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business
business accounting

Questions and Answers of Business Accounting

A car costs £12,000. It will be kept for three years, and then sold for £3,000. Calculate the depreciation for each year using(a) the reducing balance method, using a depreciation rate of 35 per
A. Gill purchased a notebook PC for £1,200. It has an estimated life of four years and a scrap value of £100. She is not certain whether she should use the straight line or the reducing balance
A company, which makes up its financial statements annually to 31 December, provides for depreciation of its machinery at the rate of 15 per cent per annum using the reducing balance method. On 31
Ivor Innes has supplied you with the following information:During the year to 31 March 2011, Ivor withdrew £11,400 from the business for private purposes. In November 2010, Ivor received a legacy of
A On 10 August 2009 Joblot, a computer software retailer, bought a non-current asset which cost £100,000. It had an anticipated life of four years and an estimated residual value of £20,000. Due to
A motor vehicle which cost £12,000 was bought on credit from Trucks Ltd on 1 January 2009. Financial statements are prepared annually to 31 December and depreciation of vehicles is provided at 25
A Black and Blue Ltd depreciates its forklift trucks using a reducing balance rate of 30 per cent. Its accounting year end is 30 September. On 30 September 2013, it owned four forklift trucks: (A)
A company starts in business on 1 January 2011. You are to write up the vans account and the provision for depreciation account for the year ended 31 December 2011 from the information given below.
A company starts in business on 1 January 2010, the financial year end being 31 December. You are to show:(a) The equipment account.(b) The provision for depreciation account.(c) The statement of
A company depreciates its plant at the rate of 25 per cent per annum, straight line method, for each month of ownership. From the following details draw up the plant account and the provision for
A company maintains its non-current assets at cost. A provision for depreciation account is used for each type of asset. Machinery is to be depreciated at the rate of 15 per cent per annum, and
A company maintains its non-current assets at cost. Depreciation provision accounts for each asset are kept. At 31 December 2011 the position was as follows:The following additions were made during
(a) Identify the four factors which cause non-current 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 van; (iii) a
A vehicle bought on 1 January 2013 cost £16,000. Its useful economic life is estimated at four years and its trade-in value at that point is estimated as being £4,000. During 2015 a review of the
A Mavron plc owned the following motor vehicles as at 1 April 2012:Mavron plc’s policy is to provide at the end of each financial year depreciation using the straight line method applied on a
A Contractors Ltd was formed on 1 January 2012 and the following purchases and sales of machinery were made during the first 3 years of operations.Each machine was estimated to last 10 years and to
A machine cost £40,000 on 1 January 2012. The reducing balance depreciation method is used at 25 per cent per annum. Year end is 31 December. During 2014, it was decided that a straight line method
(a) A machine was bought on credit for £15,000 from the XY Manufacturing Co Ltd, on 1 October 2011. The estimated useful economic life of the machine was seven years and the estimated scrap value
A Distance Limited owned three lorries at 1 April 2012: Lorry A: purchased on 21 May 2008 for £31,200 Lorry B: purchased on 20 June 2010 for £19,600 Lorry C: purchased on 1 January 2012 for
XY Ltd provides for depreciation of its machinery at 20 per cent per annum on cost; it charges for a full year in the year of purchase but no provision is made in the year of sale/disposal. Financial
A company maintains its non-current assets at cost. Accumulated provision for depreciation accounts are kept for each asset. At 31 December 2011 the position was as follows:The following transactions
Alice Burke prepares her financial statements on 31 December each year and maintains a Plant and Equipment register at cost. She provides depreciation for the full year on non-current assets which
(a) The following trial balance was extracted from the books of M. Jackson on 30 April 2013. From it, and the note below it, prepare his income statement for the year ending 30 April 2013, and a
On 1 April 2009 a business purchased a machine costing £112,000. The machine can be used for a total of 20,000 hours over an estimated life of 48 months. At the end of that time the machine is
A On 1 January 2011 a business purchased a laser printer costing £1,800. The printer has an estimated life of four years after which it will have no residual value. It is expected that the output
The financial year of M. Hussey ended on 31 December 2009. Show the ledger accounts for the following items including the balance transferred to the necessary part of the financial statements, also
A W. Hope’s year ended on 30 June 2011. Write up the ledger accounts, showing the transfers to the financial statements and the balances carried down to the next year for the following:(a)
On 1 January 2011 the following balances, among others, stood in the books of M. Prior, a sole proprietor:(a) Business rates, £400 (Dr);(b) Packing materials, £800 (Dr). During the year ended 31
A The two accounts below were taken from the books of a retailer at the end of his financial year, 31 December 2010.Required: Answers to the following questions. 1 What type of account is the
A On 1 January 2012 the following balances, among others, stood in the books of B. Baxter:(a) Lighting and heating, (Dr) £192.(b) Insurance, (Dr) £1,410.During the year ended 31 December 2012 the
Three of the accounts in the ledger of Charlotte Williams indicated the following balances at 1 January 2013: Insurance paid in advance £562; Wages outstanding £306; Rent receivable, received in
A 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
The following trial balance was extracted from the books of R. Giggs at the close of business on 28 February 2010.Notes:(a) Inventory 28 February 2010 £2,400.(b) Wages and salaries accrued at 28
The trial balance for a small business at 31 August 2011 is as follows:Required: 1 The adjustments to the ledger accounts for rent and business rates for the year to 31 August 2011. 2 An income
A J. Wright, a sole trader, extracted the following trial balance from his books at the close of business on 31 March 2012:Notes:(a) Inventory 31 March 2012 £6,805.(b) Wages and salaries accrued at
This question also relates to extended trial balances. From the following trial balance of John Brown, store owner, prepare an income statement for the year ending 31 December 2013, and a statement
A The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader.The following additional information as at 31 May 2012 is available:(a) Rent is accrued by £210.(b) Rates
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 2010, the end of his most recent financial year.The
From the following figures calculate the closing inventory-in-trade that would be shown using (i) FIFO, (ii) LIFO, (iii) AVCO methods. March September Bought 200 at 20 each 100 at 22 each December
For Question 29.1 draw up the trading account part of the income statement for the year showing the gross profits that would have been reported using (i) FIFO, (ii) LIFO, (iii) AVCO methods.Question
A Draw up trading account parts of the income statement using each of the three methods from the details in Question 29.3.Question 29.3From the following figures calculate the closing
Thomas Brown and Partners, a business of practising accountants, have several clients who are retail distributors of the Allgush Paint Spray guns. The current price list of Gushing Sprayers Limited,
The sixth formers at the Broadway School run a tuck shop business. They began trading on 1 December 2012 and sell two types of chocolate bar, ‘Break’ and ‘Brunch’. Their starting capital was
A Mary Smith commenced trading on 1 September 2012 as a distributor of the Straight Cut garden lawn mower, a relatively new product which is now becoming increasingly popular. Upon commencing
A Yuan Ltd has an accounting year ended 28 February 2011. Due to staff shortages, the stocktaking had not been undertaken until 9 March 2011 and the inventory valued at this date is £100,600. This
From the following, draw up a bank reconciliation statement from details as on 31 December 2012: Cash at bank as per bank column of the cash book Unpresented cheques Cheques received and paid into
The following are extracts from the cash book and the bank statement of F. Perry. You are required to:(a) Write the cash book up to date, and state the new balance as on 31 December 2012, and(b) Draw
A Draw up a bank reconciliation statement, after writing the cash book up to date, ascertaining the balance on the bank statement, from the following as on 31 March 2012: Cash at bank as per bank
A The bank columns in the cash book for June 2012 and the bank statement for that month for D. Hogan are as follows:You are required to:(a) Write the cash book up to date to take the above into
Read the following and answer the questions below. On 31 December 2011 the bank column of C. Tench’s cash book showed a debit balance of £1,500. The monthly bank statement written up to 31
The bank statement for R. Hood for the month of March 2012 is:You are required to:(a) Write the cash book up to date, and(b) Draw up a bank reconciliation statement as on 31 March 2012. 2012 Mar 1
A In the draft accounts for the year ended 31 October 2012 of Thomas P. Lee, garage proprietor, the balance at bank according to the cash book was £894.68 in hand. Subsequently the following
A The following is the cash book (bank columns) of F. King for December 2013:You are required to:(a) Write the cash book up to date to take the necessary items into account, and(b) Draw up a bank
You are required to prepare a sales ledger control account from the following information for the month of November: 2010 Nov 1 Sales ledger balances Totals for November: Sales day book Returns
A You are required to prepare a purchases ledger control account from the following information for the month of April. The balance of the account is to be taken as the amount of accounts payable as
Prepare a sales ledger control account from the following information: 2012 March 1 Debit balances Totals for March: Sales day book Cash and cheques received from debtors Discounts allowed Debit
A Prepare a sales ledger control account from the following information for October 2012, carrying down the balance at 31 October: 2012 Oct 1 Sales ledger balances Sales day book 31 Bad debts written
The trial balance of Outsize Books Ltd revealed a difference in the books. In order that the error(s) could be located it was decided to prepare purchases and sales ledger control accounts. From the
From the following figures, compile accounts receivable ledger and accounts payable ledger control accounts for the month, and ascertain what the net balances of the respective ledgers should be on
Prepare the sales ledger control account and the purchases ledger control account for the half-year to 31 December 2012. Sales ledger balances, 1 July 2012 - Debit - Credit Purchases ledger balances,
A The following extracts have been taken from the subsidiary books of the business owned by D. Jenkinson for the month of April 2013.It should be noted that the balances in the accounts of D.
The financial year of The Better Trading Company ended on 30 November 2010. You have been asked to prepare a Total Accounts Receivable Account and a Total Accounts Payable Account in order to produce
Control Accounts are used mainly for accounts receivable and accounts payable. Explain:(a) why it may be appropriate to use control accounts;(b) the advantages of using them.
Return to Review Question 7.1 and prepare a statement of financial position as at 31 December 2013.Review Question 7.1From the following trial balance of B. Cork, extracted after one year’s
Enter the following items in the appropriate debtors’ accounts (i.e. your customers’ accounts) only; do not write up other accounts. Then balance-off each of these personal accounts at the end of
Enter the following in the appropriate creditors’ accounts (i.e. your suppliers’ accounts) only. Do not write up the other accounts. Then balance-off each of these personal accounts at the end of
Enter the following in the personal accounts (i.e. the creditor and debtor accounts) only. Do not write up the other accounts. Balance-off each personal account at the end of the month. After
Enter the following transactions in personal accounts only. Bring down the balances at the end of the month. After completing this, state which of the balances represent debtors and which represent
You are to enter up the necessary accounts for the month of May from the following information relating to a small printing firm. Then balance-off the accounts and extract a trial balance as at 31
Enter the following transactions of an antiques shop in the accounts and extract a trial balance as at 31 March 2013. 2013 March 1 Started in business with 8,000 in the bank. 2 5 Bought goods on
Record the following details relating to a carpet retailer for the month of November 2013 and extract a trial balance as at 30 November 2013. 2013 Nov 1 Started in business with 15,000 in the bank. 3
Record the following transactions for the month of January of a small finishing retailer, balance-off all the accounts, and then extract a trial balance as at 31 January 2012. 2012 Jan 1 Started in
On 1 October 2012, the owner of the USS Enterprise, Mr Kirk, decides that he will boldly go and keep his records on a double entry system. His assets and liabilities at that date were: Fixtures and
From the following trial balance of B. Cork, extracted after one year’s trading, prepare an income statement for the year ending 31 December 2012. A statement of financial position is not required.
