All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
business accounting

Questions and Answers of Business Accounting

Proudie, Slope and Thorne were in partnership sharing profits and losses in the ratio 3 : 1 : 1. The draft statement of financial position of the partnership as at 31 May 2012 is shown
Lock, Stock and Barrel have been in partnership as builders and contractors for many years. Owing to adverse trading conditions it has been decided to dissolve the partnership. Profits are shared
Grant and Herd are in partnership sharing profits and losses in the ratio 3 to 2. The following information relates to the year to 31 December 2011:1 The partnership agreement allows for Herd to be
Flyer Ltd started in business on 1 April 2011. Its issued share capital was 200,000 ordinary shares of £1 each and 100,000 5 per cent preference shares of £1 each. The following information is
Trainsign Ltd has an authorised capital of £500,000, consisting of 350,000 ordinary shares of £1 each and 150,000 7 per cent preference shares of £1 each. Of these, 260,000 ordinary shares and
A statement of financial position is to be drawn up from the following information as at 30 September 2011: Issued share capital: ordinary shares 1 each Authorised share capital: ordinary shares of 1
The following balances remained in the ledger of OK Ltd after preparation of the income statement for the year ending 31 March 2012The directors propose: (i) a transfer to general reserve of
Developing Ltd has an authorised capital of 50,000, 10% preference shares of £1 each and 200,000 ordinary shares of 50p each. After preparation of the income statement for 2013, the following
Select Ltd is registered with an authorised capital of 300,000 ordinary shares of £1. The following trial balance was extracted from the books of the company on 31 March 2012, after the preparation
(a) From the above information, prepare the statement of financial position of Budgie Limited indicating clearly the shareholders’ funds and working capital. (b) Comment on the capital position
The trial balance extracted from the books of Tailor Times Ltd at 31 December 2012 was as follows:You are given the following additional information: (i) The authorised and issued share capital is
The following is the trial balance of Tully Ltd as on 31 December 2013:Given the following information, you are to draw up an income statement for the year ending 31 December 2013, and a statement of
You are to draw up an income statement for the year ending 31 December 2011, and a statement of financial position as at that date from the following trial balance and details of Partido Ltd:Notes at
A Here is the trial balance of Falta Ltd as at 30 April 2012:Given the following information as at 30 April 2012, draw up an income statement and statement of financial position for the year to that
Burden PLC has an authorised capital of 500,000 ordinary shares of £0.50 each. (a) At the end of its financial year, 31 May 2012, the following balances appeared in the company’s books:The
The chairman of a public limited company has written his annual report to the shareholders, extracts of which are quoted below. Extract 1 ‘In May 2012, in order to provide a basis for more
The directors of the company by which you are employed as an accountant have received the forecast income statement for 2012 which disclosed a net profit for the year of £36,000. This is considered
(a) The business of V. A. Fraga is taken over by T. Malloy in its entirety. The assets are deemed to be worth the statement of financial position values as shown. The price paid by Malloy is
I. Dodgem’s statement of financial position as at 31 December 2011 was as follows:An opportunity had arisen for Dodgem to acquire the business of A. Swing who is retiring.Dodgem agreed to take over
Spectrum Ltd is a private company with an authorised capital of £700,000 divided into shares of £1 each. 500,000 shares have been issued and are fully paid. The company has been formed to acquire
Calculate the inventory turnover ratio if average inventory is £40,000 and cost of sales is £280,000.
Calculate return on capital employed for a sole proprietor whose net profit was £60,000 and whose capital employed was £200,000.
Calculate gross profit as a percentage of sales if gross profit was £70,000 and sales were £400,000.
Calculate net profit as a percentage of sales if net profit was £45,000 and sales were £400,000.
(a) Calculate the current ratio if current assets are £50,000 and current liabilities are £30,000. (b) If inventory is £28,000, what is the acid test ratio?
(a) If accounts receivable are £50,000 and sales are £250,000, what is the accounts receivable/sales ratio? (b) How many days does the average debtor take to pay?
