All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question
AI Study Help New

Search
Sign In
Register

study help
business
accounting

Questions and Answers of Accounting

Fox & Co. maintain control accounts, in respect of both the sales ledger and purchases ledger, within their nominal ledger. On 31 December 20X2 the net total of the balances extracted from the
Prepare the sales ledger control account and the individual credit customer's accounts for the month of November 20X2 from the details provided below.Balances in sales ledger
The following particulars relating to the year ended 31 March 20X3 have been extracted from the books of Heel and Toe, footwear wholesalers. All sales have been recorded in personal accounts in the
The balance of the purchases ledger control account in the general ledger of A. Brook and Co. at 1 September is Â£1,984.50, the details being as follows:J. Smith & Co.......................
The following information has been extracted from the books of a trader at 1 July 20X2: ................................................................... £ Amount owing by credit customers
The books of original entry for James Plc showed the following for the month ended 31 March 20X3: Cash book: ...................................................................... £ Discounts
A list of balances on the individual customer accounts in the sales ledger did not agree with the balance on the sales ledger control account.Sales ledger
Formica purchases inventory on credit from a large number of suppliers. The company maintains a purchases ledger control account as an integral part of its double-entry system and in addition
The following particulars relating to the year ended 31 March 20X3 have been extracted from the books of a
Describe the types of errors that: a. Cause a trial balance to disagree; b. Do not cause a trial balance to disagree?
At the end of January 20X3 a trial balance extracted from the ledger of Gerald Ltd did not balance and a suspense account was opened for the amount of the difference. Subsequently, the following
Chi Knitwear Ltd is an old-fashioned firm with a handwritten set of books. A trial balance is extracted at the end of each month, and an income statement and statement of financial position are
The draft final financial statements of RST Ltd for the year ended 30 April 20X3 showed a net profit for the year of £78,263.During the subsequent audit, the following errors and omissions were
Jacobs Ltd has recently completed its draft financial statements for the year ended 30 December 20X2, which showed a draft profit for the year of £300,000. During the audit a number of mistakes and
Describe the two main uses of a suspense account?
Write journals to correct the following errors. These errors are not suspense account errors. 1. £150 sales invoice posted to the credit customer, D. Brown's account - should have been posted to the
Write journals to correct the following errors. These errors are not suspense account errors. 1. A payment of £4,000 for rent was incorrectly posted to the insurance account. 2. The cost of
Write journals to correct the following errors (suspense account errors): 1. The debit side of the cash book is under-cast by £3,000. 2. A payment of £475 for an electricity bill is correctly
Arthur started a new business on 1 January 20X3. You are supplied with the following nominal ledger accounts, which have been closed off and a trial balance extracted. These are Arthur's only
Chocolate is a confectionery shop owned by Thomas McKee. Thomas operates a manual bookkeeping system and employs a cashier and a bookkeeper. When writing up the books of account for the year ended 31
The draft trial balance of Regent Ltd as at 31 May 20X3 agreed. The business proceeded with the preparation of the draft final financial statements and these showed a profit of £305,660.However, a
Describe the different forms of incomplete records with which you are familiar?
A year ago, you prepared financial statements for A. Wilson, a retailer. His closing position was then:Mr. Wilson does not keep full records (despite your advice) and once again you have to use what
David Denton set up in business as a plumber a year ago, and he has asked you to act as his accountant. His instructions to you are in the form of the following letter.Dear HenryI was pleased when
Bugs Bunny, a wholesale dealer in ready-made menswear, achieves a gross profit ratio of 50 per cent. The statement of financial position of the business as at 30 June 20X2 was as follows:Since this
T. Murray has prepared the following bank ledger account for the year ended 31 March 20X3:T. Murray has also supplied you with the following information.a. Commissions received included Â£85, which
Capital at the end of 20X2 is £2,000. Capital at the end of 20X3 is £3,000. There were no drawings; and no capital had been introduced. Required Calculate the profit for the year ended 20X3 from
Capital at the end of 20X2 is £2,000. Capital at the end of 20X3 is £3,000. Drawings were £700. Required Calculate the profit for the year ended 20X3 from the above information?
Happy did not keep proper books of account. At 31 August 20X1 his balances were: ................................................................. £ Lorry (at valuation) ...................
Jane Grimes, retail fruit and vegetable merchant, does not keep a full set of accounting records. However, the following information has been produced from the business's records:1. Summary of the
Jock is a clothing retailer. At 31 December 20X2 he asks you to prepare his final financial statements from very incomplete records. You were able to extract the following information from the
Miss Fitt owns a retail shop. The statement of profit and loss and statement of financial position are prepared annually by you from records consisting of a bank statement and a file of unpaid
Work-in-progress and finished goods inventories should be valued at the cost of purchase and conversion? Explain.
Anna started a picture framing business on 1 July 20X3. The following transactions occurred in the six months ended 31 December 20X3:Additional information1. On 1 July 20X3 Anna started the business
John Ltd starts selling mobile phones in 20X2. Details of purchases in the year are as follows:Date Completed .............. Number purchased ............ Unit cost of mobile
Brian Ltd starts selling footballs in 20X2. Although each ball looks the same, the unit cost of manufacture (which is done in batches) has fluctuated during the period. Details of the costs are as
Your company sells, for Â£275 each unit, a product that it purchases from several different manufacturers, all charging different prices. The manufacturers deliver at the beginning of each week
S. Bullock, a farmer, makes up his financial statements to 31 March each year. The trial balance extracted from his books as at 31 March 20X3 was as follows:On 31 March 20X3:Included in the
Explain how the matching principle is applied to the valuation of inventories?
Explain the circumstances in which inventories might be shown in the financial statements at a value different from their historical cost?
Explain fully the basis on which finished goods and work-in-progress inventories should be valued in final financial statements?
a. What is a perpetual inventory system? b. Describe three methods of calculating the cost of fungible inventories? c. Explain the circumstances in which each of these methods may be justifiable?
On 1 April 20X2 Modern Dwellings Ltd commenced business as builders and contractors. It spent £14,000 on the purchase of six acres of land with the intention of dividing the land into plots and
After stocktaking for the year ended 31 May 20X2 had taken place, the closing inventory of Cobden Ltd was aggregated to a figure of £87,612. During the course of the audit that followed, the
a. Explain the difference between direct costs and overheads. b. Describe the different types of direct cost and overhead found in a manufacturing business?
Zacotex Ltd, a manufacturer, produced the following financial information for the year ended 31 March 20X3.................................................................................. £Row
Ashley Ltd is a manufacturing firm. The bookkeeper supplies you with the following financial information for the year ended 31 March 20X3.Factory buildings
ABC manufacturing entity (sole trader) has provided you with the following information at the year ended 31 July
Describe the different categories of inventory normally held by a manufacturing business?
a. Explain the main purpose of a manufacturing account. b. Describe the structure and main groups of costs found in a manufacturing account?
a. Explain the difference between the total factory cost of production and the factory cost of completed production. b. What is the justification for adjusting the total factory cost for
W. Wagner, a manufacturer, provided the following information for the year ended 31 August 20X3:........................................................................................ £Inventories
Veronica is the owner of a manufacturing business. The following trial balance was extracted from her books as at 31 December 20X2:The following information was also made available:1. Expenses are to
You have agreed to take over the role of bookkeeper for the AB sports and social club. The summarized statement of financial position on 31.12.X1 as prepared by the previous bookkeeper contained the
The N. I. Jock United Social Club was started in 20W0 to provide facilities for Jock United Football Supporters in Northern Ireland. At 1 January 20X2 there were 400 paid-up members for 20X1 (Â£20
The treasurer of Murray Golf Club has prepared the following receipts and payments account for the year ended 31 March 20X3:The treasurer has also supplied you with the following information:1.
When a Welfare Association was formed on 1.1.20X2, the tenants of all 820 flats on University Street joined as members. The membership fee was agreed at Â£20 per month. Five hundred and sixty of
Belfast Darts Club, though formed in 20W8, never maintained proper books of account. Their transactions, however, were always recorded through the bank account. They have two types of membership:
Explain the nature of an accumulated fund in the statement of financial position of a club.
Describe the entries in the financial statements of a club for each of the following and explain the justification for each treatment: a. Donation of second-hand clothing for resale. b. A gift of a
Describe two possible methods of accounting for each of the following in the financial statements of clubs and explain the theoretical/conceptual justification for each method: a.
Explain the nature and accounting entries in respect of prize funds in the accounts of clubs.
The secretary of the Woodland Hockey Club gives you the following summary of his cash book for the year ended 31 May 20X2:The secretary also gives you the following information:On 31 May 20X1 the
The treasurer of the Senior Social Club has prepared the following summary of the club's receipts and payments for the year ended 30 November 20X2.On 1 December 20X1 the club owned equipment that had
a. Define a partnership. b. What are the legal limits on the number of partners? c. Outline the principal matters normally found in the articles or deed of partnership.
Light and Dark are in partnership sharing profits and losses in the ratio 7: 3, respectively. The following information has been taken from the partnership records for the financial year ended 31 May
The partnership of Sewell, Grange and Jones has just completed its first year in business. The partnership agreement stipulates that profits should be apportioned in the ratio of Sewell 3, Grange 2
Peter and Paul, whose year end is 30 June, are in business as food wholesalers. Their partnership deed states that:a. profits and losses are to be shared equally;b. salaries are: Peter Â£20,000 per
A, B, C and D were partners in a garage business comprising (1) petrol sales, (2) repairs and servicing and (3) second-hand car dealing. A was responsible for petrol sales, B for repairs and
a. When accounting for the relationship of partners inter se, the partnership agreement provides the rules which, in the first instance, are to be applied. What information would you expect to find
Brick, Stone and Breeze carry on a manufacturing business in partnership, sharing profits and losses: Brick one-half, Stone one-third and Breeze one sixth. It is agreed that the minimum annual share
A. Cherry owned a farmhouse and land, the latter being used by him and his sons, Tom and Leo, in carrying on a fruit and poultry business in partnership. The partnership agreement stipulated that the
Field, Green and Lane are in partnership making up financial statements annually to 31 March. Owing to staff difficulties proper records were not maintained for the year ended 31 March 20X3, and the
If there is no partnership agreement the provisions of the Partnership Act 1890 apply. List the main provisions of this Act with regard to the rights of partners between themselves, including the
Explain each of the following in the context of partnership profit sharing: a. Partners' salaries; b. Interest on capital; c. Interest on drawings; d. Residual profit.
Lane and Hill have decided to form a partnership. Lane is to contribute £150,000 as capital and Hill £20,000. Hill is to work full time in the business and Lane one day a week. Because Hill has no
Explain the difference between each of the following ledger accounts in the books of a partnership: 1. Capital account; 3. Current account; 3. Drawings account.
Mary and Seamus are in partnership sharing profits and losses equally. The partnership agreement provides for annual salaries of £34,000 for Mary and £22,000 for Seamus. It also provides for
Anna and Thomas are in partnership sharing profits and losses equally. The partnership agreement provides for an annual salary to Anna of Â£57,000. It also provides for interest on capital of 10
Street, Rhode and Close carried on business in partnership sharing profits and losses, in the ratio 5 : 4 : 3. Their draft statement of financial position as on 31 March 20X2 was as follows:Street
Matthew, Mark and Luke were in partnership sharing profits and losses in the ratio 5 : 3 : 2, financial statements being made up annually to 30 June. Fixed capitals were to bear interest at the rate
Hawthorn and Privet have carried on business in partnership for a number of years, sharing profits in the ratio of 4 : 3 after charging interest on capital at 4 per cent per annum. Holly was admitted
X, Y and Z are in partnership sharing profits and losses in the ratio 4 : 2 : 2. Z died on 30 June 20X2. The partnership statement of financial position as at that date was:Additional informationIt
a. What is the difference between positive and negative goodwill? b. What is the difference between purchased goodwill and non-purchased goodwill?
a. Explain the circumstances in which goodwill might appear in the books of a partnership. b. Describe how it would be treated in the statement of financial position.
A member of the board of Shoprite Enterprises plc has suggested two accounting policies for consideration by the financial director in preparing the latest set of financial statements. These have
Describe three different methods of valuing goodwill where the purchase price is unknown.
Al and Bert are in partnership sharing profits equally. At 30 June they have balances on their capital accounts of £12,000 (Al) and £15,000 (Bert). On that day they agree to bring in their friend
Gupta, Richards and Jones are in partnership sharing profits and losses in the ratio 5 : 4 : 3. On 1 January 20X3 Richards retired from the partnership and it was agreed that Singh should join the
What happens to the assets and liabilities of a partnership on dissolution?
Peter, Paul and Mary have been in partnership for several years sharing profits and losses in the ratio 1 : 2 : 3. Their last statement of financial position is as follows:The partnership had become
Maraid, Wendy and Diane have been in partnership for a number of years sharing profits , and , respectively. They decide to form a limited company on 1 January 20X2, called McKee Ltd, to carry on the
Use the amended information from Exercise 29.6 as a starting point.Dissolution information1. On 1 January 20X2 the partners decide to form a company and issue £140,000 worth of shares in the company
What is the annual general meeting of a company? Describe the proceedings at such a meeting.
Explain the main difference between a limited company and a sole trader.
Describe the different kinds of preference share.
Rank the following stakeholders in terms of who would have priority when a company is settling claims of the stakeholders against it. Note, a rank of 1 means this stakeholder should be paid
What is the difference between a fixed charge and a floating charge?
Describe the main kinds of debenture loan stock.

Showing 100400 - 100500 of 107832

First
998
999
1000
1001
1002
1003
1004
1005
1006
1007
1008
1009
1010
1011
1012
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved