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business
business accounting

Questions and Answers of Business Accounting

Dundas Limited purchased a machine under a hire purchase agreement on 1 January 19X8. The agreement provided for an immediate payment of £2,000, followed by five equal instalments of £3,056, each
S, W and M are partners. They share profits and losses in the ratios of ¥s5, Ys and Ys respectively.For the year ended 31 December 19X6 their capital accounts remained fixed at the following
Moore and Stephens, who share profits and losses equally, decide to dissolve their partnership as at 31 March 19X1. Their balance sheet on that date was as follows:The debtors realised £2,700, the
X, Y and Z have been ’in partnership for several years, sharing profits and losses in the ratio 3:2:1. Their last balance sheet which was prepared on 31 October 19X1 is as follows:Despite making
Amis, Lodge and Pym were in partnership sharing profits and losses in the ratio 5:3:2. The following trial balance has been extracted from their books of account as at 31 March 19X8:Required:(a)
Ollier and Avon enter a joint venture, to share profits or losses equally, resulting from dealings in second-hand cars. Both parties take an active part in the business, each recording his own
Mr Carter entered into a joint venture with Mr Thomas for the purchase and sale of bicycles. They agreed that profits and losses should be shared equally.The following transactions took place:You are
Plant, Hoe & Reap entered into a joint venture for dealing in carrots. The transactions connected with this venture were:You are required to show the joint venture accounts in the books of Plant,
Wild, Wood and Bine enter into a joint venture for dealing in antique brass figures. The following transactions took place:You are required to show the joint venture accounts in the books of each of
A purchases ledger control account should be drawn up for February 19X7 from the following: 19X7 Feb 1 Balances (Dr) Balances (Cr) Totals for month: Purchases journal Returns outwards journal Bills
Balances and transactions affecting a company’s control accounts for the months of May 19X2 are listed below:Required:(a) Explain the purposes for which control accounts are prepared.(b) Post the
On 8 February \(19 \mathrm{X} 5\) PJ, a London trader, consigned 120 cases of goods to MB, an agent in New Zealand.The cost of the goods was \(£ 25\) a case. PJ paid carriage to the port \(£ 147\)
(a) Explain the differences between a consignment and a sale.(b) 100 cases of goods costing \(£ 3,500\) were sent on consignment by \(\mathrm{X}\) Limited to \(\mathrm{Y}\) Limited on 1 February
On 15 November 19X5, Hughes consigned 300 cases of wooden items to Galvez of Madrid. On 31 December 19X5, Galvez forwarded an account sales, with a draft for the balance, showing the following
Stone consigned goods to Rock on 1 January 19 X6, their value being \(£ 12,000\), and it was agreed that Rock should receive a commission of 5 per cent on gross sales. Expenses incurred by Stone for
Fleet is a London merchant. During the financial year to 31 March \(19 \mathrm{X} 8\), he sent a consignment of goods to Sing, his agent in Bali. The details of the transaction were as follows:(a) On
A Mr Carter entered into a joint venture with Mr Thomas for the purchase and sale of bicycles. They agreed that profits and losses should be shared equally.The following transactions took place:(a)
Plant, Hoe \& Reap entered into a joint venture for dealing in carrots. The transactions connected with this venture were:\(19 \mathrm{X} 1\)Jan 8 Plant rented land cost \(£ 156\)." 10 Hoe supplied
A Wild, Wood and Bine enter into a joint venture for dealing in antique brass figures. The following transactions took place:\(19 \mathrm{X} 4\)Mar 1 Wild rented a shop, paying 3 months' rent \(£
N Gudgeon sells goods to two companies on July 1 19X7.He draws bills of exchange on each of them and they are both accepted.He discounts both of the bills with the bank on July 4 19X7, and suffers
P Cummings buys goods from T Victor Ltd on January \(2119 \mathrm{X} 7\) for \(£ 2,900\) and from C Bellamy \& Co for \(£ 4,160\). Bills are drawn on him and he accepts them.T Victor Ltd discount
KC owed TM \(£ 960\). KC accepted a bill of exchange at three months’ date for this amount. TM discounted it for \(£ 948\).Before the due date of the bill TM was informed that KC was unable to
Draw up a sales ledger control account for the month of August \(19 \mathrm{X} 6\) from the following: 19X6 Aug 1 Balances (Dr) Balances (Cr) Totals for the month: Sales journal 12,370 105 16,904
Indicate by journal entries how the following would appear in the ledger accounts of (a) Noone, (b) Iddon. 19X8 Jan 1 Iddon sells goods 420 to Noone, and Noone sends to Iddon a three months'
Enter the following in the appropriate ledger accounts of \(\mathrm{R}\) Smith: 19X0 Jan 5 6 R Smith sold goods to P Thomas, 320, and Thomas accepted Smith's bill for three months for this amount.