(a) If accounts payable are £40,000 and purchases are £240,000, what is the accounts payable/purchases ratio? (b) How many days does the business take on average to pay its creditors?
From the following information, calculate: (a) Earnings per share; (b) Price/earnings ratio; (c) Dividend yield; and (d) Dividend cover. (i) Net profit after interest and tax and preference dividends
If prior charge capital = £30,000 and total capital = £210,000, what is the gearing?
You are to study the following financial statements for two furniture stores and then answer the questions which follow.Required: (a) Calculate the following ratios for each business: (i) gross
Study the following financial statements of two companies and then answer the questions which follow. Both companies are stores selling carpets and other floorcoverings. The values shown are in
Durham Limited had an authorised capital of £200,000 divided into 100,000 ordinary shares of £1 each and 200,000 8 per cent preference shares of 50p each. The following balances remained in the
The summarised accounts of Hope (Eternal Springs) Ltd for the years 2011 and 2012 are given below.Required: (a) Calculate the following ratios for 2011 and 2012: (i) Gross profit: Sales (ii)
The following figures are for AB Engineering Supplies Ltd at 31 December 2012:(a) Calculate: (i) gross profit as a percentage of the sales; (ii) rate of inventory turnover; (iii) net profit as a
Galloway Ltd has an authorised capital of 250,000 ordinary shares of £1 each.(a) At the end of its financial year, 30 April 2013, the following balances remained in the company’s books after
The trading inventory of Joan Street, retailer, has been reduced during the year ending 31 March 2011 by £6,000 from its commencing figure of £21,000. A number of financial ratios and related
Harold Smart, who is a small manufacturer trading as Space Age Projects, is very pleased with his recently completed financial results which show that a planned 20 per cent increase in turnover has
Business A and Business B are both engaged in retailing, but seem to take a different approach to this trade according to the information available. This information consists of a table of ratios,
An acquaintance of yours, H. Gee, has recently set up in business for the first time as a general dealer. The majority of his sales will be on credit to trade buyers but he will sell some goods to
The annual final accounts of businesses are normally prepared on the assumption that the business is a going concern. Required: Explain and give a simple illustration of: (a) the effect of this
One of the well known accounting concepts is that of materiality. Required: (a) Explain what is meant by this concept. (b) State and explain three types of situation to which this concept might be
A business produces a standard manufactured product. The stages of the production and sale of the product may be summarised as follows:Required: (a) What general rule do accountants apply when
(a) In accounting practice a distinction is drawn between the terms ‘reserves’ and ‘provisions’ and between ‘accrued expenses’ and ‘accounts payable’. Required: Briefly define each of
Bradwich plc is a medium-sized engineering company whose shares are listed on a major Stock Exchange. It has recently applied to its bankers for a 7-year loan of £500,000 to finance a modernisation
Explain what you understand by the accounting term ‘capital gearing’, showing clearly the benefits of, and the potential problems associated with high gearing. (Scottish Qualifications Authority)
What is the difference between absorption costing and marginal costing?
(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
Return to Review Question 7.2 and prepare a statement of financial position as at 30 June 2012.Review Question 7.2From the following trial balance of G. Foot after his first year’s trading, you
Return to Review Question 7.3 A and prepare a statement of financial position as at 31 December 2013.Review Question 7.3From the following trial balance of B. Morse drawn-up on conclusion of his
Return to Review Question7.4 A and prepare a statement of financial position as at 30 June 2012.Return to Review Question 7.4Extract an income statement for the year ending 30 June 2012 for G.
The following information relates to A. Trader’s business: Assets and liabilities at Fixtures Account receivable Inventory Accounts payable Cash Balance at bank Loan from B. Burton Motor vehicle 1
Bell started in business on 1 July 2012, with £60,000 capital in cash. During the first year he kept very few records of his transactions. The assets and liabilities of the business at 30 June 2013
From the following information, draw up the trading account section of the income statement of J. Bell for the year ending 31 December 2012, which was his first year in business: Carriage inwards
The following information is available for the year ending 31 March 2013. Draw up the trading account section of the income statement of P. Frank for that year. Inventory: 31 March 2013 Returns
The following trial balance was extracted from the books of F. Sorley on 30 April 2013. From it, and the note about inventory, prepare his income statement for the year ending 30 April 2013, and a
From the following trial balance of G. Still, draw up an income statement for the year ending 30 September 2013, and a statement of financial position as at that date. Inventory: 1 October 2012
The following is the trial balance of T. Owen as at 31 March 2012. Draw up a set of financial statements for the year ended 31 March 2012. Inventory: 1 April 2011 Sales Purchases Carriage inwards
F. Brown drew up the following trial balance as at 30 September 2011. You are to draft the income statement for the year ending 30 September 2011 and a statement of financial position as at that
Enter the following transactions in the ledger of A. Baker and prepare a trial balance at 31 May, together with a calculation of the profit for the month and a statement of financial position at 31
Ms Porter’s business position at 1 July was as follows: During July, she: Inventory Equipment Creditor (OK Ltd) Debtor (AB Ltd) Bank balance. 5,000 3,700 500 300 1,200
From the following trial balance of Kingfire, extracted after one year of operations, prepare an income statement for the year ending 30 June 2012, together with a statement of financial position as
‘The historical cost convention looks backwards but the going concern convention looks forwards.’ Required: (a) Explain clearly what is meant by: (i) the historical cost convention; (ii) the
You are to show the journal entries necessary to record the following items which occured in 2012: (a) May 1 Bought a van on credit from Deedon Garage for 6,000. (b) May 3 A debt of 100 owing from P.
Show the journal entries necessary to record the following items: 2013 Apr 1 Bought fixtures on credit from Bell and Co 1,153. 4 We take goods costing 340 out of the business inventory without paying
You are to open the books of F. Polk, 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
The following is a summary of the petty cash transactions of Jockfield Ltd for May 2012.You are required to:(a) Rule up a suitable petty cash book with analysis columns for expenditure on cleaning,
Fine Teas operates its petty cash account on the imprest system. It is maintained at a figure of £140, with the balance being restored to that amount on the first day of each month. At 30 April 2012
(a) Why do some businesses keep a petty cash book as well as a cash book?(b) Kathryn Rochford keeps her petty cash book on the imprest system, the imprest being £25. For the month of April 2013 her
On 1 May 2013, F. Marr Ltd, 2 Frank Lane, Manchester, sold the following goods on credit to M. Low & Son, Byron Golf Club, Cheesham, Notts:(a) Prepare the sales invoice to be sent to M. Low &
A On 1 March 2013, A. Duff, Middle Road, Paisley, sold the following goods on credit to R. Wilson, 24 Peter Street, Loughborough, Order No. 943:(a) Prepare the sales invoice to be sent to R.
The following sales have been made by F. Rae Ltd during the month of June 2012. All the figures are shown net after deducting trade discount, but before adding VAT at the rate of 10 per cent.You are
The credit sales and purchases for the month of December 2007 in respect of G. Bain & Co were: 2013 Dec 1 Sales to H. Impey Ltd 4 Sales to B. Volts 5 Purchases from G. Sharpe and Co 8 Purchases
The following sales and purchases were made by J. Flan Ltd during the month of May 2012.Enter up the Sales and Purchases Day Books, Sales and Purchases Ledgers and the General Ledger for the month of
Louise Baldwin commenced business as a wholesaler on 1 March 2012. Her sales on credit during March 2012 were: March 9 Neville's Electrical 4 computer monitors list price 180 each, less 20% trade
A Mudgee Ltd issued the following invoices to customers in respect of credit sales made during the last week of May 2013. The amounts stated are all net of Value Added Tax. All sales made by Mudgee
R. Bright, an electrical goods wholesaler, has three departments:(a) Music,(b) TV and(c) Kitchen. The following is a summary of Bright’s sales invoices during the week 1 to 7 February 2013.(a)
Enter up the relevant accounts in the purchases and general ledgers from the columnar purchases day book you completed for Question 20.2.Question 20.2Enter up a columnar purchases day book with
Enter up the relevant accounts in the purchases and general ledgers from the columnar purchases day book you completed for Question 20.4.Question 20.4A Enter up a columnar purchases day book with
H. Smith is employed at a rate of £10 per hour. During the week to 18 May 2012 he worked his basic week of 40 hours. According to the requisite tables the income tax due on his wages was £54, and
B. Charles has a basic working week of 40 hours, paid at the rate of £8 per hour. For hours worked in excess of this he is paid 11 /2 times basic rate. In the week to 12 March 2012 he worked 45
B. Croft has a job as a car salesman. He is paid a basic salary of £200 per month, with a commission extra of 2 per cent on the value of his car sales. During the month of April 2012 he sells
T. Penketh is an accountant with a salary of £2,000 per month plus bonus, which for May 2012 was £400. He pays superannuation contributions of 5 per cent of gross pay, and these are allowed as
K. Blake is employed at the rate of £6 per hour. During the week to 25 May 2012 he works 35 hours. According to the tax and National Insurance tables he should pay income tax £28 and National
R. Kennedy is a security van driver. He has a wage of £200 per week, plus danger money of £2 per hour extra spent in transporting gold bullion. During the week ended 15 June 2012 he spends 20 hours
Mrs T. Hulley is paid monthly. For part of April 2012 she earns £860 and then goes on maternity leave, her maternity pay for April being £90. She has pay free of tax £320, whilst on the next £250
P. Urmston is paid monthly. For June 2012 he earns £1,500 and also receives statutory sick pay of £150. He pays £90 superannuation which is allowed as a relief against income tax and he has
The data which follows was extracted from the books of account of H. Kirk, an engineer, on 31 March 2012, his financial year end. £(a) Purchase of extra milling machine (includes £300 for repair of
At the beginning of the financial year on 1 April 2013, 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
In a new business during the year ended 31 December 2013 the following debts are found to be bad, and are written-off on the dates shown:On 31 December 2013 the schedule of remaining accounts
Why is the distinction between classifying something as capital expenditure and classifying it as revenue expenditure so important to the users of financial statements?
A business started trading on 1 January 2010. During the two years ended 31 December 2010 and 2011 the following debts were written off to the Bad Debts Account on the dates stated:On 31 December
A business had always made an allowance for doubtful debts at the rate of 2 per cent of accounts receivable. On 1 January 2011 the amount for this, brought forward from the previous year, was £300.
A A business, which started trading on 1 January 2010, adjusted its allowance for doubtful debt at the end of each year on a percentage basis, but each year the percentage rate is adjusted in
A business which prepares its financial statements annually to 31 December suffered bad debts which were written-off:The business had a balance of £400 on the Allowance for Doubtful Debts Account on
(a) Businesses often create an allowance for doubtful debts. (i) Of which concept (or convention) is this an example? Explain your answer. (ii) What is the purpose of creating an allowance for
The statement of financial position as at 31 May 2010 of Forest Traders Limited included an allowance for doubtful debts of £2,300. The company’s accounts for the year ended 31 May 2011 are now
A business makes an allowance for doubtful debts of 3% of accounts receivable, also a provision of 1% for discount on accounts receivable. On 1 January 2011 the balances brought forward on the
J. Blane commenced business on 1 January 2009 and prepares her financial statements to 31 December every year. For the year ended 31 December 2009, bad debts written off amounted to £1,400. It was
A D. Faculti started in business buying and selling law textbooks, on 1 January 2012. At the end of each of the next three years, his figures for accounts receivable, before writing-off any bad
(A) Explain why a provision may be made for doubtful debts. (B) Explain the procedure to be followed when a customer whose debt has been written-off as bad subsequently pays the amount originally

Showing 1000 - 1100 of 2360

First
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved