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Questions and Answers of Accounting

How does a public limited company differ from a private limited company?
Describe the contents of the Memorandum and Articles of Association. What are the purposes of these documents?
Explain how each of the following arises: a. A share premium; b. A debenture discount.
Outline the main contents of a prospectus.
What is the difference between an interim dividend and a final dividend?
What is the auditors' report? How useful do you think this is in its present form and with its current legal standing in the UK?
Describe the contents of the statutory books of companies. What is the purpose of each of these books?
Explain the difference between the authorized share capital, allotted share capital and called-up share capital of companies.
Explain with an example the difference between current liabilities, provisions and contingent liabilities.
Set out below is the capital section of a company's statement of financial position.You are required to explain the five different reserves that are shown on this company's statement of financial
a. The following items usually appear in the final financial statements of a limited company:i. Interim dividend;ii. Authorized capital;iii. General reserve;iv. Share premium account.Required:An
The following information has been extracted from the statement of financial position of Aston Products Ltd as at 30 April 20X1.Authorized share capitalEquity shares of 50p
Cold Heart plc, which has a turnover of £100 million and pre-tax profit of £10 million, has its financial statements drawn up on 30 June each year and at 30 June 20X2 the company's accountant is
IAS 10 - Events After the Reporting Period defines the treatment to be given to events arising after the statement of financial position date but before the financial statements are approved by the
Your managing director is having a polite disagreement with the auditors on the subject of accounting for contingencies. Since the finance director is absent on sick leave, he has come to you for
The trial balance of Norr Ltd at 31 December 20X2 appeared as follows:Additional information1. During the year a motor vehicle purchased on 31 March 20W9 for Â£8,000 was sold for Â£3,000. The
Explain the difference between revenue/distributable reserves and capital/non-distributable reserves, giving three examples of the latter.
The trial balance of Harmonica Ltd at 31 December 20X1 is given below.Additional information1. Closing inventory amounted to Â£5m.2. A review of the trade receivables total of Â£6.9m showed that
The following balances existed in the accounting records of Koppa Ltd. at 31 December 20X2:_____________________________________________________________£'000Development costs capitalized, 1 January
Topaz Ltd makes up its financial statements regularly to 31 December each year. The company has operated for some years with four divisions; A, B, C and D, but on 30 June 20X1 Division B was sold
Marmite Ltd obtains a Â£750,000 loan which is repayable over the next five years. The bank has agreed to accept the following repayments. The repayments are varied to match to periods when Marmite
Explain the difference between a reserve and a provision.
Briefly explain the reason(s) for the separate disclosure of components of financial performance such as discontinued operations, exceptional and extraordinary items in published company financial
a. Explain the nature of acquisitions and discontinued operations. b. Briefly describe the treatment of each of these items in published company financial statements.
a. Explain with examples the nature of exceptional items and extraordinary items. b. Briefly describe the treatment of each of these items in published company financial statements.
a. Explain with examples the nature of prior period adjustments. b. Briefly describe the treatment of prior period adjustments in published company financial statements.
a. Explain with examples the nature of events after the reporting period. b. Describe the treatment of events after the reporting period in published company financial statements.
a. Explain with examples the nature of contingent assets and contingent liabilities. b. Describe the treatment of contingent assets and liabilities in published company financial statements.
Prepare a statement of cash flows in accordance with IAS 7 using the information in Question 32.9. There was no investment income or interest paid during the year ended 31 March 20X3.
T. Bone is a sole trader and reports the following for the year ended 30 June 20X2:1. The 20X1 provision for bad debts was Â£600.2. The 20X2 provision for bad debts is Â£840.3. The motor van was
A. Net is a sole trader and reports the following for the year ended 31 December 20X2:The car that was disposed of during the year was sold for Â£400, which was lodged in A. Net's bank
The following are the financial statements for A. Tack for the years ended 30 June 20X3 and 20X2:RequiredPrepare a statement of cash flows in accordance with IAS 7 for A. Tack for the year ended 30
The following are the financial statements for S. Low for the years ended 30 April 20X2 and 30 April 20X3:RequiredPrepare a statement of cash flows in accordance with IAS 7 for S. Low for the year
The statement of financial position of C.F. Ltd for the year ended 31 December 20X2, together with comparative figures for the previous year, is shown below.Additional information1. There were no
The statement of financial position of Euston Ltd as at 31 December 20X2, with corresponding amounts, showed the following:1. Property, plant and equipment includes the following:2. An item of plant
Describe the advantages and limitations of statements of cash flows.