On 1 June \(19 \mathrm{X} 2\), X purchased goods from \(\mathrm{Y}\) for \(£ 860\) and sold goods to \(\mathrm{Z}\) for \(£ 570\).On the same date, \(\mathrm{X}\) drew a bill (No. 1) at three
Balances and transactions affecting a company's control accounts for the months of May 19X2 are listed below: Purchases on credit Balances at 1 May 19X2: Sales ledger Purchase ledger Transactions
Show the journal entries needed to correct the following errors:(a) Purchases £1,410 on credit from A. Ray had been entered in B. Roy’s account.(b) A cheque of £94 paid for printing had been
After preparing its draft final accounts for the year ended 31 March 2009 and its draft statement of financial position as at 31 March 2009 a business discovered that the inventory lists used to
A trial balance was extracted from the books of D. Wilson, and it was found that the debit side exceeded the credit side by £100. This amount was entered in the suspense account. The following
Your bookkeeper extracted a trial balance on 31 December 2008 which failed to agree by £400, a shortage on the credit side of the trial balance. A suspense account was opened for the difference. In
You have extracted a trial balance and drawn up accounts for the year ended 31 December 2010. There was a shortage of £78 on the credit side of the trial balance, a suspense account being opened for
Study the following and answer the questions below. The trial balance of Mary Harris (Gowns) as at 31 December 2011 showed a difference which was posted to a suspense account. Draft final accounts
Gail Dawson is the owner of a retail business. She has employed an inexperienced bookkeeper to maintain her accounting records.(a) On 31 March 2012, the end of the business’s accounting year, the
The trial balance as at 30 April 2010 of Timber Products Limited was balanced by the inclusion of the following debit balance: Difference on trial balance suspense account £2,513. Subsequent
The trial balance of Happy Bookkeeper Ltd, as produced by its bookkeeper, includes the following items:You have been given the following information: (i) The sales ledger debit balances total
V. Fraga is a trader who sells all of his goods at 30% above cost. His books give the following information at 31 December 2013You are required to: (a) Ascertain cost of goods sold. (b) Show the
R. Jack gives you the following information as at 31 March 2014:Jack’s mark-up is 40% on ‘cost of goods sold’. His average inventory during the year was £17,000. Draw up an income statement
Fail’s business has a rate of inventory turnover of 10 times per year. Average inventory is £14,000. Mark-up is 40%. Expenses are 60% of gross profit. You are to calculate:(a) Cost of goods
The following figures relate to the retail business of A. Bell for the month of July 2012. Goods which are on sale fall into two categories, X and Y.You are to calculate for each category of
The following trading account is extracted from the income statement for the year ending 31 December 2011 and is given to you by the owner of the business, M. Pole:Pole says that normally he adds 20%
R. Sheldon presents you with the trading account set out above.(Authors’ note) He always calculates his selling price by adding 331 /3% of cost on to the cost price. (a) If he has adhered strictly
The following information is available for the years 2010, 2011 and 2012:The inventory valuations used above at the end of 2010 and at the end of 2011 were inaccurate. The inventory at 31 December
A. Dodds started in business on 1 January 2011 with £40,000 in a bank account. Unfortunately, he did not keep proper books of account. He must submit a calculation of profit for the year ending 31
Alice Twig is a magician. She has conjured up the following results from her non-existent accounting records. Fees are equal to four times her direct costs. At any given time her inventory equals one
B. Barnes is a dealer who has not kept proper books of account. At 31 October 2012 his state of affairs was as follows:During the year to 31 October 2013 his drawings amounted to £32,200. Winnings
A. Bell has kept records of his business transactions in a single entry form, but he did not realise that he had to record cash drawings. His bank account for the year 2011 is as follows:Records of
On 1 May 2011 Jenny Barnes, who is a retailer, had the following balances in her books: Premises £70,000; Equipment £8,200; Vehicles £5,100; Inventory £9,500; Trade accounts receivable £150.
