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accounting for business

Questions and Answers of Accounting for Business

The following information relates to the cash position of Cathy Fraser, loan broker.1. Cash at Bank account balance as at 30 June 2025: $181 804 debit.2. Bank statement balance as at 30 June 2025:
Top Value Consulting collected its latest bank statement on 1 July 2025. All entries appearing in the bank statement that had not been entered into the cash journals were entered therein. The cash
During October, Hair Styles Pty Ltd experiences the following transactions in establishing a petty cash fund.Required Journalise the entries in October that pertain to the petty cash fund. Oct. 1 31
Hannah’s Handbags Pty Ltd is preparing a budget for the quarter ended 30 June 2025. Hannah estimates that approximately 70% of the handbag sales will be for cash and the rest will be on credit. Of
Tom’s Hardware Ltd’s budgeted monthly sales for January to June 2025 are given below. About 70% of the monthly sales are expected to be on credit. Approximately 60% of the credit sales are
The accountant for Schulz Ltd compiled the following figures in order to estimate budgeted cash payments for March and April 2025.Schulz Ltd uses the following assumptions when preparing budgets. The
Hops and Malt Pty Ltd is a private company that runs a brewery. Its director, Fred, is concerned that the cash flows for the past year have deteriorated and has provided the following abridged
During the week ended 19 September 2025 the daily sales for Lena’s Chocolaterie were as follows.Required Record the transactions for the week ended 19 September in the Cash Receipt Journal of
The daily sales for Fresh Fruit & Vegetable Shop during the week ended 11 April 2025 were as follows.Required Record the transactions for the week ended 11 April 2025 in the cash receipts journal
The following information has been extracted from the cash records of Wheeler Ltd and shows four independent situations. Assume there were no direct bank debits or credits on the bank statement and
Information about the cash position for Charter Tours Pty Ltd for the month of June is presented below.1. The general ledger Cash at Bank account had a balance of \($25\) 200 on 31 May.2. The cash
Information about Bond Ltd’s cash position for the month of December is presented below.1. The general ledger Cash at Bank account had a balance of \($42\) 400 on 30 November.2. The cash receipts
The following information was available from records and the bank statement of Baldacchino Services Ltd, on 31 May.The date and the amount of each deposit as recorded during May were as follows.On 31
The bank reconciliation statement of Feng Zhen Liu on 21 June 2025 was as shown below.Required (a) Complete, where necessary, the cash journals starting with the totals shown.(b) Open a Cash at Bank
The March 2025 bank statement of Tong’s Toyworld has just been received from its bankers. The following information is available.1. The March bank column totals of the cash receipts and cash
As accountant for Stepanovic & Son, you are required to perform a bank reconciliation at the end of June 2025. The bank reconciliation statement for the previous month is set out below.Abridged
As the accountant for Billy & Ben’s Ice Cream you are required to perform a bank reconciliation at the end of June 2025. The bank reconciliation statement for the previous month is set out
The following transactions and events relate to the petty cash fund (imprest amount $400) of Honshu Ltd.1. Paid \($50\) delivery charges on inventory purchased.2. Paid \($80\) (part payment) for the
The following transactions and events relate to the petty cash fund (imprest amount $400) of Honshu Ltd (all amounts include GST).1. Paid \($50\) delivery charges on inventory purchased.2. Paid
Brockbank Builders Ltd is preparing a cash budget for May and June of 2025. Past records reveal that 20% of all credit sales are collected during the month of sale, 60% in the month following the
The owner of Smith Hardware has completed a bank reconciliation and cannot get the bank’s records to agree with the cash records of his business. He concludes that internal control has somehow
Prickly Pear Ltd wishes to prepare a cash budget for the first quarter of 2025. In response to your request for past and projected financial data, you receive the following:Of sales, 70% of sales are
Explain why the Allowance for Doubtful Debts account might have a debit balance before the end-of-period adjustment is made.
Briefly compare and contrast the direct method and the allowance method of accounting for bad debts.
Several months ago, Jackson Co., a trade debtor owing \($10\) 500 in excess of 120 days, had their account written off as a bad debt. Email notification was received yesterday to notify \($10\) 500
Gnarly Nails Ltd sells manicure sets, nail polish and hand lotions. All sales are conducted on a credit basis. The business does not allow cash discounts for prompt payment. Ignore GST. The following
The following transactions relate to Clover Landscaping Services owned by Rob Clover. The balance in the Allowance for Doubtful Debts account on 1 July 2023 was \($4\) 464. The bad debts during the
The following transactions relate to the business of Kinky Heels n Boots Ltd. Ignore GST.Required:(a) Record the above transactions in general journal for Kinky Heels n Boots Ltd.(b) Calculate the
Home Help Ltd, a not-for-profit organisation that provides assistance for elderly care, completed an age analysis of its accounts receivable on 30 June. It was estimated an allowance for doubtful
The following information was obtained from the financial records of Fast Track Courier Services Pty Ltd on 30 June 2024:After performing an ageing analysis of receivables, the firm has requested the
The information in the following table relates to the accounts receivable and allowance for doubtful debts of Exotic North Travel Services Ltd. The balance of the Allowance for Doubtful Debts account
The accountant for Elite Security Services Ltd reviewed the following information for accounts receivable:For the financial year 2022 - 2023 1. At 1 July 2022, Allowance for Doubtful Debts had an
Reef Tours Ltd commenced operations on 1 July 2022. By the end of the first year of operations, the accountant identified \($3\) 400 of receivables would be uncollectible and wrote these debts off as
On 1 June, Sugar Rush Ltd had Accounts Receivable and Allowance for Doubtful Debts accounts as below. GST Inclusive.The following transactions occurred during the month of June:5. Credit sales
On 1 June, Cambria Financial Services Ltd had balances in the Accounts Receivable and Allowance for Doubtful Debts accounts as set out below. Ignore GST.The following transactions occurred during the
Outback Get Away Ltd sells four-wheel drive accessories and recovery equipment on credit. The accounting records at 30 June 2023 highlights the following. Ignore GST.In the past, the company’s
Northern Communications Specialists Ltd manufactures and sells satellite phones and communication equipment. The company maintains a cash receipts, cash payments, sales, purchases and general journal
All transactions below relate to Alpha Ltd’s uncollectable accounts for the financial year ended 30 June 2023. Ignore GSTThe Accounts Receivable account, prior to the transactions listed above, had
The accountant for Metro Motorcycles Ltd prepared an aged analysis of accounts receivable balances at 30 June 2023. The percentages of each age group are based on historical analysis and are
Foodies Warehouse Supplies Ltd has traditionally made sales for cash and on credit only. Management has resisted accepting credit cards on the basis that the business would lose on average a credit
EZZ Ltd and RHI Ltd are competitors operating in the same industry. The following information has been extracted from their annual reports over a 2 year period:Required:(a) Calculate the receivables
The information below has been extracted from the financial statements of Supreme Sporting Goods Ltd.Required:a) Calculate the following for years 2024 and 2025:i. the receivables turnover ratio ii.
Mulberry Ltd has been using the FIFO costing method to account for inventories for several years. The company also has a policy of paying out all of its profits in cash dividends. What are the likely
If the ending inventory is understated because of an error, what is the effect on profit in that reporting year and in the next reporting year? What is the effect on the value of assets as reported
Josie was absent from her accounting class on inventory valuation. She believes the value of ending inventory is verified by a physical stocktake, but it will only include inventory items held on
The directors of Outback Ltd decided to issue 200 000 ordinary shares.Required(a) Prepare journal entries (in general journal form) to record the issue of shares as a private placement to Rural Ltd
Burkinshaw Ltd was established on 1 April 2025 and began by issuing 250 000 ordinary shares and 120 000 8% cumulative preference shares. The preference shares were issued privately at a value
On 1 July 2025, Agatha Ltd issued a prospectus offering 80 000 of its ordinary shares, payable \($1\) on application, \($1\) on allotment and \($2\) to be called as and when required. When
Dahlitz Ltd was registered on 2 January 2025. The following events occurred in that year.Required (a) Prepare entries in general journal form to record the transactions.(b) Show the equity section of
The following events occurred in the newly formed company, Bourke Ltd, which was registered on 31 January 2025.Required (a) Prepare ledger (T accounts) to record the events in the records of Bourke
(a) As the above share issue was a private placement with several well-known investors, prepare the journal entry, in general journal form, made by the company to record the share issue.(b) How would
Torcello Ltd issued 500 000 ordinary shares for \($8.20\) and 100 000 8% preference shares for \($6,\) all shares being fully paid. At the annual general meeting on 30 September 2025, a
Bega Ltd was registered as a new company on 2 January 2025. On that day a prospectus was issued inviting applications for 300 000 ordinary shares at \($10,\) payable \($2.50\) on application,
During the year ended 30 June 2025, the directors of Cooma Ltd paid a final dividend out of retained earnings of \($60\) 000, which had been recommended at the end of the previous financial year.
Urquhart Ltd’s balance sheet, before a share dividend, is as follows.Required (a) Prepare any journal entries necessary to record the payment of this share dividend. ASSETS Cash at bank Non-current
The following information relates to Neverland Ltd. Profit before income tax for the year ended 30 June 2025 was $220 000. The following items were used in determining that profit:Required (a)
During the year ended 30 June 2025, the directors of Jindabyne Ltd declared and paid an interim dividend of \($18\) 000 out of retained earnings. At the end of the year the financial statements
The below transactions are for Jenolan Ltd.1. Profit for the year was \($3\) 500 000. Ignore income tax.2. Directors resolved to transfer the amounts specified below from retained earnings to:•
On 1 July 2025, Grafton Ltd was incorporated, and on 4 July a prospectus was issued inviting applications for 80 000 shares payable \($4.50\) on application, \($2.50\) on allotment and \($2.50\) on
Newcastle Ltd was incorporated on 1 July 2025. On 1 August, it was decided to issue 600 000 ordinary shares on the following terms.To the end of August, applications for 700 000 shares had been
Baldacchino Ltd was registered on 1 July 2025; that day the company purchased the net assets (excluding cash) of a partnership for a consideration of 380 000 ordinary shares (fully paid) at a price
Rowbotham Ltd was registered on 1 July 2025. On 4 August a prospectus was issued inviting public subscriptions for an issue of 200 000 12% preference shares payable \($2\) in full on application, and
The following is the equity of Bowral Ltd at 30 June 2025.The transactions below occurred during the year ended 30 June 2026.Required (a) Prepare entries in general journal format to record the above
Hassink Ltd presented the following information for the year ending 30 June 2026 in the company’s records.On 30 June 2026, the directors decided to:1. recommend a final cash dividend of \($30\)
Equity of Townsville Ltd at 14 February 2025 consisted of the following.The following events occurred during 2025.Required (a) Prepare journal entries in general journal format to give effect to the
Broken Hill Ltd’s equity at 30 June 2025 was as follows.The following events occurred during the year ended 30 June 2026.Required A. Prepare journal entries (in general journal form) to record the
On 1 January 2025 Rippon Ltd was incorporated. The company issued a prospectus offering on 1 January 2025 for 500 000 ordinary shares at an issue price of $40, payable on the following terms.•
At 30 June 2025, Box Hill Ltd’s equity was as follows.The preference shares were non-participating. The following events occurred after 30 June 2025:Required (a) Prepare the journal entries (in
A trial balance taken from Snowy Ltd’s accounting records at 30 September 2025 showed the following account balances.At a meeting of directors on 1 October, it was decided to issue additional
In January 2024, the management of Newlands Ltd decided to expand the business. On 1 July 2024, the company had $768 900 in retained earnings, and another reserve totalling $512 600 had been set
The equity of Lochinvar Ltd at 30 June 2025 was as follows.Required (a) Prepare general journal entries to record all transactions for the year.(b) Prepare a statement of changes in equity for
Silverton Ltd prepared the unadjusted trial balance as at 30 June 2025 shown below.The following information and events are yet to be recorded by the company on 30 June 2025.1. Inventory on hand
The accounts in the ledger of Antunaz Ltd as at 30 June 2026 had the following balances..The Share Capital account represents 30 000 000 shares fully paid at \($1\) and 50 000 000 shares issued at
The trial balance of Vincent Ltd at 30 June 2026 is shown below.There was no movement in share capital for the year.The following adjustments are required.1. Record income tax expense of \($7500\).2.
Several independent situations are described below.1. The owner of the business included his personal dental expenses in the entity’s income statement.2. The company spent $25 000 on computer
Described below are several transactions and events for Alana Streaming Services Ltd for the year ended 30 June 2025.1. Alana Streaming Services Ltd owns a multi story building in the City Business
Goode Medical Laboratory Ltd, GMLL, a medical research entity, has discovered a cure for a previously incurable disease. GMLL is protecting the drug’s formula by keeping it secure in the company
Gas Giant Australia Ltd signed a 20‐year deal to sell gas to a neighbouring country for \($1.8\) billion. The contract was signed on the last day of Gas Giant Australia Ltd’s financial year, 30
State the amount of revenue that should be recognised by Nanscawen Ltd in the year ended 31 December 2026 for each item below, justifying your answer by reference to the revenue defi¬nition and
Outline whether you would recognise each item below as a liability, justifying your answer by reference to the Conceptual Framework’s liability definition and recognition criteria:(a) Your parents
Portier Ltd sold a shopping centre and car park to Rosato Ltd for \($2\) 500 000 cash in March 2026, recording a profit of \($320\) 000. Portier Ltd gave Rosato Ltd an option to sell the shopping
Liabilities The following items occurred in Sarah Ltd for the year ended 30 June 2026.(a) Some of Sarah Ltd’s plant and equipment is situated in an area which, on average, is flooded every 15
For several seasons, Jessica Gomes and Victoria Lee have been employed by David Jones Limited in order to attract more fashion-conscious customers to their stores. This strategy has met with some
Armagnacq Ltd is seeking your advice on how to account for the following transactions, in line with the Conceptual Framework and other relevant documents.1. Armagnacq Ltd raised \($1\) 000 000 by
Assume that the IASB (and AASB) is in the process of writing an accounting standard on accounting for water resources, and has received submissions that can be divided roughly into two camps —
Wyoming Wines Ltd has suffered a significant reduction in profitability, as a result of the current economic downturn and doubts about the quality of certain boutique wines. The company’s profit
Johara Mining Limited (JML) is a mining company that operates large mineral mines throughout Australia. In June 2026, JML had sold and delivered mineral ores from other mining operations. The total
A well-known Australian airline has placed a non-cancellable order for a new Dreamliner aircraft. The price between the airline and the manufacturer is fixed, and delivery is to occur in 24 months
After conducting an audit of the accounts of Iskra Ltd, you discover that the following transactions and events were recorded during the current year. Iskra Ltd uses the historical cost
Martindale Ltd uses the historical cost system. While reviewing the business activities of the company, you discover that the following transactions and events were recorded. Ignore GST.1. Ending
Land and Water Waste Disposal Ltd (LAWWD) is a public company providing waste disposal services to private homeowners and to customers in the commercial, industrial and public sectors. Because of its
Cochrane Collett Cornish Ltd (CCC), is a reporting entity that manufactures and sells specialised machinery. The following transactions occurred during the financial year ended 30 June 2025.1. Credit
Taylor Leasing Ltd (TLL) is the owner–lessor of some high-quality apartment blocks, which have pleasant surroundings of parks and gardens and are only a short walk to a busy shopping centre and to
Museum collections — assets? Read the extract Accounting as Technical, Social and Moral Practice: The Monetary Valuation of Public Cultural, Heritage and Scientific Collections in Financial
Read the following extract from an article Is prudence still a virtue?, which is about Bob Jane’s latest business venture.Required(a) By referring to definitions and recognition criteria of the
Simpson Ltd is a public company supplying different types of packaging for the food and bev¬erage industry. Among its products are labels for beer bottles, soft-drink bottles and jam jars and tins,
Carl Caldersmith owns 80% of the issued shares of Caldersmith Commercial Cleaning Ltd (CCC), a distributor of cleaning equipment for industrial purposes. During the annual audit of CCC, the firm’s
Dampier Dirtworks Company Ltd (DDC) was floated by public subscription on 1 July 2026. The entity so formed engaged in a number of revenue-earning activities which had been previously administered by
S. Hudson uses subsidiary ledgers and special journals in his accounting system. The accounts in the accounts payable subsidiary ledger for the most recent month are shown below:Required(a) Prepare
Assume that Xinshan’s China sold merchandise to three customers during June on credit, as shown in the following Accounts Receivable Control account.Required(a) Explain why the control account and

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