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business
accounting costing and management

Questions and Answers of Accounting Costing And Management

Why fs it important for a firm to control its working capital? How might a firm endeavour to exercise such control?
To what extent is ratio analysis useful as a tool of evaluating the performance of:(a) a business from one year to another?(b) different businesses?
Dawn, Edith, and Mandy are in partnership as Recreational Suppliers, sharing residual profits and losses in the ratio of 5:2:3 respectively. At 1 November 19_2 their capital and current account
On 1 January Year 4, Door and Porto were in partnership sharing profits in the proportions: Door 2/3, Porto 1/3. The credit balances on their capital accounts on that date were Door £40 000 and
. Parks, Langridge, and Sheppard were in partnership sharing profits and losses: Parks one-half, Langridge one-third and Sheppard one-sixth.The firms’ summarized Balance Sheet as on 31 March 19_5
A, B, and C are in partnership, sharing profits and losses in the ratio 7:3:2 respectively. The summarized balance sheet of the partnership as at 30 November 19_3 was as follows:On 1 December 19_3 C
Proudie, Slope and Thorne were in partnership sharing profits and losses in the ratio 3:1:1. The draft balance sheet of the partnership as at 31 May 19_6 is shown below: 000 000 000 Cost Depreciation
A and B are in partnership sharing profits and losses in the ratio 3:2. Their last balance sheet as at 31 December 19-4 was as follows:The partnership has been profitable over many years and although
Thorn and Snail are in partnership manufacturing and distributing two products, Product A and Product B. The following information is available for Year 4:Fixed Overheads £60 000. Partners’
Andrew and Susannah are the joint owners of a store which is divided into three departments:Clothing (C), Electrical goods (E), and Furniture (F). The following balances have been extracted from the
The managing director of PZT Limited, a company owning three cinemas, has complained that the form of presentation of the company’s profit and loss account for the year ended 31st December, 19 3,
Here is the trial balance at 31st December, 19_5, after the manufacturing account has been completed, of a company manufacturing and selling two products, X and Y:Required:Prepare, in vertical and
Ray Dyo, Harfy UIl, and Val Vez are in partnership, trading under the name of Radtel Services, as radio and television suppliers and repairers, sharing profits and losses in the ratio one half, one
Diversify Ltd. carry on two substantially different forms of business activity. The accounts sections has been asked to submit a breakdown of sales and profit between the two different classes of
(a) The following balances have been extracted from the books of Safed Limited as at 30 September 19_4:Required:The Profit and Loss Account for the year ended 30 September 1984 and a Balance Sheet as
Pebble plc is a wholesaling company whose balances at 31 December Year 3 included the following:(1) The item ‘income from investments’ included £12 000 from shares in group companies, with the
Sagunto Ltd has an authorised capital of 1.5 million £1 ordinary shares, of which 1 million have been issued as fully paid. The following information was extracted from the accounts for the year
Brampton Ltd. has an authorised share capital of 100 000 ordinary shares of £1 each and 16 000 8% redeemable preference shares of £1 each. The company’s trial balance as at 30 April 19_6 was as
Leaf PLC is a company which manufactures and delivers artificial plants and flowers to shops and offices. The following balances stood in the books at 30 June 19_7:Additional information:(1) During
The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader.The following additional information as at 31 May 19_6 is available:(a) Rent is accrued by £210.(b) Rates
Charles is a wholesaler of accounting stationery. He conducts his business froma small warehouse which he owns. Part of the building is sub-let to another trader at an annual rent of £2 600. The
The following balances stood in the books of Penelope at 1 January 19_2.Additional information:(1) Penelope sub-lets parts of her premises for £50 a month.(2) The electricity bill for the final
Colin rents premises at a rental of £1 000 per annum. He sublets part of the premises to Hill at £300 per annum and another part to Pine at £200 per annum. On 1 January 19_3 Colin had paid his own
Given below is the lrial Balance of Derwent at 31 March Year 5:The following additional information is available:(1) Depreciation is to be provided at the rate of 10% on both the cost of fixtures and
After completing a training course at a technical college, Michael Faraday set up in business as a self-employed electrician on 1 January 19_5. He was very competent at his job but had no idea how to
Discuss, using examples, the use and significance of the following generally accepted rules in drawing up accounts:(a) Consistence (b) Prudence (conservatism)(c) Going concern (d) Materiality ~
(a) The auditors’ report to the shareholders of a public limited company included the following two paragraphs:“The accounts have been prepared on a going concern basis and the validity of this
The annual final accounts of businesses are normally prepared on the assumption that the business is a going concern.Explain and give a simple illustration of:(a) the effect of this convention on the
Historical cost has been described as one of the fundamental assumptions underlying financial accounting.Required:An explanation of:(a) What is meant by historical cost;(b) The advantages of using
On completion of writing up the books, the following matters are brought toyour attention:(a) Stocks of food and drink at 28 February 19_8 are valued at £250.(b) Mr Shah owes a waiter £20 in
Parkinson Ltd. depreciates its plant and machinery at 20 per cent a year on the straight line basis, for each month of ownership. From the information that follows on the next page you are required
Fastfreeze Ltd. completed its third year in business as a manufacturer of frozen foods on 31 May 19_5.A machine was purchased on 1 June 19_2 at a cost of £16 000 and now needs replacing.
Heath and Rowe are partners sharing profits/losses in the ratio of 3:2 respectively. Their financial year ends on 31 December.At 1 January 19_2 the firm owned two light aircraft: A, which had been
Kirkpatrick Limited, sellers and repairers of motor vehicles, commenced business on 1 January 19_2. The company’s balance sheet as at 31 December 1983 included the following items in the fixed
What is the relationship between depreciation and:(a) asset valuation(b) capital consumption(c) cash flow(d) inflation
(a) Explain whether the policy for providing for depreciation on fixed assets in the annual income statement has any connection, direct or otherwise, _ with either the recovery of the original cost
Evaluate the different methods of providing for depreciation.
The sales ledger records of a company reveal the following information for the month of May 19_5:(a) Prepare control accounts for the four ledger sections for the month ended 31 May 19_5.(b) The
Mainway Dealers Limited maintains a debtors (sales) ledger and a creditors(purchases) ledger. The monthly accounts of the company for May 19_6 are now being prepared and the following information is
J. Johnstone, a trader, has asked K. Miles, a recently employed office junior, to provide information from which the sales ledger control account for the month of October can be prepared. K. Miles
The following balances have been included in a sales ledger control account for the year ended 31 January 19_6.(1) It was discovered that a batch of sales invoices totalling £3,400 had been omitted
Sally who trades as a photographer does not keep complete accounting records, but is able to provide the following details for the year to 30 November 19_5S:Required:Prepare trading and profit and
Austin Allegro is a sole trader buying and selling used cars. He has not kept Sc a complete set of records and has asked you to prepare appropriate financial statements for the year ended 31st
Ben is an ex-regular soldier who retired from the army on 1 October 19_8 and started a car-hire firm with a gratuity of £2 500 and no other assets or liabilities.On 30 September 19_1 he borrowed
Dorothy has been trading as the ‘Smash Hit’ music shop for several years but has never kept full accounting records. A summary of the business bank account for the year ended 31 October 19_6 is
S. Olsen, a wholesaler, did not keep proper books of account. The following information on his business was available on 31 March 19_4:The balance at bank above included private investment income of
Blenkinsopp, a retailer who does not keep proper books of account, provided the following summarized financial information on his activities for the year ended 31 March 19_6:Required:(a) A trading
Jean Smith, who retails wooden ornaments, has been so busy since she commenced business on 1 April 19_5 that she has neglected to keep adequate accounting records. Jean’s opening capital consisted
Using the information given below concerning PJN Limited, you are required to show in vertical and columnar form for internal use only and not for publication:(a) manufacturing, trading, profit and
At the completion of the financial year ended 30 April 19_4, the trial balance of Rock Ltd failed to agree and the difference was recorded in a suspense account. The company does not maintain control
The draft accounts of a company for the year ended 31 December 19_4, showed a gross profit of £140 000 and a net profit before taxation amounting to £90 000. These figures are higher than in
Jackson Printing Company Limited, a small private company, has produced its unaudited balance sheet as at 31 March 19_4.In the course of your audit you find that:(1) During the year a motor van was
After the draft accounts had been prepared for the financial year ended 31 December 19_3 the treasurer of an amateur football club discovered a batch of vouchers which had fallen down behind his
The draft final accounts of RST Ltd for the year ended 30 April 19_5 showed a net profit for the year after tax of £78 263.During the subsequent audit, the following errors and omissions were
The Happy Wanderers Rambling Club is a non-profit making organization catering for the leisure pursuits of those interested in walking, hiking and rambling, each admitted member agreeing to pay a
A summary of the Xanadu Accounting Association’s cash book for the year to 31 March 19_4 was as follows:Prepare the Income and Expenditure account for the year to 31 March 19_4. (A balance sheet is
As treasurer of your local tennis club you have just prepared a draft Receipts and Payments account, which is reproduced below.The club committee decides, however, that it wishes its financial
Ones November, 19_3, the Treasurer of the Olympiad Athletics Club died.The financial year of the club, which had been formed to provide training facilities for both field and track event athletes,
Following the questions on this chapter is a case study. In it you are required tokeep a full set of books for a restaurant for a month’s trading. Following chapter2 is Part II of the case study
Record Muriel’s transactions for the month of May, balance off all accounts, and extract a trial balance as at 31 May 19_8. May 1 Started business with 5 000 in the bank and 2 000 cash 2 Bought
Transactions(1) the purchase of goods on credit from suppliers(2) the sale of goods on credit(3) cheques received from credit customers(4) payments to suppliers by cheque for goods previously
(a) The owner of a newly formed small trading business has asked for advice regarding the establishment of a full double-entry accounting system.List the books required to provide full accounting
On 1 February 19_8 Mr and Mrs Shah bought an existing eating house to convertit to an Indian restaurant. The initial capital of £50 000 banked on 1 Februarywas used the next day to make the

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