Bill Smithson runs a second-hand furniture business from a shop which he rents. He does not keep complete accounting records, but is able to provide you with the following information about his
Although Janet Lambert has run a small business for many years, she has never kept adequate accounting records. However, a need to obtain a bank loan for the expansion of the business has
Jean Smith, who retails wooden ornaments, has been so busy since she commenced business on 1 April 2011 that she has neglected to keep adequate accounting records. Jean’s opening capital consisted
The following are summaries of the cash book and bank accounts of J. Duncan who does not keep his books using the double entry system.You are required to: (a) Calculate the value of J. Duncan’s
Using the information in Review Question 35.11, prepare J. Duncan’s statement of financial position as at 31 December 2011.Question 35.11The following are summaries of the cash book and bank
The following are summaries of the cash book and bank accounts of P. Maclaran who does not keep her books using the double entry system.You are required to: (a) Calculate the value of P. Maclaran’s
Using the information in Review Question 35.13, prepare P. Maclaran’s Statement of Financial Position as at 31 December 2011.Question 35.13The following are summaries of the cash book and bank
A summary of the Moorwick Bowling Club’s cash book is shown below. From it, and the additional information, you are to construct an income and expenditure account for the year ending 31 December
A The following trial balance of the Shire Golf Club was extracted from the books as on 31 December 2012:(i) Bar purchases and sales were on a cash basis. Bar inventory at 31 December 2012 was valued
Read the following and answer the questions below. On 1 January 2011 the Happy Haddock Angling Club had the following assets:During the year to 31 December 2011 the Club received and paid the
The treasurer of the Plumpton Leisure Centre has produced the following receipts and payments account for the year ended 31 December 2013:(i) Refreshment inventory was valued: 31 December 2012 £680;
The following is a summary of the receipts and payments of the Miniville Rotary Club during the year ended 31 July 2012.Required: (a) Calculate the value of the accumulated fund of the Miniville
The Milham Theatre Club has been in existence for a number of years. Members pay an annual subscription of £15 which entitles them to join trips to professional productions at a reduced rate. On 1
The accounting records of the Happy Tickers Sports and Social Club are in a mess. You manage to find the following information to help you prepare the accounts for the year to 31 December 2011. (i)
A business both buys loose tools and also makes some itself. The following data is available concerning the years ended 31 December 2010, 2011 and 2012.You are to draw up the Loose Tools Account for
A From the following information, prepare a manufacturing account and income statement for the year ending 31 December 2012 and a statement of financial position as at 31 December 2012 for J. Jones
From the following information, draw up a manufacturing account and the trading account section of the income statement for the six months ending 30 September 2013. You should show clearly: (a) Cost
E. Wilson is a manufacturer. His trial balance at 31 December 2013 is as follows:Prepare the manufacturing account and income statement for the year ending 31 December 2013 and a statement of
The financial year end of Mendip Limited is 30 June. At 30 June 2013, the following balances are available:(i) The inventory at 30 June 2013 was: raw materials £22,000; finished goods £35,600. (ii)
A Jean Marsh owns a small business making and selling children’s toys. The following trial balance was extracted from her books on 31 December 2013.You are given the following additional
The following list of balances as at 31 July 2012 has been extracted from the books of Jane Seymour who commenced business on 1 August 2011 as a designer and manufacturer of kitchen
From the following you are to draw up a departmental trading account for Slick’s Department Store for the year ending 30 June 2012. Inventory: Carpet Department White Goods Department Music
J. Horner is the proprietor of a shop selling paintings and ornaments. For the purposes of his financial statements he wishes the business to be divided into two departments:The following balances
From the following list of balances you are required to prepare a departmental income statement for the year ending 31 March 2011, in respect of the business carried on under the name of Jack’s
The statements of financial position of A. Vantuira, a sole trader, for two successive years are shown below. You are required to draw up a statement of cash flows for the year ending 31 December
Draw up a statement of cash flows for Gerry Peace for the year ending 31 December 2013 using the IAS 7 layout. You are told that fixtures bought in 2003 cost £400, whilst a van was bought for
Malcolm Phillips is a sole trader who prepares his financial statements annually to 30 April. His summarised statements of financial position for the last two years are shown below.Malcolm is
From the following details you are to draft a statement of cash flows for D. Duncan for the year ending 31 December 2011, using the IAS 7 layout. Gross profit Add Discounts received Profit on sale of
You are required to draw up a statement of cash flows for K. Rock for the year ending 30 June 2013 from the following information using the IAS 7 layout. Gross profit Add Reduction in allowance for
A Frank entered into a joint venture with Graham for the purchase and sale of robot mowers. They agreed that profits and losses should be shared equally. The following transactions took place: (a)
A Rock, Hill and Pine enter into a joint venture for dealing in paintings. The following transactions took place:Required: Show the joint venture accounts in the books of the three parties. Show in
Gray, Wilkes and Booth are partners. They share profits and losses in the ratios of 3 /8, 3 /8 and 1 /4 respectively. For the year ending 31 December 2012 their capital accounts remained fixed at the
Draw up a profit and loss appropriation account for the year ending 31 December 2013 and statement of financial position extract at that date, from the following: (i) Net profits £111,100. (ii)
Penrose and Wilcox are in partnership, sharing profits and losses in the ratio 3:2. The following information was taken from their books for the year ending 31 December 2012, before the completion of
A and B are in partnership sharing profits and losses 3:2. Under the terms of the partnership agreement, the partners are entitled to interest on capital at 5 per cent per annum and B is entitled to
Bee, Cee and Dee have been holding preliminary discussions with a view to forming a partnership to buy and sell antiques. The position has now been reached where the prospective partners have agreed
Frame and French are in partnership sharing profits and losses in the ratio 3:2. The following is their trial balance as at 30 September 2012.Required: Prepare an income statement and profit and loss
Scot and Joplin are in partnership. They share profits in the ratio: Scot 70 per cent; Joplin 30 per cent. The following trial balance was extracted as at 31 December 2013.Required: Draw up a set of
Sage and Onion are trading in partnership, sharing profits and losses equally. Interest at 5% per annum is allowed or charged on both the capital account and the current account balances at the
Bush, Home and Wilson share profits and losses in the ratios 4:1:3 respectively. Their trial balance as at 30 April 2013 was as follows:Draw up a set of financial statements for the year ending 30
Reid and Benson are in partnership as lecturers and tutors. Interest is to be allowed on capital and on the opening balances on the current accounts at a rate of 5% per annum and Reid is to be given
Wilson, Player and Sharp are in partnership. They shared profits in the ratio 2:4:3. It is decided to admit Titmus. It is agreed that goodwill is worth £72,000 and that it is to be brought into the
Owing to staff illnesses, the draft final accounts for the year ended 31 March 2012 of Messrs Stone, Pebble and Brick, trading in partnership as the Bigtime Building Supply Company, have been
The above partners have always shared profits and losses in the ratio: Pitt 4: Lamb 2: Soul 1. From 1 January the assets were to be revalued as the profit sharing ratios are to be altered soon. The
Fitch and Wall have been in partnership for many years sharing profits and losses in the ratio 5:3 respectively. The following was their statement of financial position as at 31 December 2012:On 1
Alan, Bob and Charles are in partnership sharing profits and losses in the ratio 3:2:1 respectively. The statement of financial position for the partnership as at 30 June 2012 is as follows:Charles
The statement of financial position of A. Barnes and C. Darwin at 31 March 2011 is as follows:The partners share profits and losses: Barnes three-fifths and Darwin two-fifths. At the date of the
At 31 December 2013, the statement of financial position of A, B and C, who are equal partners, was as followsA retired at that date. In order to determine the amount due to him the following
X, Y and Z have been in partnership for several years, sharing profits and losses in the ratio 3 : 2 : 1. Their last statement of financial position which was prepared on 31 October 2012 is as
The following trial balance has been extracted from the books of Gain and Main as at 31 March 2011; Gain and Main are in partnership sharing profits and losses in the ratio 3 to 2:In appropriating
A, B and C are partners sharing profits and losses in the ratio 2 : 2 : 1. The statement of financial position of the partnership as at 30 September 2013 was as follows:The partners agreed to dispose
Amis, Lodge and Pym were in partnership sharing profits and losses in the ratio 5 : 3 : 2. The following trial balance has been extracted from their books of account as at 31 March 2011:Additional

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