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accounting principles

Questions and Answers of Accounting Principles

=+Luton Bros.—raw materials 530 Ashby S.S. Co.—freight 126 19 Melton & Son—carriage 53 J. Mowbray—raw materials 510 31 Morpeth Ltd.—rent 300 Road Services—carriage 58 A.
=+6. *The Cash Book of J. Carlisle as at 30th June, 1961, showed a balance at the bank of £509. 16. 8. On checking the Bank Statements, the following differences were discovered:(a) A cheque for
=+(b) Cash Sales £362. 10, 4. paid into the bank on 30th June, 1961, had not been credited by the bank until 1st July.
=+(c) Bank Charges amounting to £8. 8. 0. shown in the bank statement had not been entered in the Cash Book.
=+(d) A cheque for £52. 13. 4. issued to Whitehaven & Co. was paid by the Bank on 15th June, 1961, but had been omitted from the Cash Book.
=+(e) On 20th June, 1961, a cheque for £10. 10. 0. was received from
=+A. Debtor and duly banked. On 25th June the bank returned the cheque marked "Refer to Drawer", but no record of the dishonour had been made in the Cash Book.
=+Show the Cash Book with such amendments as are necessary, and prepare a reconciliation of the balance with that shown by the Bank Statement as at 30th June, 1961.
=+1. *The following totals are taken from the books of Dover and Dudley:1962 Jan. 1 Dec. 31 Credit Balances in Purchases Ledger£5,926„ Sales Ledger 134 Debit Balances in Purchases Ledger 56„
=+Cash received from customers 69,872 Cash paid to Creditors 47,028 Sales Ledger Balances written off as bad 96 Sales Returns and Allowances 358 Purchases Returns and Allowances 202 Discounts Allowed
=+Purchase Ledger Credits transferred to Sales Ledger 75 Legal Expenses charged to Customers 28 Credit Balances in Sales Ledger 101 Debit Balances in Purchases Ledger 67 Prepare separate Purchases
=+2. *The following figures have been taken from the books of a trader for the year to 31st December, 1962.£Sales Ledger debit balances 1 Jan., 1962 4,200 Sales 78,450 Cash Received from Debtors for
=+Provision for Bad Debts, 1 Jan., 1962 210„ „ „ 31 Dec., 1962 250 Discounts Allowed 1,430 Discounts Received 1,090 Returns Inwards 970 Returns Outward 840 A balance on a Sales Ledger Account
=+a balance on a Bought Ledger Account in the name of the same person 120 Cash paid in settlement of a credit balance on a Sales Ledger Account 80
=+Sales Ledger Credit Balances 31 Dec. 1962 130
=+All sales were entered in Personal Accounts. Using the relevant figures prepare the Sales Ledger Control Account for the year to 31st December, 1962.
=+3. *In the books of Dundee & Co. is an account for J. Blythe in both the Bought and Sales Ledgers.On 28th February, 1962, the Bought Ledger Account showed a credit balance of £260 and the Sales
=+March 4 Sold goods on credit to Blythe for £285.10 Purchased goods on credit from Blythe for £75.12 Paid Blythe the balance due to him on the 1st day of the month less 2i % cash discount, by
=+20 Sold goods on credit to Blythe for £290.24 Purchased goods on credit from Blythe for £120, less a trade discount of 10%.
=+26 One-half of the goods purchased on the 24th were returned to Blythe and an allowance of the cost of such goods was made by Blythe.
=+Complete the accounts of J. Blythe in the books of Dundee & Co.showing on ONE account the net balance outstanding at the end of the month.
=+4. *When the Trial Balance of Oxford & Co. was prepared, it was found that the total of the credit side exceeded that of the debit side by£1,061 and a Suspense Account was opened with this
=+(1) A debit balance of £520 on Rent Account had been entered on the credit side of the trial balance.(2) The Sales Account was over-cast by £10.
=+(3) An invoice of £60 in respect of goods purchased from J. Williams had been credited to the account of J. Williamson.(4) The purchase of a motor truck for £647 had been correctly entered in the
=+(5) A balance of £38 due from C. Cambridge had been omitted from the trial balance.
=+(6) Goods to the value of £40 returned by D. Durham were not entered in the Returns Inwards Book but had been included in the stock on hand.
