Labour, materials, and overheads Depreciation 20,000 15,000 Net profit before tax 35,000 45,000 The project requires that a new machine
Assuming that all sales are for cash, what is the internal rate of return on the project in question 33.25?Question 33.25The annual profit from a project is forecasted as: Sales 80,000 Labour,
Which of the following two mutually exclusive alternatives should be selected if a 10 per cent interest rate is used for the calculation of net present value? Net cash flow Year 0 Net cash flow Year
Using internal rate of return, which of the two projects in question 33.27 would be preferred?Question 33.27Which of the following two mutually exclusive alternatives should be selected if a 10 per
Which of the following two mutually exclusive alternatives should be selected if a 12 per cent interest rate is used for the calculation of net present value? Net cash flow Year 0 Net cash flow Year
Using internal rate of return, which of the two projects in question 33.29 would be preferred?Question 33.29Which of the following two mutually exclusive alternatives should be selected if a 12 per
Equipment with an estimated useful economic life of five years has an NPV of £3,100 using a 10 per cent discount rate. What is the annualised equivalent of the £3,100 NPV?
Two mutually exclusive alternatives are available. Project A will require initial investment of £3,000 and run for two years at a cost of £500 per annum. Project B will require initial investment
What is the implied interest rate if equipment can be leased for four years at £20,000 per annum and the cash price is £64,800?
A machine with a five-year useful life could be purchased for £60,000. It would have zero residual value at the end of the five years. Alternatively, the machine could be rented at£14,633 per annum
The annual rental payments on a six-year lease are £4,000. If the rate of interest payable on borrowing for this purpose is 16 per cent, what is the capital value of the lease?
Roadwheelers Ltd were considering buying an additional lorry but the company had not yet decided which particular lorry to purchase. The lorries had broadly similar technical specifications and each
Hirwaun Pig Iron Co. operate a single blast furnace producing pig iron. The present blast furnace is obsolete and the company is considering its replacement.The alternatives the company is
Moray Ferries Ltd own a single ship which provides a short sea ferry service for passengers, private vehicles and commercial traffic. The present ship is nearing the end of its useful life and the
The Rovers Football Club are languishing in the middle of the Premier Division of the Football League. The Club have suffered a loss of £200,000 in their last financial year and whilst receipts from
The following balance sheets of P Ltd and S Ltd were drawn up as at 31 December 19X4. Draw up the consolidated balance sheet as at that date.*The balance of £11,000 is after deducting the proposed
The following are the summarised balance sheets of P Ltd and S$ Ltd at 31 December 19X6.Required:Prepare a consolidated balance sheet for P Limited and its subsidiary $ Limited at 31 December 19X6.
X plc acquired 80 per cent of the ordinary share capital of Y plc on 1 January 19X6 for £300,000.The lists of balances of the two companies at 31 December 19X6 were as follows:Required:Prepare a
From the following balance sheets and supplementary information you are to draw up a consolidated balance sheet as at 31 December 19XS.During the year P sold a fixed asset to S. It had cost P £3,000
P Balance Sheet as at 31 December 19XS5When P Ltd took control of $ Ltd it valued the fixed assets at 31.12.19X4 at £50,000 instead of £40,000 as shown.Draw up the consolidated balance sheet as at
From the following balance sheets you are to draft a consolidated balance sheet for the group of P, S1 and 82. P Balance Sheet as at 31 December 19X7 Investment in S1: 9,000 shares bought
From the following balance sheets prepare a consolidated balance sheet for the group of P, S1 and 82. P Balance Sheet as at 31 December 19X9 Investment in S1: 16,000 shares bought 31.12.19X8 39,000
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