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business
business accounting

Questions and Answers of Business Accounting

Write up the accounts to record the following transactions:19X3 March 1 99 99 99 99 99 99 99 35 815 17 24 31 Started with £1,000 cash.Received a loan of £5,000 from M Chow by cheque, a bank account
Write up the asset, capital and liability accounts in the books of C Walsh to record the following transactions:19X5 June 59 99 99 99 99 99 99 99 99 12 58 12 15 19 21 25 30 Started business with
You are required to open the asset and liability and capital accounts and record the following transactions for June 19X4 in the records of C Williams.19X4 June 55 55 55 55 55 55 55 12 58 12 18 25 26
Write up the asset and liability and capital accounts to record the following transactions in the records of G Powell.19X3 July 1 15 23 31 Started business with £2,500 in the bank.Bought office
Complete the following table showing which accounts are to be debited and which to be credited:Account to be debited Account to be credited(a) Bought motor lorry for cash.{b) Paid creditor, T Lake,
Complete the following table:Account to Account to be debited be credited{a) Bought office machinery on credit from D Isaacs Ltd.(b) The proprietor paid a creditor, C Jones, from his private monies
Record the following for the month of January, balance off all the accounts, and then extract a trial balance as at 31 January 19X4:19X4 Jan 1 Started business with £3,500 cash.„ 2 Put £2,800 of
Record the following details for the month of November 19X3 and extract a trial balance as at 30 November:19X3 Nov 1 9?99 99 99 99 99 99 99 99 99 99 56 711 17 18, 19 20 21 23 25 26 28 30 Started with
Enter up the books from the following details for the month of March, and extract a trial balance as at 31 March 19X6.19X6 March 1 99 99 99 99 99 99 99 99 99 99 99 99 99 99 56 79 10 12 13 15 17 18 21
You are to enter up the necessary amounts for the month of May from the following details, and then balance off the accounts and extract a trial balance as at 31 May 19X6.19X6 May 1????59 99 99 99 99
On 2 November 19X7 Fred Bilding set up in business on his own account as an Estate Agent. The following transactions^occurred during the month of November:Fred Bilding paid £10,000 into a bank
Redraft each of the accounts given in your answer to 5.2 in three-column ledger style accounts.5.5Enter the following in the personal accounts only, do not write up the other accounts.Balance down
Enter the following in the personal accounts only. Do not write up the other accounts.Then balance down each personal account at the end of the month. (Keep your answer, it will be used as the basis
Enter the following items in the necessary debtors accounts only, do not write up other accounts. Then balance down each personal account at the end of the month. (Keep your answer, it will be used
Discuss what changes would need to be made if Susan and Bob decided to form a company to take over the business to protect both partners' interests as they stand under the current partnership
Produce the final accounts of the partnership for year 2 in a form suitable for a partnership.
Explain how you propose to deal with the following:the balance of £7100, i.e. the profit after drawings;the drawings from the business by Susan and Bob in year 2;the money introduced by Bob in year
What form of security is required for each of the forms of short-term finance discussed in the chapter?
Which types of short-term finance require a business to provide some form of security?
What are the advantages and disadvantages of being highly geared?
What does the term 'highly geared' refer to?
What are the differences between drawings and dividends?
What are the main differences between equity finance and debt finance?
What are the forms of short-term finance discussed in the chapter?
Why is it important to match the type of finance with the purpose of raising that finance?
In each of the following situations describe the way that the transaction would be dealt with in the accounts of the business and identify, where appropriate, the effect on the balance sheet and
How do debtors affect the profit and loss account?Problems for discussion and analysis
Simon has recently gone into business making meat pies. Details of his transactions for the first month are given below.Day 1 Day 2 Day 3 Day 3 Day 31 Opened a bank account and paid in £20 000 of
would be affected by the use of a marginal cost basis of stock valuation.
Discuss the ways in which your answer to problem
Of the costs above which would be appropriate to include in arriving at cost under an absorption costing system?
Based on your decisions, draw up a profit and loss account for 1993 using the information above.
April1993 £60**The rent had remained the same as in 1992 but the TV licence had gone up from £50 to £60.
April £300*Annual insurance on vans paid 1 April £480*Repairs and petrol for vans £600 Annual road tax on owner's car paid 1 June £100*Annual road tax on owner's wife's car paid 1 June £100
In each of the following situations, discuss whether the item would be included in the profit and loss account for the year to 31 December 1993 and at what amount. The business is that of a builder
In what circumstances would it be inappropriate to recognize a cost as either an expense or an asset?Problems for discussion and analysis
How does an expense differ from a cost?Review questions
January 1992.(e) Shop fittings which were worth £3000 and had been bought at an auction by Transom Trading for only £1500 prior to opening the shop in August 1991.(f) A Ford Fiesta costing £3500
In each of the following situations identify whether the item should be included in the balance sheet of Transom Trading at 31 December 1991, and if so at what amount and under which heading. Transom
Prepare a balance sheet from the following information and comment on the position of the business as shown by that balance sheet.Stock of goods held for resale Freehold land and building Mortgage on
What is the purpose of a balance sheet and what information does it contain?Problems for discussion and analysis
Two brothers decided to go into business buying and selling beds.Details of their transactions are set out in the case study below.They initially bought 400 beds at £100 each and a delivery van
In the example of Alex in the text, no allowance was made for the fact that an item had been in use for some time. Whilst it is intuitively obvious that the utility of most things declines over time,
Under certain circumstances only one of the alternative methods of valuation is the most appropriate. Giving brief reasons for your choice, suggest the most appropriate value to be placed on each
What effects, if any, do rapid changes in technology have on the appropriateness of each of the alternative ways of assigning a cost or a value to an item.Problems for discussion and analysis
Tack was left some money in his mother's will and decided that he should give up his job and go into business for himself. Whilst the lawyers were still sorting out his mother's estate he started
What are the major determinants of a useful accounting system?
For what purposes is accounting information used?(a) by the individual,(b) by the enterprise.
The following table shows the cumulative effects of a succession of separate transactions on the assets and liabilities of a business.Transaction: A B C D E F G H I Assets £000 £000 £000 £000
From the following statements which give the cumulative effects of individual transactions, you are required to state as fully as possible what transaction has taken place in each case. There is no
Write up the following transactions in the records of D DaSilva:Feb 1 Started business with £3,000 in the bank and £500 cash.,, 2 Bought goods on credit: T Small £250; C Todd £190; V Ryan
Enter the following transactions in double entry:July 55 55 55 55 55 55 55 55 55 55 55 55 55 55 55 55 1 Started business with £8,000 in the bank.2 Bought stationery by cheque £30.3 Bought goods on
Write up the following transactions in the books of L Thompson:19X8 March 1„ 2„ 3„ 4,, 5,, 7 11 14 17 20 22 27 28 29 30 31 55 55 55 55 Started business with cash £1,500.Bought goods on credit
You are to enter the following transactions, completing double entry in the books for the month of May 19X7.19X7 May 5?9?99 99 12 35 610 12 18 Started business with £2,000 in the bank.Purchased
You are to enter the following in the accounts needed:July 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 1 Started business with £1,000 cash.2 Paid £800 of the opening cash into a bank
Enter up the following transactions in the records:19X5 May 33 33 33 35 33 33 33 53 55 12 35 68 10 12 18 21 Started business with £2,000 in the bank.Bought goods on credit from C Shaw £900.Bought
Enter up the following transactions in the records of E Sangster:19X7 July 35 35 33 33 33 53 33 33 33 53 33 33 33 33 53 53 55 33 53 33 33 12 34 68 10 11 12 14 15 17 18 19 20 24 25 26 27 28 29 31
You are to enter the following in the accounts needed:19X6 Aug 1 Started business with £1,000 cash.„ 2 Paid £900 of the opening cash into the bank.„ 4 Bought goods on credit £78 from S
You are to write up the following in the books:19X4 July 1 37 10 14 18 21 24 25 31 Start business with £500 cash.Bought goods for cash £85.Bought goods on credit £116 from E Morgan.Sold goods for
Complete the following table:Account to Account to be debited be credited(a) Goods bought on credit from T Morgan.(b) Goods returned to us by J Thomas.(c) Machinery returned to L Jones Ltd.(d) Goods
Complete the following table showing which accounts are to be credited and which are to be debited:Account to Account to be debited be credited(a) Goods bought on credit from J Reid.(b) Goods sold on
You are to study the following financial statements for two similar types of retail store and then answer the questions which follow.Summary of Financial Statements A B£ £ £ £Sales 80,000 120,000
Study the following accounts of two companies and then answer the questions which follow. Both companies are stores selling textile goods.Trading and Profit and Loss Accounts R Ltd T Ltd£ £ £
Durham Limited had an authorised capital of £200,000 divided into 100,000 ordinary shares of £1 each and 200,000 8% preference shares of 50p each. The following balances remained in the accounts of
The summarised accounts of Hope (Eternal Springs) Ltd. for the years 19X9 and 19X0 are given below.Trading and Profit and Loss Accounts for the year ended 31 December 19X9 19X0£’000 £’000
The following figures are for AB Engineering Supplies Ltd at 31 December 19X9.Turnover Gross profit Average stock at cost price Expenses eooo 160 40 10 8Fixed assets Current assets Stock Debtors Bank
Galloway Ltd has an authorised capital of 250,000 ordinary shares of £1 each.(a) At the end of its financial year, 30 April 19X8, the following balances remained in the Company’s books after
The trading stock of Joan Street, retailer, has been reduced during the year ended 31 March 19X8 by £6,000 from its commencing figure of £21,000.A number of financial ratios and related statistics
Serna pic, a company in the heavy engineering industry, carried out an expansion programme in the 19X6 financial year, in order to meet a permanent increase in contracts.The company selected a
At the beginning of the financial year on 1 April 19X5, a company had a balance on plant account of £372,000 and on provision for depreciation of plant account of £205,400.The company’s policy is
{a) Distinguish between capital and revenue expenditure.{b) Napa Ltd took delivery of a microcomputer and printer on 1 July 19X6, the beginning of its financial year. The list price of the equipment
Indicate which of the following would be revenue items and which would be capital items in a wholesale bakery.[a] Purchase of a new motor van.{b) Purchase of replacement engine for existing motor
Mr Chai has been trading for some years as a wine merchant. The following list of balances has been extracted from his ledger as at 30 April 19X7, the end of his most recent financial year.Capital
OA The following trial balance has been extracted from the ledger of Mr Yousef a sole trader.Trial Balance as at 31 May 19X6 Dr Cr£ £Sales 138,078 Purchases 82,350 Carriage 5,144 Drawings 7,800
This question relates to worksheets, see page 181.From the following trial balance of John Brown, store owner, prepare a trading account and profit and loss account for the year ended 31 December
T. Morgan, a sole trader, extracted the following trial balance from his books at the close of business on 31 March 19X9:Dr Cr£ £Purchases and sales 22,860 41,970 Stock 1 April 19X8 5,160 Capital 1
The following trial balance was extracted from the books of A.business on 28 February 19X7.Purchases and sales Cash at bank Cash in hand Capital account 1 March 19X6 Drawings Office furniture Rent
The owner of a small business selling and repairing cars, which you patronise has just received a copy of his accounts for the current year.He is rather baffled by some of the items and as he regards
Oriel Ltd, whose financial year runs fron 1 June to the following 31 May, maintains a combined Rent and Rates Accoufit in its ledger.Rent is fixed on a calendar year basis and is payable quarterly in
The two accounts below were taken from the books of a retailer at the end of his financial year, 31 December 19X7.Insurance Account Dr Cr 19X7 £ 19X7 £Jan 1 Balance 80 Dec 31 Profit and loss 530
Three of the accounts in the ledger of Charlotte Williams indicated the following balances at 1 January 19X0:Insurance paid in advance £562;Wages outstanding £306;Rent receivable, received in
J Owen’s year ended on 30 June 19X4. Write up the ledger accounts, showing the transfers to the final accounts and the balances carried down to the next year for the following:{a) Stationery: Paid
The financial year of H Saunders ended on 31 December 19X6. Show the ledger accounts for the following items including the balance transferred to the necessary part of the final accounts, also the
Mavron pic owned the following motor vehicles as at 1 April 19X6:Motor Date Cost Estimated Estimated Vehicle Acquired £ Residual Value fLife(years)AAT 101 1 October 19X3 8,500 2,500 5 DJH 202 1
{a) Identify the four factors which cause fixed assets to depreciate.{b) Which one of these factors is the most important for each of the following assets?(i) a gold mine,(ii) a motor lorry,(hi) a 50
A company maintains its fixed assets at cost. Depreciation provision accounts for each asset are kept.At 31 December 19X8 the position was as follows:Total cost Total depreciation to date to date
(a) What is the meaning of depreciation?(b) Give three reasons why depreciation may occur.(c) Name two methods of depreciation.(d) In what way do you think the concept of consistency applies to
A company maintains its fixed assets at cost. Depreciation provision accounts, one for each type of asset, are in use. Machinery is to be depreciated at the rate of 12Vi per cent per annum, and
A company starts in business on 1 January 19X3, the financial year end being 31 December. You are to show:{a) The machinery account{b) The provision for depreciation account(c) The balance sheet
A company, which makes up its accounts annually to 31 December, provides for depreciation of its machinery at the'rate of 10 per cent per annum on the diminishing balance system.On 31 December 19X6,
A bulldozer costs £12,150. It will be kept for five years. At the end of that time agreement has already been made that it will be sold for £1,600. Show your calculations of the amount of
Mudgee Ltd issued the following invoices to customers in respect of credit sales made during the last week of May 19X7. The amounts stated are all net of Value Added Tax. All sales made by Mudgee Ltd
Louise Baldwin commenced business as a wholesaler on 1 March 19X0.Her sales on credit during March 19X0 were:March 9 Neville’s Electrical 4 electronic typewriters list price £180 each, less 20%
The credit sales and purchases for the month of December 19X3 in respect of C Dennis & Son Ltd were:Net, after VAT trade discount 10%19X3 £ £Dec 1 Sales to M Morris 140 14 99 4 Sales to G Ford Ltd
The following sales and purchases were made by R Colman Ltd during the month of May 19X6.Net VAT added 19X6 £ £May 1 Sold goods on credit to B Davies & Co 150 15>9 4 Sold goods on credit to C Grant
On 1 March 19X6, C Black, Curzon Road, Stockport, sold the following goods on credit to J Booth, 89 Andrew Lane, Stockport SKI lAA, Order No. 1697.20,000 Coils Sealing Tape @ £4.40 per 1,000 coils
19X7 Apr Show the journal entries necessary to record the following items:1 49 12 18 24 30 Bought fixtures on credit from J Harper £1,809.We take £500 goods out of the business stock without paying
You are to show the journal entries necessary to record the following items:(a) 19X5 May 1 Bought a motor vehicle on credit from Kingston Garage for £6,790.(b) 19X5 May 3 A debt of £34 owing from H
You are to open the books of K Mullings, a trader, via the journal to record the assets and liabilities, and are then to record the daily transactions for the month of May. A trial balance is to be
You are to enter up the sales, purchases and the returns inwards and returns outwards journals from the following details, then to post the items to the relevant accounts in the sales and purchase

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