=+Write up the Suspense Account showing how it would be affected, if at all, by these errors.
=+5. Prepare a Trading and Profit & Loss Account for the year ending 31st December, 1960 and a Balance Sheet as at that date from the following Trial Balance and supplementary information:
=+Sales 15,660 Purchases 6,900 Stock 3,100 Discounts 940 160 Wages 1,140 Rent, Rates and Insurance 632 Bad Debts 160 Provision for Bad Debts 420 General Expenses 202 Premises 2,000 Motor Vehicle
=+(a) After a little further work, the errors necessitating the Suspense Account were found. They were:1. The balance of £800 for Fixtures and Fittings had been omitted from the Trial Balance.
=+2. An addition in the Purchases Book was £3,000 too little.3. A mis-posting to General Expenses Account.(b) Provide for Depreciation at the following rates:Premises 2% p.a.Fixtures & Fittings 5 %
=+(c) The provision for Bad Debts is to be reduced to 5% of Sundry Debtors.(d) Allow for the prepayments:Rates £30 Insurance £62.
=+(e) No Motor Expenses appear in the Trial Balance. It appears that purchases of petrol have been included with general purchases.The total amount is £120. Other Motor Expenses have been paid by A.
=+(f) During the year Johnson has taken goods for personal consumption.The cost of those goods was £160.(g) The closing stock was valued at £2,800.
=+1.* On 1st July, 1962, WiUiams owes Dixon £1,200 and immediately accepts three bills of £400 each due respectively in one, two and four months.The first bill is retained by Dixon and is met in
=+New arrangements are immediately made whereby Williams pays cash of £100 and accepts a bill due in two months for the balance of the account with interest at 6 per cent per annum. The bill is
=+Dixon until maturity. On being presented the bill is dishonoured; the notarial charges being 5/-. Williams is shortly afterwards made bankrupt, his trustee paying a first and final dividend of 5/-
=+2. On 1st January, 1961, Barlow and Ring enter into an agreement to provide liquid funds.(1) Barlow accepts a 3 months bill payable to Ring for £1,000.(2) Ring pays £300 to Barlow and accepts a 6
=+Both immediately discount the bills with their bankers. The discount charged to Barlow is £16 and to Ring £18.Barlow pays his bill on the due date but Ring is unable to do so. He arranges for a
=+3. tOn 1st October, 1961, Marten consigned goods to the value of £10,000 to Stevens, incurring expenses for freight and insurance of £600. An Account Sales was received from Stevens, who is
=+1. 60% of the goods had been sold for £8,000, but only £6,500 had so far been received.
=+2. Expenses of £300 had been incurred in connection with the goods consigned and £200 in connection with the goods sold.On 15th January, 1962, Marten incurred bank charges of £10 in cashing the
=+A further Account Sales was received, made up to 31st March, 1962, which showed that:
=+1. The balance of the goods had been sold for £5,500 and SeUing Expenses of £150 had been incurred.
=+2. All cash due had been received, except that a bad debt of £100 had been incurred.
=+On 15th April, 1962, Marten incurred bank charges of £8 in cashing the sight draft for the balance due, which accompanied the Account Sales from Stevens.
=+Write up the accounts in the books of Marten necessary to reflect the above transactions.
=+4. ÍDuke and Lord entered into a joint venture to buy and sell second-hand cars. Profits and losses were to be shared: Duke two-thirds and Lord one-thh-d.
=+On 16th August, 1962, Duke purchased two cars for £320 and £480 respectively. He incurred expenditure of £120 on repairs and on 1st September, sold one of the cars for £400 and on 10th
=+On 12th September, 1962, he purchased a further car for £600 which was sold on 20th September for £800, which amount was paid to Lord who paid it into his own bank account.
=+On 12th August, 1962, Lord purchased a car for £400 which he sold for£500 on 15th August, having incurred expenses of £40 on it. This car was returned by the customer on 20th August; he was
=+On 30th September, 1962, the sum required in full settlement as between Duke and Lord was paid by the party accountable.You are required to prepare:(a) The Joint Venture Account as it would appear
=+(b) A Memorandum Account for the Joint Venture, showing the net profit.