From the following trial balance of G. Foot after his first year’s trading, you are required to draw up an income statement for the year ending 30 June 2012. A statement of financial position is
From the following trial balance of B. Morse drawn-up on conclusion of his first year in business, draw up an income statement for the year ending 31 December 2013. A statement of financial position
Extract an income statement for the year ending 30 June 2012 for G. Graham. The trial balance as at 30 June 2012 after his first year of trading was as follows: Equipment rental Insurance Lighting
Bill Sankey is a sole proprietor who keeps records of his cash and bank transactions. His transactions for the month of March were as follows: March 1 4 6 8 10 Cash in hand 400, Cash at bank 6,000.
Which of the items in the following list are liabilities and which of them are assets?(a) Loan from A. Sangster (d) Bank overdraft (b) We owe a supplier (e) Inventory of goods held for sale (c)
Classify the following items into liabilities and assets: (a) Motor vehicles (f) Owing to bank (b) Premises (g) Cash in hand (c) Accounts payable for inventory (h) Loan from D. Jones (d) Inventory
Luca Pacioli is setting up a new business. Before actually selling anything, he bought a van for £13,000, a transportable market stall for £1,050; a computer for £450; and an inventory of goods
Draw up N. Marriott’s statement of financial position from the following information as at 31 December 2011: Capital Accounts receivable Car Accounts payable Equipment Inventory Cash at bank
Draw up M. Kelly’s statement of financial position as at 30 June 2012 from the following items: Capital Equipment Accounts payable Inventory Accounts receivable Cash at bank 10,200 3,400 4,100
A. Park has the following items in her statement of financial position on 30 April 2012: Capital £31,700; Accounts payable £7,400; Fixtures £9,600; Car £12,300; Inventory £8,600; Accounts
J. Hill has the following assets and liabilities on 30 November 2012: Accounts payable £2,800; Equipment £6,200; Car £7,300; Inventory £8,100; Accounts receivable £4,050; Cash at bank £9,100;
Write up the asset and liability and capital accounts to record the following transactions in the records of J. Beach. 2013 July 1 Started business with 62,000 in the bank. 2 Bought office
You are required to open the asset and liability and capital accounts and record the following transactions for June 2013 in the records of P. Bernard. 2013 June 1 Started business with 17,500 in
Write up the asset, capital and liability accounts in the books of D. Gough to record the following transactions: 2012 June 1 Started business with 16,000 in the bank. 2 Bought van paying by
Write up the accounts to record the following transactions: 2010 March 1 Started business with 750 cash and 9,000 in the bank. 2 Received a loan of 2,000 from B. Blane by cheque. 3 Bought a
Write up a two-column cash book for a pine furniture shop from the following details, and balance it off as at the end of the month: 2012 May 1 Started in business with capital in cash 5,000. 2 Paid
Write up a two-column cash book for a second-hand bookshop from the following: 2013 Nov 1 Balance brought forward from last month: Cash 295; Bank 4,240. 2 Cash sales 310. 3 Took 200 out of the cash
A three-column cash book for a wine wholesaler is to be written up from the following details, balanced-off, and the relevant discount accounts in the general ledger shown. 2012 Mar 1 Balances
Enter the following in the three-column cash book of an office supply shop. Balance-off the cash book at the end of the month and show the discount accounts in the general ledger. 2011 June 1
Enter the following transactions, completing the double entry in the books for the month of May 2013: 2013 May 1 Started in business with 18,000 in the bank and 2,000 in cash. 2 Purchased goods 580
Write up the following transactions in the books of P. Hewitt: 2013 March 1 Started in business with cash 16,000. 2 Bought goods on credit from W. Young 420. 3 Paid rent by cash 870. 4 5 Paid 12,500
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
What is the annualised amount of the net benefits from the project in Question 50.11A?Data from in Question 50.11A? 50.7 What is the payback period on the following project cash flows? (Brackets
Using the data from the solution to Review Question 41.3: (a) Explain why there is a difference between the total gross profits of Lima over the three years and that of Delfina; and (b) How is the
Assume that two companies have exactly the same pattern of costs and revenue and both use FIFO when valuing inventory, but that Lima Ltd uses a marginal costing approach to the valuation of inventory
Why do you think there may be problems for anyone trying to gather data of this type.

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