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accounting principles

Questions and Answers of Accounting Principles

=+3. Comment upon the following results:(Figures in thousands of £).Sales Gross Profit Average Stock Net Profit (before tax) Capital Employed: 6% Preference Shares Ordinary Shares 5% Debentures
=+You are required to show the necessary Journal entries and to prepare a Balance Sheet after the completion of the transactions which took place on 1st April, 1962.
=+It was decided to issue a further 3,000 Ordinary Shares at a premium of 10/- per share for cash and to redeem at par the Redeemable Preference Shares.
=+4. The following was the Balance Sheet of A. Ltd. at 31st March, 1962:Share Capital Authorised and £Issued 10,000 Ordinary Shares of£1 each 10,000 10,000 6% Redeemable Preference Shares of£1
=+The company is now exercising its option to redeem the rest of the Debentures at 102 and the remaining investments are sold for £488,419.Set out and close off the ledger accounts in which these
=+3. lIKarnatic Ltd. has issued £500,000 of Debentures at par on the condition that it opens up and invests a Sinking Fund. During the life of the fund the annual contributions have amounted to
=+2. A company's Debenture Redemption Account shows a balance of£19,000 represented by £20,000 (nominal) invested in securities. The balance on the Debentures Account is £25,000 and the company
=+1. On 1st January, 1956, the XY Trading Company Limited issued debentures to the value of £50,000 repayable in twenty years. It was decided to create a Sinking Fund to prepare for the repayment.
=+5. Having purchased a 10-year lease of his premises for £5,000, Mr. A. Ross asks advice regarding the amortisation of the lease. You are asked to give the annual Amortisation charge under the
=+4. On 1st January, 1958, the Argos Co. purchased a lease for £10,000.The lease was for 20 years. It was decided to use the Annuity method of amortisation taking interest at 3 %. Give the Lease
=+2. The revised Balance Sheet as at 31st March, 1962.
=+1. The Fixed Asset Accounts for the year ended 31st March, 1962, as they would appear in the books of the firm, and
=+After making the necessary adjustments arising from the above, you are required to show:
=+(e) As a result of an examination of the Sales Ledger balances it was decided that a debit of £73 should be specifically reserved in addition to the general reserve for bad debits of £200.
=+(d) Weekly drawings of £25 by each partner had been debited to Wages Account.
=+(c) The Motor Car Account has been debited during the year with 9 monthly instahnents of £60 each in respect of a new motor van, which has been purchased under a hire-purchase agreement. An
=+(b) A machine costing £420 in December, 1954, had been sold in December, 1961, and the proceeds of sale £275 have been credited to Sales Account.
=+(a) A small building costing £50 erected in the year to 31st March, 1954, has been demohshed. No adjustment has been made to the Asset Account except that depreciation has not been charged on the
=+In the course of your examination of the books and accounts of the firm for the year ended 31st March, 1962, you discover the following:
=+Less Provision for Bad Debts Cash at Bank and in hand 5,350 200 5,150 685 8,935£25,835 £25,835 On each of the fixed asset accounts in the books of the firm the "cost"is brought down at the end of
=+Freehold Buildings Less depreciation to date Plant and Machinery at cost Less depreciation to date Motor cars at cost Less depreciation to date Current Assets Stock Sundry Debtors£ £6,000 8,000
=+A draft Profit & Loss Account for the year ended 31st March, 1962, and a Balance Sheet at that date have been prepared. The Balance Sheet was as follows:Capital Accounts £ £SmithAs at 31st
=+3. ItSmith and Thompson are partners in a Manufacturing Business sharing profits and losses in the following proportions:Smith: three-fifths. Thompson: two-fifths.
=+On 31st December, 1962, one machine was sold for £420 and on the same day was replaced by a new machine which cost £1,200.You are asked to give all the accounts necessary to record these matters,
=+2. *A company was incorporated on 1st January, 1960, and on that date purchased two machines, each costing £1,000.Depreciation is provided at the rate of 20 per cent per annum by the straight line
=+The Machinery had been depreciated annually at 31st December, at the rate of 5 per cent per aimum calculated on the original cost over the period of its use.Show the accounts recording these
=+1, *On 1st January, 1959, a firm bought Machinery at a cost of £2,000 and on 1st July, 1960, additional Machinery costing £500. On 1st January, 1961, Machinery which cost £300 on 1st January,
=+Which gives the most equitable apportionment of the cost of an asset over its years of service?
=+At Balance Sheet dates, stocks are valued at 5/- each.Write up the Ledger Accounts for the year ended 30th June, 1962, from the following information:No. of Crates Purchases 3,000 Sent to Customers
=+6. tGoods are sold by a firm in crates, purchased at 7/6d each. Customers of the firm are charged 10/- and allowed 6/- for each crate returned within a specific period.
=+New cases cost 20/- each; they are charged out to customers at 24/-each and credited on return at 18/- each. They are valued for stocktaking at 15/-each.Show the accounts in the books of the
=+At the commencement of the year there were 10,500 cases in stock at the company's warehouse and 4,900 in the hands of customers supplied within the previous three months; the company purchased
=+During the year 1962, 50,800 cases were sent to customers and 46,400 returned by them; the company scrapped 4,200 damaged cases and sold the proceeds for £20. A physical check of cases in stock at
=+5. t A company makes a charge to its customers for cases in which its product is delivered; if they are returned in good condition within three months a refund is made.
=+Assuming that all payments were duly made, and excesses of minimum payments over royalties were considered recoverable, show the ledger accounts recording the transactions in the books of P.
=+(c) In any year in which the minimum sum was in excess of the royalty, Reynolds to have the right to recoup such sums out of the royalties due in excess of the minimum in any subsequent year.The
=+(b) Reynolds to pay a minimum sum of £1,500 per annum, merging into a royalty of 5/- per device sold; the sum to be paid on 31st December in each year.
=+4. •Automatics Ltd. granted a licence to P. Reynolds to manufacture and sell an automatic device on the following terms:(a) the licence to commence on 1st January, 1958, and to operate for four
=+The amounts due to the landlord in respect of each year were paid on 31st January in the year following.You are required to write up in the company's books the necessary ledger accounts to record
=+(3) The recovery of short workings within a period of five years from the end of the year in which they occurred.The amounts of sand removed during the first three years were:1956 200 tons 1957 225
=+3. A sand and gravel company are engaged in working a sand pit. On 1st January, 1956, it entered into an agreement with the owner of the land in which the sand pit was situated providing for:(1) A
=+(2) "B" Government 4% Stock (Interest payable 1st May and 1st November).Purchases Sales 1960 Oct. 1 £10,000 @ 72 ex. div.1961 1961 Feb. 1 £2,000 @ 80 Jan. 1 £6,000 @ 80 All transactions are cum
=+(1) "A" Government 6% Stock (Interest payable 1st March and 1st September).Purchases Sales 1960 1960 April 1 £2,000 ® 98 Oct. 1 £3,000 @ 94 July 1 £1,800 @ 96 Dec. 1 £3,800 @ 98 Aug. 1 £3,000
=+2. A. James whose accounting period ends on 31st March each year has the following transactions in Government Stocks.
=+Both the sales were cum interest.Interest is payable on 1st June and 1st December, without deduction of tax.Record the above transactions in the Company's ledger. The close of the Company's trading
=+1. HA company purchases £10,000 3i% War Loan at 88 cum interest on 1st April, 1958. Brokerage and Stamp Duties amounted to £4. On 1st May, 1958, it purchased £6,000 3i% War Loan at 87i ex
=+Prepare the revised Trading Account, and show by Journal entries how the adjustments in respect of the hire-purchase transactions for the year should be made in the books of the firm.
=+Instalments actually received during the year amount to £2,046. The returns £770 represent unpaid instalments on goods returned, which have been included in the closing stock at a valuation of
=+The firm has asked you to re-draw the account taking credit only for such proportion of the profit and additional 10% as the instalments actually received bear to the total payable under the
=+Stock, 1st July, 1953 2,155 Sales (Cash) 19,160 Purchases 23,140 „ (Hire Purchase) 10,560 Returns (Hire-Purchase) 770 Stock, 30 June, 1954 4,225 Gross Profit for year 7,880£33,945 £33,945
=+6. tJ. Smith and Co. are retailers of electrical applicances. As from 1st July, 1953, they have sold goods on hire-purchase terms as well as for cash.The cash selling price of all their goods shows
=+The first instalment was due one month after the date of the contract:all instalments were paid when due Prepare the Hire Purchase Trading Account for the two years.
=+5. Attractive Purchases Ltd. started to sell goods on H.P. terms in 1961 and made the following sales:Date Sale Cost of Purchase Deposit Monthly No. of No. Goods Price Instalments Instalmen 1961 £
=+washer on 31st January, 1961 ? How much profit from this transaction is included in the accounts for the year to this date? The cost of the washer was £90.
=+4. On 14th June, 1960, the Easy Terms Company sold an electric washer to Mrs. Ready for the Hire Purchase price of £140. The price was payable by a deposit of £60 and 16 monthly instahnents of
=+Give the Machine Account for the two years, providing depreciation at 10% per annum.
=+3. The Cash Price of a machine was £1,200. D. George acquired it on 1st January, 1959, and paid a deposit of £400 on that day. The balance including interest at 8 % per annum was to be settled by
=+On 31st December, 1959, the only balance on the books relating to the transaction is a debit on Motor Car Account of £1,550. Make any adjusting entries you think desirable and provide for
=+2. A. Jones bought a motor car on Hire Purchase terms from M.B.J. Ltd.on the 1st January, 1959. The H.P. Price was £2,075 payable by an immediate deposit of £500 and three equal instalments of
=+In the accounts for the Trading Year to 31st December, 1961, depreciation at the rate of 20% per annum is to be written off the Motor Vehicles.Show the above transactions in the ledger of A. James
=+(2) Four half-yearly instaknents of £538, the first being payable on 30th June, 1961. Interest at the rate of 6% per annum is included in the instalments.
=+1. On 1st January, 1961, A. James obtained two motor vehicles, the total cash price of which was £2,400. Payment was to be made as follows:(1) A deposit of £400.
=+The partners are entitled to 20% of the Net Profit (calculations to nearest£) of the branch they manage and then to equal shares in the rest.Also give the Camley Branch Account in the Oxtown books
=+£69,009 £69,009 £70,861 £70,861 Prepare Trading and Profit & Loss Accounts for the Year ended 31st October, 1961, and a Balance Sheet of the partnership at that date.The difference on Branch
=+7. Some years ago, John and George combined thek separate businesses in Oxtown and Camley into a partnership. The following abbreviated Trial Balances were extracted from the books of the two
=+Convert the Branch Trial Balance to Sterling, obtain gross profit for branch and head office, and prepare consolidated Profit & Loss Account for the year and Balance Sheet as at 31st December, 1960.
=+Premises at cost at 1 Jan. 1958 50,000 Motor Vans at cost at 1 Jan. 1958 8,000 Furnishings at cost at 1 Jan. 1958 5,000 Local Creditors 72,000 Local Purchases 540,000 Goods from Head Office
=+Stock at 31st December, 1960 4,680£167,154 £167,154 Rates of Exchange: Aras to £—1st January, 1958 50 1st January 1960 60 31st December, 1960 40 Average for 1960 45 Trial Balance of Kara
=+Debtors and Creditors 2,500 14,160 Fixed Capital—A. B. 24,000 B. B. 16,000 Freight and Insurance 1,320 Home Sales 8,000 Furnishings 1,750 Kara Branch Account 71,680 Office Charges 560 Partners'
=+6. HA. & B. Bryson are partners in the firm of ACARA, Wholesale Exporters, sharing profits and losses equally, after interest of 8 per cent has been allowed on fixed capital, and salaries of
=+From the above information, prepare a Trading and Profit & Loss Account (in columnar form) for the year ended 31st December, 1962 and a Balance Sheet at that date. Submit the partners' Accounts(in
=+Three months rent is outstanding for both London and Bristol; rates include £200 (London) and £150 (Bristol) in respect of the three months ended 31st March, 1963.Stocks at 31st December, 1962,
=+Goods supplied to Bristol 33,000 Sales 80,000 37,000 Creditors 15,000 450 London Account 3,750£146,000 £51,200 Fixtures are to be depreciated at 10% per annum and leases by 5%per annum.