The following are the statements of financial positions of Waterloo plc for the last two financial years ended on 30 September.Explanatory notes to the statement of financial positions are as
The summarized statements of financial position as at 31 March 20X1 and 31 March 20X2 of Higher Ltd are as follows:Additional information1. Non-current assetsNon-current assets disposed of during the
Explain how statements of cash flows differ from: (a) statements of profit and loss; and (b) statements of financial position.
Explain the meaning of each of the following in the context of statements of cash flows: a. Cash; b. Cash equivalents.
List and describe the contents of the three headings/groups of items found in a statement of cash flows prepared in accordance with IAS 7.
Explain the purpose, uses and advantages of classified statements of cash flows prepared in accordance with IAS 7.
Explain the difference between the direct and indirect methods of ascertaining the 'net cash inflow from operating activities' shown in a statement of cash flows.
For many years, company financial statements consisted of a statement of financial position and a statement of profit and loss prepared using the accruals basis. Many also have to include a
J. White, a sole trader, has produced the following statements of financial position for the years ended 31 March 20X2 and 31 March 20X3.J. White is unable to understand why, after he has made a
Explain what each of the following is intended to measure: a. Return on capital employed; b. Profit margin; c. Asset-turnover ratio; d. Working capital and liquidity ratios; e. Average period of
Bastante plc has 40,000 equity shares in issue. They are currently trading at £3.00 each. Bastante plc also has 400 debentures, trading at par. Required a. Calculate the gearing ratio for Bastante
The following are the summarized financial statements of Alpha and Omega, two companies that operate in the same industry:Required a. Using ratio analysis, comment on the profitability, efficiency,
Two retailers show the following financial statements for the year to 31 December 20X2.Additional information1. A. Ltd paid a dividend of Â£300,000 during the year.2. B. Ltd paid a dividend of
The outline statements of financial position of the Nantred Trading Co. Ltd were as shown below:Additional informationThe only other information available is that the revenue for the years ended 30
You are given below, in draft form, the financial statements of Algernon Ltd for 20X2 and 20X3. They are not in publishable format.Requireda. Calculate for Algernon Ltd, for 20X2 and 20X3, the
Delta Ltd is an old-established light engineering company. The key performance data for the company between 20W9 and 20X3 are given below.Required Examine the above data and write a report to the
Aragon (a bank) has recently received a request for a term loan from one of its customers, Valencia plc, a company listed on the Alternative Investment Market of the London Stock Exchange. Valencia
Examine the empirical evidence relating to the predictive ability of accounting ratios with regard to insolvency.
The directors of Atono plc were informed at a golf outing by fellow directors that it is more valuable to have debt in a company's capital structure than equity, as debt is cheaper than equity.
Using the information provided in 33.20, assume the company faces three differing external environment scenarios: boom; steady state; and recession. Each scenario has different income potentials: if
The following are the summarized financial statements of Ingrid Ltd and Epona Ltd, two firms that operate in identical industries.The rate of interest on Epona's overdraft is 10 per cent per
Explain what each of the following is intended to measure: (a) Dividend yield; (b) Dividend cover; (c) Earnings per share; (d) Price-earnings ratio; and (e) Return on equity.
a. Explain what is meant by capital gearing/leverage. b. Why might this influence a prospective investor's decision concerning whether or not to buy equity shares in a company?
Explain the limitations of using accounting ratios in time-series analysis and inter firm comparisons, giving examples where appropriate.
How does inflation affect ratio analysis?
Dale is in business as a sole trader. You are presented with the following summarized information relating to his business for the year to 31 October 20X2:Requireda. Based on the above information,
List nine items that the partnership agreement should specify.
Briefly describe how to account for the purchase of an existing partner's interest in the business.
Sal Assissi and Hamza Zahari each have capital of $150,000 in their business. They share profits in the ratio of 55:45. Sheetal Kaur acquires a one-fifth share in the partnership by investing cash of
When a partner resigns from the partnership and receives assets greater than her or his Capital balance, how is the difference shared by the other partners?
Distinguish between dissolution and liquidation of a partnership.
Compare and contrast the financial statements of a proprietorship and a partnership.
Summarize the situations in which partnership allocations are based on (a) the profit-and-loss ratio, and (b) the partners' Capital balances.
Identify the advantages and disadvantages of the partnership form of business organization
Chris Higgins and Taylor Pyett's partnership agreement states that Higgins gets 60 percent of profits and Pyett gets 40 percent. If the agreement does not discuss the treatment of losses, how are
Do partner withdrawals of cash for personal use affect the sharing of profits and losses by the partner? If so, explain how. If not, explain why not.