=+L •The New Town Association commenced activities on 1st January, 1959, and the following is a summary of its transactions for the following year:Receipts: £Subscriptions 350 Net income from
=+Payments: £Rent of premises 150 Rates 40 Lighting, heating, etc. 52 Purchase of Savings Certificates 120 362 Balance in hand at 31st December, 1959 £114(including £86 in Post Office Savings Bank)
=+One quarters rent, £50, is due at 31st December, 1959, and £10 for a coal bill is not paid. Subscriptions received include £25 in advance for 1960. Rates in advance at 31st December, 1959, were
=+2. *The following is a summary of the Cash Book of Benworth Social Club for the year to 31st December, 1962:Cash Book Balance at bank, 1 Jan.1962 Bar & Restaurant Sales Members' Subscriptions:for
=+Restaurant and Bar Supplies Wages Printing, Stationery and Postages General Expenses Balance at bank, 31st Dec., 1962£11,120 Additional information is obtained as follows: 31st Dec.1961£5,000
=+Furniture Stock of Restaurant and Bar Supplies Creditors for Restaurant and Bar Supplies 450 490 You are required to prepare:(a) A Trading Account for the Restaurant and Bar for 1962.(b) An Income
=+£Buildings Extension and Renovation Fund 2,500 Accumulated Fund 5,945*Re-printed by courtesy of the Royal Society of Arts (R.S.A.).tRe-printed by courtesy of the Society of Incorporated
=+Repairs and Replacements 455 Profit on Bar and Catering 1,265 Receipts—Annual Outing 450 Entertainments 290 Creditors 781 Honorarium, Secretary 200 Salaries and Wages 873 Heating, Lighting and
=+Club Premises (Freehold) 4,000 Cost of Annual Outing 363 Interest on Investments—Building Society Deposit 50 Bank Deposit 11
=+Newspapers and Magazines 121 Stocks of Wines, Spirits, Tobacco, etc. 810 Cost of Entertainments 210 Donations to Building Extension Fund 200 Subscriptions amounting to £104 have been paid in
=+Crockery etc. 10 per cent.Club Premises 2 per cent.A sum of £500 is to be transferred to Buildings Extension and Renovation Fund. The charge for Repairs and Replacements included cost of a
=+Prepare Income and Expenditure Account for the year ended 31st December, 1962 and Balance Sheet at that date.
=+1.* A Trader commenced business on 1st January, 1960, his position then being:Assets £Land and Buildings 7,500 Fixtures and Fittings 550 Balance at Bank 1,750 Liabilities Loan on Mortgage of Land
=+He traded for a year, drawing nothing out of the business for his personal use and paying in no additional capital. His position on 31st Dec. 1960 was:Assets £Land and Buildings 7,500 Fixtures and
=+Prepare a statement of profit or loss for the year.
=+2.t Ben White, a retailer, adds 25 % to the cost of goods purchased for resale to arrive at his selling prices.His financial position at 30th June, 1961 was:£Assets: Plant & Machinery 5,000 Stock
=+a) paid £11,675 for Goods for Resale.(b) repaid £500 of the Loan from Z.(c) purchased a van for £700.(d) withdrew from the bank £80 per month for personal expenses.
=+(e) paid into the Bank a legacy of £300.(f) paid income tax £600 (treat as Drawings).At 30th June, 1962, Stock at cost was £4,000, Debtors totalled £7,000 and creditors were £3,500; the
=+3. B. Letitslide is in business but does not keep proper books of account.In order to prepare his Trading and Profit & Loss Account for the Year ended 31st December, 1960 you are given the
=+Debtors 268 412 Creditors for Goods 712 914 Creditors for Expenses 116 103 In addition, you are able to prepare the following summary accounts for the year:Dr. Cash Account Cr,
=+£ £Balance, 1st Jan. 62 Payments into Bank 3,050 Shop Takings 4,317 Purchases 316 Cheques cashed 200 Expenses 584 Drawings 600 Balance, 31st Dec. 29£4,579 £4,579 Dr, Balance, 1st Jan.Cheques
=+Cash withdrawn Purchases Expenses Drawings Delivery Van(purchased 1st Sept.)Balance, 31st Dec.Cr,£200 2,715 519 400 900 572£5,306
=+In addition, Mr. Letitslide says that he has taken goods for personal consumption and estimates that those goods cost £100.In considering the debtors, Mr. Letitslide suggests that there is no hope
=+4.1[Eric Stupher was trading as a furniture manufacturer and he submits to you the following information relating to the year ended 30th September, 1961.1st Oct. 30th Sept.1960 1961£ £Capital
=+Summary of Cash Book £ Cash Balance, 1/10/60 27 Received from Debtors 14,000 Paid in by E.S. 1,000 Bank Balance, 1/10/60 £727 Paid to Trade Creditors 9,400 General Expenses 1,240 Wages and
=+Mr. Stupher pays his manager a commission of 5% of the trading profits after charging such commission. Depreciation is to be provided on assets as follows:Plant and Machinery 10 %Fixtures and
=+From the foregoing information you are required to prepare a Balance Sheet as at 30th September, 1961 and Trading and Profit & Loss Accounts for the year ended on that date. Calculations may be
=+1.* On 1st January, 1961, Black, White and Brown were in partnership and, at that date, their capital accounts showed credit balances of £5,000,£4,000 and £1,000 respectively.The partnership
=+Before making any adjustments required by the agreement, the profit for the year ending 31st December, 1961, amounted to £5,440 and, during the year, each partner had drawn £100 per month.Prepare
=+2. *Two friends, Guppy and Jobling, are engaged in preliminary discussions with a view to setting up in business as retailers. It is agreed that Net Profits and Losses are to be shared between them
=+1. The net profit for the first year will be sufficient for Jobling to get£500 as his share of it.
=+2. Rent, assistant's wages, and other expenses will amount to £1,800 for the first year.
=+3. The rate of Gross Profit will be 20 per cent of the sales.4. Stock at the end of the first year will be £1,500.You are asked to show (giving your calculations)(a) The value of sales necessary
=+3. *Peele and Mellis conduct a merchanting business in partnership on the following terms:(a) Interest is to be allowed on partners' capital accounts at 6 per cent per annum.
=+(b) Peele is to be credited with a partnership salary of £750 per annum.(c) The balance of profit in any year is to be shared equally by the partners.After preparing their Trading and Profit &
=+Dr. Cr.£ £Capital Accounts: Peele (as on 1st April, 1959) 1,000 Mellis (as on 1st April, 1959) 2,000 Current Accounts: Peele 220 Mellis 100 Drawings Accounts: Peele 890 MeUis 500 Profit & Loss
=+It is agreed by the partners to reduce the book value of Goodwill by writing off £250 at 31st March, 1960 (to be charged to the Appropriation Section of the Profit and Loss Account).
=+You are asked to prepare the Appropriation Section of the firm's Profit& Loss Account and the partners' current accounts for the year ended 31st March, 1960, together with the Balance Sheet as on
=+4. Green and Blue agree to admit Brown into partnership as from 1st January, 1961. Brown is to receive a one-fifth share of the profits, Green and Blue receivmg equal shares as before. Goodwill
=+5. In 1955, A set up in business as a sole trader. On 1st January, 1956, B. joined him as a partner taking one-third of the profits and paying£1,200 as a premium for Goodwill.
=+On 1st January, 1958, C was admitted as a new partner. It was decided to raise a Goodwill Account in the books of the firm and the value placed upon this asset was £6,000. The profit sharing ratio
=+From 1958 to 1961, the Goodwill balance was written down in the books of the firm and on 31st December 1961, it stood at £3,000. The business was then sold and the amount received for Goodwill was
=+6. tTwo professional firms agree to amalgamate their practices. The first firm consists of three partners. A, Β and C, who share profits in the ratio 5:4:3 with a total capital of £6,000 shared
=+For the puφoses of adjustment between the partners it is agreed that the goodwill of each of the old practices shall be valued at four years purchase of the average profits of the firm for the
=+The first year's profits before charging partners' salaries amounted to£16,200. The profits of the five years preceding the amalgamation were:A, Β and C, £9,070, £9,500, £10,850, £10,330 and
=+7.TIX, Y and Ζ were in partnership as retailers sharing profits as follows:X one-half Y one-third one-sixth with a proviso that Z's share should be guaranteed by Y at a minimum rate of £1,500 per
=+Interest was to be allowed on fixed capitals and allowed or charged on current account balances at the beginning of each year at the rate of 5 per cent per annum.Particulars regarding the partners'

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