=+Stationery and Postages 700 200 Packing Materials 2,300 1,200 General Expenses 1,700 800 Heating and Lighting 900 300 Drawings:A 3,000 2,000 C 1,800 Cash at Bank 4,600 950 Bristol Account
=+All purchases are made by the London store which delivers goods to Bristol at cost plus 20%. A Head Office charge of £500 per annum is to be made by London to Bristol but this has not yet been
=+per annum, and 5 % of the profits after charging the salary and percentage of profits; and that the balance of profits on the Bristol store shall be included with the London profits and the total
=+C, who has a similar business in Bristol, joins them as a partner and aquires equally from A and Β a 20% share of their Goodwill; in payment for the Goodwill and as his contribution to the
=+The difference on Current Accounts is due to Goods and Cash in Transit.Prepare a Trading and Profit & Loss Account and Balance Sheet(Depreciation—Premises 2%: Fixtures and Fittings 5%).5. tA and
=+General Expenses Cash in Hand Head Office Account Dr.£700 14,000 4,000 1,000 1,900 400 Cr.£14,500 7,500 14,500£128,900 £128,900 £22,000 £22,000 The Stocks at 31st March, 1962, are:Head Office
=+£10,000 10,000 Dr.£9,000 2,000 12,300 13,400 10,800 75,300 81,000 3,850 200 7,250 8,200 Branch Debtors Sales Goods from Head Office Premises Fixtures and Fittings
=+4. Duck and Swan are equal partners carrying on a retail business at Poole and a branch at Pond. The balances on the books at 31st March, 1962, were:Head Office Partners Capital Duck Swan Premises
=+3. tHard and Fast carry on a business having a Head Office and two branches. All purchases are made by Head Office which invoices goods to the branches at cost plus 25 %. All sales are made by the
=+Record these transactions as they should appear in the books at Birmingham bringing down balances as on 31st May, 1962, and show the gross profit of the branch for the period ended on that
=+2. S. Eller carries on a retail business in Birmingham. On 1st March, 1962, he opened a branch shop in Coventry from which all sales were made on credit terms. All goods for the branch were
=+The areas of the building occupied by the departments are:Books i Stationery i Office Equipment i
=+1. From the following information prepare Departmental Revenue Accounts in the form you consider most helpful:Books Stationery Office Equipment£ £ £Stocks 1 Jan. 1961 6,417 2,812 3,650 Purchases
=+1. *D. Tigg is in business as a wholesaler, and on 1st February 1962, his assets and liabilities were:£Stock 1,800 Office Furniture 490 Cash at Bank 197 Cash in Hand 5 Debtors: A.Jonas 40 M.
=+Entries in the respective Day Books during the period 1st to 15th February are summarised below:Purchases £ Sales £ Returns Inwards £Feb. 3 S. Gamp 150 Feb. 2 A. Jonas 232 Feb. 10 M. Tapley 25 8
=+Other transactions during the period were:£Feb. 1 Drew and cashed cheque for cash purposes 10 Cash payments: Wages 6 Sundry Trade Expenses 3 Drawings (D. Tigg) 5
=+3 Sold to C. Dickins for cash, Office Furniture 15 4 Cash Sales 75 Paid to Bank 50 5 Paid by cheque to S. Gamp the amount due to him on Feb. 1st less 5% cash discount.
=+6 Cash Sales 80 Received and banked a cheque from M. Tapley for 50 7 Received and banked a cheque from A. Jonas for the amount due from him on 1st Feb. less 2i% cash discount.Paid by cheque. Rent
=+10 Paid to D. Tigg as Drawings a cheque for 25 14 Received and banked a cheque from T. Pinch as loan 100 15 Paid cheque to M. Lupin on account 50 Banked all cash in hand except £5.You are to:
=+(a) Open the accounts of D. Tigg on 1st February by journal entry.(b) Enter the cash and bank transactions in a three-column cash book.(c) Post all entries, including the Day Books, to the
=+2. Give the Journal entries for the following transactions:(a) A. Fale owes £120 but as he is unable to pay we write off the debt as bad.(b) An entry in the Sales Day Book for £140 has been
=+(c) Goods costing £72 have been withdrawn for personal consumption.Charge to Drawings.(d) The credit purchase of machinery costing £160 from Argus & Jones Ltd.(e) A purchase of Office Stationery
=+3. •State precisely the circumstances which could have given rise to the following Journal entries in the books of G. Gough, a manufacturer.(a) Bad Debts Reserve To P. & L. A/c(b) A. Buyer To
=+4. *(a) Smith, a trader, received from his solicitor a cheque for £74 which represented the proceeds of collecting a debt due to him from Jones, a customer, less the solicitor's charges £6. Show
=+(b) By arrangement with Motor Sales Ltd., an old motor lorry, standing in Basset's books at a value of £650, is accepted in part exchange at a value of £600 against the purchase from them, on
=+(c) A cheque for £50, which had been received by a trader from his customer Paterson in settlement of an account due, was dishonoured and returned by the bank. The trader receives information
=+5. *The system in force for the recording of the transactions of Jarrow &Jersey Ltd. is that all invoices, whether for goods or for services, are entered in the Purchases Journal, the entries in

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