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business
frank woods business accounting
Questions and Answers of
Frank Woods Business Accounting
F. Tain is opening his first boutique on 1 July 2002. He is investing £30,000 as capital. His plans are as follows:(i) On 1 July 2002 to buy and pay for premises £60,000; shop fixtures £4,000;
M. Lamb is going to set up a new business on 1 April 2005. She estimates that her first six months in business will be as follows:(i) She will put £60,000 into a bank account for the business on 1
(a) What is meant by the terms:(i) Budget(ii) Operating budget(iii) Master budget?(b) The information below relates to the business of Madingley Ltd:The following is a schedule of the budgeted income
The following information has been extracted from the books of Issa Ltd for the financial year ended 31 December 2010.The company had commenced the preparation of its budget for the year ending 31
The balance sheet of Pies and Cakes Ltd at 30 June 2008 was expected to be as follows:The plans for the six months to 31 December 2008 can be summarised as:(i) Production costs per unit will be:(ii)
The following information relates to the actual sales of Griffton Ltd during the last four months of its financial year.The budgeted information below relates to the next financial year commencing 1
The summarised balance sheet of Newland Traders at 30 May 2007 was as follows:Selling and materials prices at 30 May 2007 provide for a gross profit at the rate of 25 per cent of sales.The creditors
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) What is meant by the terms contribution and marginal cost?(b) Barton & Co Ltd make and sell 2,000 units per month of a product ‘Barco’. The selling price is £65 per unit, and unit costs are:
Reed Ltd manufactures three products A, B and C. Budgeted costs and selling prices for the three months ending 30 September 2002 are as follows:Labour costs are 3 per hour, and material costs are 4
The figures given below are all that could be salvaged from the records after a recent fire in the offices of Firelighters Limited. The company manufactures a single product, has no raw materials or
vale Manufacturing started in business on 1 April 2003, and incurred he owing costs during its first three years.Required:(a) Prepare a statement showing the gross profit for each of the three years
In a factory, four types of jobs are performed in separate production departments A, B, C and D. In addition there are three service departments, K, L and M. Costs have been allocated to the
For the factory in Question 37.1, what would be the costs of the following jobs given that the direct labour costs per hour are: Dept A £5; B £4; C £6; D £7?Data From Question 37.1:-In a factory,
(a) Explain the difference between the terms overhead allotment, overhead apportionment and overhead absorption.(b) Why are estimated figures used in calculating overhead absorption rates?(c) The
Horden Products Ltd manufactures goods which could involve any or all of three production departments. These departments are simply entitled A, B and C. A direct wages cost percentage absorption rate
For the year ended 31 December 2007, the quantities of units sold are expected to be:The opening stock at 1 January 2007 will be 144 units. The closing stock desired at 31 December 2007 is 150
(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)
Plant and equipment was purchased on 1 January 2003 for £30,000, when the relevant specific price index was 90. What is the current cost value of the asset at 31 December 2004 if the index at that
The plant and equipment, details of which are given in Question 30.4, is depreciated on a straight line basis at 10 per cent per annum. The depreciation charge is based on year end values.What is the
Calculate backlog depreciation at 31 December 2005 for the plant and equipment, the details of which are given in Question 30.5A.Data From Question 30.5:-The plant and equipment, details of which are
A company purchased equipment on 1 January 2004 for £40,000, at which date the relevant price index for equipment was 100. Depreciation is charged on a straight line basis at 25 per cent per annum.
The historical cost of sales figure for Pear Ltd for the year ended 31 December 2003 is calculated as follows:Price indices for inventory are as follows:Required:Assuming that purchases occur evenly
The balance sheet of Seafield Ltd at 31 December 2004 shows the following balances:The relevant price indices for trade debtors and trade creditors are:Required:Using the above information, calculate
If the relevant price indices for trade debtors and trade creditors are as follows, calculate the monetary working capital adjustment for Seafield Ltd, using the details given in Question 30.9A.Data
The information given below has been extracted from the accounting records of Cedarwood Ltd for the year ending 30 June 2004. Prepare a statement showing the current cost operating profit to 30 June
The balance sheet for Cremore Ltd at 31 December 2003 is given below (£000):Required:Using the above information, calculate the gearing adjustment percentage: Plant and equipment Cost Depreciation
The following information has been extracted from the accounting records of Sycamore Ltd for the year ended 30 June 2003.Required:Prepare a current cost profit and loss account for Sycamore Ltd for
You are presented with the following information relating to Messiter ple:Required:(a) Using the historical cost financial statements and stating the formulae you use, calculate the following
The following information relates to the Brodick group of companies for the year to 68) April 2007:Additional information:(a) The issued share capital of the group was as follows:Brodick plc:
You are presented with the following summarised information for Norbreck plc-and its subsidiary, Bispham Ltd:Additional information:(a) Norbreck plc acquired 80 per cent of the shares in Bispham Ltd
The following figures for the year to 30 April 2006 have been extracted from the books and records of three companies which form a group:Profits are deemed to accrue evenly throughout the year.Other
The following are the trial balances of ATH Ltd, GLE Ltd, and FRN Ltd as at 31 December 2008.ATH Ltd acquired the shares in FRN Ltd on 31 December 2006, when the credit balance on the profit and loss
Large plc, a manufacturer and wholesaler, purchased 600,000 of the 800,000 tesd iordinaty shares of a smaller company, Small Ltd, on 1 January 2005 when the retained earnings account of Small Ltd had
Q plc has three subsidiaries: L Ltd, M Ltd, and N Ltd. All three were acquired on 1 January at the start of the financial year which has just ended. Q has a 55 per cent, 70 per cent and 95 per cent
At the end of 2005, a parent company, P plc, with one subsidiary had a holding representing 10 per cent of the equity of R Ltd, a clothing company. It had cost £80,000 when purchased at the start of
Relevant balance sheets as at 31 March 2004 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
Huge plc acquired a holding of 600,000 of the 800,000 ordinary £1 shares of Large plc on 1 October 2005 when the revenue reserves of Large stood at £320,000.On 1 October 2006, the directors of
Using the following balance sheet and profit and loss accounts, calculate and comment on ten accounting ratios (ignore taxation):The note on Movements in Shareholders’ Funds shows that retained
The directors of L Ltd appointed a new sales manager towards the end of 2002. This manager devised a plan to increase sales and profit by means of a reduction in selling price and extended credit
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:Additional information:1
Three companies have the capital structures shown below.The return on capital employed was 20 per cent for each firm in 2004, and in 2005 was 10 per cent.Corporation tax in both years was assumed to
Martha is the accountant of a trading business. During the past year she produced interim accounts for the six months ended 30 November 2005, and draft final accounts for the year ended 31 May 2006,
The following are extracts from the balance sheets as at 31 March 2004 and 31 March 2005 of Glebe Ltd:Required:(a) Calculate for each of the two years two ratios that indicate the liquidity position
The following information has been extracted from the accounts of Witton Way Ltd:Additional information: During the year to 30 April 2006, 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:1 The operating profit before interest and tax for the year to 31 March 2008
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 are the financial statements of D Limited, a wholesaling company, for the year ended 31 December:The following information should be taken into consideration.1 You may assume that:(i)
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
The following balance sheets were drawn up as at 31 March 2005. The person drafting the balance sheet of Parent Ltd was not too sure of an item and has shown it as a suspense amount. Parent Ltd
The following balance sheets of Pop Ltd and Son Ltd were drawn up as at 31 December 2007. Draw up the consolidated balance sheet as at that date. Pop Ltd Balance Sheet as at 31 December 2007
Draw up a consolidated balance sheet as at 31 October 2003 from the following information. Pa and Ma Ltd Balance Sheet as at 31 October 2003 Investment in subsidiary: 42,000 shares bought
The following are the summarised balance sheets of P Ltd and S Ltd at 31 December 2006.There were no additions or disposals of fixed assets by the group during the year.(b) P Limited acquired its
Xplc acquired 80 per cent of the ordinary share capital of Y plc on 1 January 2006 for £300,000.The lists of balances of the two companies at 31 December 2006 were as follows:(a) A remittance of
P plc acquired 80 per cent of the ordinary share capital of S plc for £150,000 and 50 per cent of the issued 10 per cent cumulative preference shares for £10,000, both purchases being effected on 1
From the following balance sheets and further information you are to draw up a consolidated balance sheet as at 31 December 2003.During the year Parent Ltd had sold to Subsidiary Ltd for £70,000 a
From the following balance sheets are supplementary information you are to draw up a consolidated balance sheet as at 31 March 2004.During the year Pop and Mom Ltd sold a fixed asset to Son Ltd. It
When Parental Times Ltd bought the shares of Siblings Ltd it valued the fixed assets at £120,000 instead of the figure of £90,000 as shown in the balance sheet of Siblings Ltd.Draw up a
When Parent Undertakings Ltd took control of Sons and Co Ltd it valued the fixed assets at 31.12.2007 at’ £75,000 instead of £60,000 as shown.Draw up the consolidated balance sheet as at 31
On 1 April 2001, Machinery Limited bought 80 per cent of the ordinary share capital of Components Limited. On 1 April 2003, Machinery Limited was itself taken over by Sales Limited who purchased 75
Bryon Ltd has held 1,500,000 shares in Carlyle Ltd for many years. At the date of acquisition, the reserves of Carlyle Ltd amounted to £800,000. On 31 March 2006 Carlyle Ltd bought 400,000 shares in
The following balance sheets were drawn up immediately after Pai Ltd had acquired control of Filho Ltd. You are to draw up a consolidated balance sheet. Pai Balance Sheet Investment in Filh Ltd:
Prepare a consolidated balance sheet from the following balance sheets of Pop Ltd and Son Ltd which were drawn up immediately after Pop Ltd had acquired the share capital of Son Ltd. Pop Balance
Papa and Mamae Ltd buys 667/3 per cent of the shares in Son and Daughter Ltd. You are to draw up the consolidated balance sheet from the following balance sheets constructed immediately control had
Immediately after Parental Time’s Ltd had acquired control of Offspring One Ltd and Offspring Two Ltd the following balance sheets were drawn up. You are to draw up a consolidated balance sheet.
Pop Ltd buys 100 per cent of the shares of Sibling Ltd on 31 December 2002. The balance sheets of the two companies on 31 December 2003 are as shown. You are to draw up a consolidated balance sheet
Dad and Mum Ltd bought 60 per cent of the shares of Child 1 and 2 Ltd on 31 March 2004.The balance sheets of the two companies on 31 March 2005 are as follows. You are to draw up a consolidated
Papai Ltd bought 51 per cent of the shares in Sons and Co Ltd on 31 October 2007. From the following balance sheets you are to draw up the consolidated balance sheet as at 31 October 2008. Papai
Pops Ltd buys shares in Sub 1 and Sub 2 on 31 December 2007. You are to draft the consolidated balance sheet as at 31 December 2008 from the following: Pops Balance Sheet as at 31 December 2008 E
P Ltd bought 40,000 shares in \($1\) Ltd and 27,000 shares in \($2\) Ltd on 31 December 2002. The following balance sheets were drafted as at 31 December 2003. You are to draw up a consolidated
The following information relates to Heather Limited and its subsidiary, Thistle*Limited.1. Heather Limited Retained profits as at 31 March 2008 £700,000.80,000 ordinary shares were purchased in
Prepare a consolidated balance sheet from the following details as at 31 March 2006.During the year, Pa sold goods which had cost £1,900 to Daughter for £2,800. None of these goods had been sold by
Draw up a consolidated balance sheet as at 31 December 2007 from the following:At the balance sheet date, Child owes Parent £3,200.During the year Parent sold goods which had cost £6,000 to Child
Prepare a consolidated balance sheet from the following details as at 31 March 2003.At the balance sheet date, Filho B owed Filho A £3,000 and Pops for Filhos owed Filho B £2,000.During the year,
You are presented with the following information from the Seneley group of companies for the year to 30 September 2006:Additional information:(a) The authorised, issued and fully paid share capital
You are to draw up a consolidated balance sheet as at 31 December 2005 from the following:At the balance sheet date, Son 1 owed Pa and Mum £2,500 and Son 2 £1,100, and Pa and Mum owed Son 2
The following summarised information relates to the Pagg group of companies.Additional information:1 Pagg acquired its shareholding in Ragg Ltd on 1 April 2005. Ragg’s profit and loss account
You are presented with the following summarised information relating to Block plc for the year to 30 September 2008:Additional information:1 Block purchased 80 per cent of the share capital of Chip
On 31 March 2003, Son Ltd had issued share capital of 75,000 ordinary £1 shares and reserves of £40,000. Two years later, the reserves had risen to £60,000 but the share capital was unchanged.Pa
On 31 October 2004, its balance sheet date, Sons and Daughters Ltd had issued share capital of 600,000 ordinary £1 shares and reserves of £340,000. Four years later, the share capital is unchanged
Pop and Mom Ltd bought 120,000 of the 200,000 issued ordinary £1 shares of Sonny Ltd for £300,000 on 31 July 2004. Sonny Ltd financial statements are drawn up annually to 31 December.The balance
On 1 January 2008, Sons and Co Ltd had an issued share capital of 200,000 ordinary £1 shares. The balance on the profit and loss account was £20,000 and there was also a general reserve of
The following trial balance of X Limited, a non-listed company, has been extracted from the books after the preparation of the profit and loss account and various transfers from profit and loss for
The following information has been extracted from the books of account of Billinge plc as at 30 June 2006:Additional information:1. The company was incorporated in 2000.2. The stock at 30 June 2006
Cosnett Ltd is a company principally involved in the manufacture of aluminium accessories for camping enthusiasts. Its trial balance at 30 September 2005 was: Issued ordinary share capital (1 shares)
The following trial balance has been extracted from the books of Arran plc as at 31 March 2007:Additional information:1. Stocks at 31 March 2007 were valued at 150,000.2. Depreciation for the year to
The following trial balance has been extracted from the books of account of Greet plc as at 31 March 2008Additional information:1. Stock at 31 March 2008 was valued at £150,000.2. The following
The accountant of Scampion plc, a retailing company listed on the London Stock Exchange, has produced the following draft financial statements for the company for the year to 31 May 2002.You discover
List the nine headings in the cash flow statement, as required by FRS 1.
Prepare a cash flow statement for Lee Ltd for the year ended 31 December 2004 as required under FRS 1 using the direct method, together with note 1 to the statement. The profit and loss account,
The balance sheets and additional information relating to Pennylane Ltd are given below.Prepare a cash flow statement for Pennylane Ltd for the year ended 31 December 2003 as required under FRS 1
State the purposes of a cash flow statement.
The following informatiohna s been extracted from the books of Nimmo Limited for the year to 31 December 2009:Additional information:1. The directors are extremely concerned about the large bank
The following summarised balance sheets relate to Track Limited:Additional information:1. During the year to 30 June 2011, some fixed assets originally costing £25,000 had been sold for £20,000 in
You are presented with the following summarised information relating to Ward plc:1. The taxation charge in the profit and loss account includes the following items:2. During the year to 30 June 2008,
The accountant of a private company has been able to get the use of a computer to produce the spreadsheets shown below but as yet the computer lacks a program to print out final accounts. The
You are presented with the following forecast information relating to Baker Limited for the nine months to 30 September 2007.Forecast profit and loss accounts (abridged) for the three quarters to 30
The following information has been extracted from the draft financial information of V Ltd:Dividend paid = £52,000(a) You are required to prepare a cash flow statement for V Ltd for the year ended
From the following selected balances of Filo plc as at 31 March 2005 draw up (i) a detailed trading and profit and loss account for internal use, and (i) a profit and loss account for publication.(a)
From the following selected balances of State plc as at 31 December 2008, prepare (j) a detailed trading and profit and loss account for the year ended 31 December 2008 for internal use and (ii) a
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