Lisogar, Philip & Walters (LPW) is a regional accounting firm with four offices. Summary data from the partnership's annual report follow:Required 1. What percentages of total revenues did LPW earn
For each of the three independent situations below, indicate if you would recommend the partnership form of business organization. State your reasons for your recommendation. 1. Sarah, Alisha, and
Simpson, Locke, and Job each have a $25,000 Capital balance. Simpson is very old and is retiring from the business. The partners agree to revalue the assets at current market value. A real-estate
Use the data in Exhibit 12-5. Suppose the partnership of Lauren, Andrews, and Benroudi liquidates by selling all noncash assets for $80,000. Complete the liquidation schedule as shown in Exhibit 12-5.
This Starter builds on the solution to Starter 12-11. After completing the liquidation schedule in Starter 12-11, journalize the partnership's (a) sale of noncash assets for $80,000 (use a single
This Starter builds on the solution to Starter 12-12. After completing the liquidation schedule in Starter 12-12, you notice that Benroudi has a final balance of negative $8,000. What are the options
Asanti and Quall are partners. Using the following information, prepare a statement of owners' equity on December 31, 2014.
Abel and Baker decided to form a partnership. Abel contributed equipment (book value $65,000), inventory (paid $20,000), and $10,000 cash. The equipment and inventory have a current market value of
Friesen, Walters, and Onley have Capital balances of $12,000, $6,000, and $6,000, respectively. The partners share profits and losses as follows: a. The first $40,000 is divided based on the
The partnership of Bosch and Cutler had these balances at September 30, 2014: Cash.......................................... $ 20,000 Service Revenue......................
Todd has a Capital balance of $60,000; Carlson's balance is $50,000. Reynaldo pays $200,000 to purchase Carlson's interest in the Todd & Carlson partnership. Carlson gets the full $200,000.
The partnership of Evans and Falconi has these Capital balances: • Judy Evans $60,000 • Julie Falconi $80,000 Joan Gray invests cash of $70,000 to acquire a one-third interest in the
Bo and Go have partner Capital balances of $115,000 and $75,000, respectively. Bo gets 60 percent of profits and losses, and Go gets 40 percent. Assume Mo invests $70,000 to acquire a 25 percent
Adams, Everett, and Chapman each have a $50,000 Capital balance. They share profits and losses as follows: 25 percent to Adams, 50 percent to Everett, and 25 percent to Chapman. Suppose Chapman is
Mark Giltrow and Denise Chan are forming a business to imprint T-shirts. Giltrow suggests that they organize as a partnership in order to avoid the unlimited liability of a proprietorship. According
After closing the books, Stihl & Laksa's partnership balance sheet reports owner's equity of $40,500 for Stihl and $54,000 for Laksa. Stihl is withdrawing from (leaving) the firm. He and Laksa
Alana Bruno is retiring from the partnership of Bruno, Teale, and White on May 31. The partner Capital balances are Bruno, $108,000; Teale, $153,000; and White, $66,000. The partners agree to have
Jonas, Teese, and Moyer are liquidating their partnership. Before selling the noncash assets and paying the liabilities, the Capital balances are Jonas, $57,500; Teese, $34,500; and Moyer, $23,000.
Prior to liquidation, the accounting records of Garcia, Woods, and Mickelson included the following balances and profit-and-loss-sharing percentages:The partnership sold the noncash assets for
The partnership of Linus, Lebrun, and Beale is liquidating. Business assets, liabilities, and partners' Capital balances prior to dissolution follow. The partners share profits and losses as follows:
Alex Kerr has been running Kerr Consulting as a proprietorship but is planning to expand operations in the near future. The Kerr Consulting January 31, 2014, balance sheet appears on the next page,
On December 31, 2014, Jim Austin and Mike Mundy agree to combine their proprietorships as a partnership. Their balance sheets on December 31 are as follows:Required 1. Prepare the partnership balance
Joanna Volescu, a friend from college, approaches you about forming a partnership to export software. Since graduation, Joanna has worked for the World Bank, developing important contacts among
Jackson Cooke and Julia Bamber are forming a partnership to develop an amusement park near Ottawa. Cooke contributes cash of $3 million and land valued at $30 million. When Cooke purchased the land,
Janice Partington has operated a management consulting business as a proprietorship. She and Alison Morse have decided to reorganize the business as a partnership, effective April 1. Partington's
Ken Danolo and Jim Goldman form a partnership, investing $96,000 and $168,000, respectively.Determine their shares of net income or net loss for each of the following situations:a. Net loss is
Ken Danolo withdrew cash of $148,000 for personal use, and Jim Goldman withdrew cash of $120,000 during the year. Using the data from situation (c) in Exercise 12-5, journalize the entries to close
Goertz Accounting Services has a capital balance of $30,000 after adjusting assets to the fair market value. Leonard Goertz wants to form a partnership with Morley Neilson, who will receive a

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