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business
business accounting

Questions and Answers of Business Accounting

Enter up the sales journal and the returns inwards journal from the following details.Then post to the customer’s accounts and show the transfers to the general ledger.19X4 June 1 Credit sales to:
You are to enter up the purchases journal and the returns outwards journal from the following details, then to post the items to the relevant accounts in the purchases ledger and to show the
1.4A Classify the following items into liabilities and assets:{a) Motor vehicles(f) Owing to bank{b) Premises (g) Cash in hand(c) Creditors for goods (h) Loan from D Jones(d) Stock of goods (/)
F Dale has the following assets and liabilities as on 30 November 19X1:Creditors £3,950; Equipment £11,500; Motor vehicle £6,290; Stock of goods £6,150; Debtors£5,770; Cash at bank £7,280; Cash
C Sangster has the following items in his balance sheet as on 30 April 19X4.Capital £18,900; Loan from T Sharpies £2,000; Creditors £1,600; Fixtures £3,500; Motor vehicle £4,200; Stock of goods
Complete the columns to show the effects of the following transactions:Effect upon Assets Liabilities Capital {a) Bought a motor van on credit £500.[b) Repaid by cash a loan owed to P Smith
Complete the columns to show the effects of the following transactions:Effect upon Assets Liabilities Capital(a) We pay a creditor £70 in cash.{b) Bought fixtures £200 paying by cheque.(c) Bought
OA Draw up Kelly’s balance sheet as at 30 June 19X2 from the following items:£Capital 13,000 Office machinery 9,000 Creditors 900 Stock of goods 1,550 Debtors 275 Cash at bank 5,075 Loan from C
Draw up A Foster’s balance sheet from the following as at 31 December 19X4.£Capital 23,750 Debtors 4,950 Motor vehicles 5,700 Creditors 2,450 Fixtures 5,500 Stock of goods 8,800 Cash at bank 1,250
Which of the following are shown under the wrong headings:Assets Liabilities Cash at bank Loan from J Graham Fixtures Machinery Creditors Motor vehicles Building Stock of goods Debtors Capital
State which of the following are shown under the wrong classification for J White’s business:Assets Liabilities Loan from C Smith Stock of goods Cash in hand Debtors Machinery Money owing to bank
Distinguish from the following list: the items that are liabilities from those that are assets:{a) Office machinery(d) Motor vehicles{b) Loan from C Shirley(e) We owe for goods(c) Fixtures and
You are to complete the gaps in the following table:Assets Liabilities Capital£ £ £(a) 55,000 16,900 }ib) ? 17,200 34,400 ic) 36,100 ? 28,500 id) 119,500 15,400 ?ie) 88,000 ? 62,000 if) ? 49,000
You are to complete the gaps in the following table:Assets Liabilities Capital£ £ £{a) 12,500 1,800 ?ib) 28,000 4,900 ?(c) 16,800 ? 12,500(d) 19,600 ? 16,450 ie) ? 6,300 19,200 if) ? 11,650 39,750
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%
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
A firm makes a provision for bad debts of 5 per cent of debtors, also a provision of 2X/l per cent for discount on debtors.On 1 January 19X7 the balances brought forward on the relevant accounts were
The balance sheet as at 31 May 19X7 of Forest Traders Limited included a provision for doubtful debts of £2,300. The company’s accounts for the year ended 31 May 19X8 are now being prepared. The
A business, which started trading on 1 January 19X5, adjusted its bad debt provisions at the end of each year on a percentage basis, but each year the percentage rate is adjusted in accordance with
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
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
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
From the following trial balance of B Webb, extracted after one year’s trading, prepare a trading and profit and loss account for the year ended 31 December 19X6. A balance sheet is not
(a) Businesses often create a provision for bad debts.%(i) Of which concept (or convention) is this an example? Explain your answer.(H) What is the purpose of creating a provision for bad debts?(Hi)
A business started trading on 1 January 19X6. During the two years ended 31 December 19X6 and 19X7 the following debts were written off to bad debts account on the dates stated:31 August 19X6 W Best
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 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 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) 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 for each asset are kept.At 31 December 19X8 the position was as follows:Total cost Total depreciation to date to date
{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
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 firm buys a fixed asset for £10,000. The firm estimates that the asset will be used for 5 years. After exactly IVl years, however, the asset is suddenly sold for £5,000. The firm always provides
Enter up a three-column cash book from the details following. Balance off at the end of the month, and show the relevant discount accounts as they would appear in the general ledger.19X7 May 1
Enter up the sales journal and the returns inwards journal from the following details.Then post to the customer’s accounts and show the transfers to the general ledger.19X4 June 1 Credit sales to:
You are to enter up the purchases journal and the returns outwards journal from the following details, then to post the items to the relevant accounts in the purchases ledger and to show the
A Henriques has the following purchases and sales for May 19X6:19X6 May 1 79 16 23 31 Sold to M Marshall: brass goods £24, bronze items £36. Less 25 per cent trade discount.Sold to R Richards: tin
C Phillips, a sole trader, has the following purchases and sales for March 19X5:Mar 1 Bought from Smith Stores: silk £40, cotton £80. All less 25 per cent trade discount.,, 8 Sold to Grantley:
A Rowland has the following purchases for the month of June 19X9:19X9 June 2 From C Lee: 2 sets golf clubs at £250 each. 5 footballs at £20 each. Less 25 per cent trade discount.„ 11 From M
B Mann has the following purchases for the month of May 19X4:19X4 May 1 From K King: 4 radios at £30 each, 3 music centres at £160 each. Less 25 per cent trade discount.„ 3 From A Bell: 2 washing
J Fisher, White House, Bolton, is selling the following items, the retail prices as shown:plastic tubing at £1 per metre, polythene sheeting at £2 per length, vinyl padding at £5 per box, foam
F Benjamin of 10 Lower Street, Plymouth, is selling the following items, the recommended retail prices as shown: white tape £10 per roll, green baize at £4 per metre, blue cotton at £6 per sheet,
Enter up the sales journal from the following, then post the items to the relevant accounts in the sales ledger. Then show the transfer to the sales account in the general ledger.19X8 Mar 1 Credit
You are to enter up the sales journal from the following details. Post the items to the relevant accounts in the sales ledger and then show the transfer to the sales account in the general
Enter the following in a three-column cash book. Balance off the cash book at the end of the month and show the discount accounts in the general ledger.19X8 June 1 Balances brought forward: Cash
A three-column cash book is to be written up from the following details, balanced off and the relevant discount accounts in the general ledger shown.19X5 Mar 1 95 99 46 899 99 99 99 10 12 15 18 99 99
Write up a two-column cash book from the following:93 39 19X6 Nov 1„ 2 34 56 79 11 12 14 16 20 28 30 Balance brought forward from last month: Cash £105: Bank £2,164.Cash Sales £605.Took £500
Write up a two-column cash book from the following details, and balance off as at the end of the month:19X5 May>9 99 99 99 99 99 99 99 99 12 34 57 911 15 16 19 22 26 30 31 19X6 Mar 1 99 99 99 99 99
L Stokes drew up the following trial balance as at 30 September 19X8. You are to draft the trading and profit and loss account for the year to 30 September 19X8 and a balance sheet as at that date.Dr
From the following trial balance of C Worth after his first year’s trading, you are required to draw up a trading and profit and loss account for the year ended 30 June 19X4. A balance sheet is not
From the following trial balance of F Chaplin drawn up on conclusion of his first year in business, draw up a trading and profit and loss account for the year ended 31 December 19X8. A balance sheet
Extract a trading and profit and loss account for the year ended 30 June 19X4 for F Kidd. The trial balance as at 30 June 19X4 after his first year of trading, was as follows:Dr Cr£ £Rent Insurance
Complete question
by drawing up a balance sheet as at 31 December 19X6. 8.2 Complete question?
by drawing up a balance sheet as at 30 June 19X4. 8.3 Complete question 7.3A by drawing up a balance sheet as at 31 December 19X8.
Complete question 7.4A by drawing up a balance sheet as at 30 June 19X4.
From the following details draw up the trading account of T Clarke for the year ended 31 December 19X3, which was his first year in business:£Carriage inwards 670 Returns outwards 495 Returns
The following details for the year ended 31 March 19X8 are available. Draw up the trading account of K Taylor for that year.£Stocks: 31 March 19X8 18,504 Returns inwards 1,372 Returns outwards 2,896
From the following trial balance of R Graham draw up a trading and profit and loss account for the year ended 30 September 19X6, and a balance sheet as at that date.Dr Cr£ £Stock 1 October 19X5
The following trial balance was extracted from the books of B Jackson on 30 April 19X7. From it, and the notes, prepare his trading and profit and loss account for the year ended 30 April 19X7, and a
The following is the trial balance of J Smailes as final accounts for the year ended 31 March 19X6.at 31 March 19X6. Draw up a set of Dr Cr£ £Stock 1 April 19X5 18,160 Sales 92,340 Purchases 69,185
What is the effect on the value of the firm and shareholders' wealth if an investment opportunity with an NPV of £5000 is accepted?
In the employment of DCF investment appraisal methods, explain why cash flows are used rather than accounting profits.
What is the meant by discounting cash flow? Why is it necessary to discount cash flows?
Discuss the main attributes of the ARR and payback methods.
Explain the main differences between DCF methods of investment appraisal and ARR.
Describe the main differences in the budgeting process for a small retail firm and a large manufacturing firm.
In the context of decision making explain the meaning of:• sunk costs;e differential costs;e avoidable and unavoidable costs;• opportunity costs.
What are the problems associated with CVP analysis in a multiproduct firm?
Would it be a worthwhile policy to introduce advertising at a cost of£1200 and to increase sales output from
There are a number of stages in the planning and control process.Identify these and give a brief description of each stage.
Using all the information and techniques available to you comment on the performance of Metaltin Ltd as reflected in the accounts and the cash flow statement.
Calculate the percentage changes in the balance sheet and the profit and loss account from 19Xl to 19X2 and comment on what this analysis reveals.
Produce a common size balance sheet and profit and loss account for Metaltin Ltd and comment on each of these statements.
Discuss how your analysis would have been altered if you were carrying 0ut the analysis on behalf of a prospective shareholder.
What is meant by 'cash and cash equivalents'?
How does 'net cash flow from operating activities' differ from operating profit?
What are the claimed advantages of the cash flow statement?
What is the main aim of a cash flow statement?
Explain the purpose of cost accounting and why it is important for managers to have cost information.
Describe the main classifications of cost.
Classify the following costs incurred in a manufacturing business into production costs, selling costs, distribution costs and administration costs:(a) factory rent(b) insurance of office
Petra Petrova is the owner-manager of Petra Pots Ltd, which makes plant pots. The business plans to produce 2,000 units over the next month and each unit requires the same amount of materials and
Using the information for Petra Pots Ltd in question 4, construct a statement that shows the elements of total cost for one unit (as this is a very simple business, you can apportion the overheads by
To understand the importance of cost information it is useful to consider why managers need such information. Why do you think managers of a business in the manufacturing sector need to know the cost
Despite having stressed the importance of knowing the costs involved in making a product or providing a service, they are not always easy to identify. Imagine that you buy a box of 10 computer disks
Suggest appropriate cost units for the following businesses:■ a car manufacturer■ a carrier bag manufacturer■ a transport business■ a plumber■ a sports and leisure centre■ a hairdresser.
Indicate which of the following could be cost centres in the following two businesses:Toy manufacturer Hotel Assembly department Kitchen Stores department Cost of drinks sold Sales team Reception
Classify the following costs into direct costs, indirect costs, variable costs and fixed costs:materials used in the product cost of renting the factory■ insurance of the factory ■ depreciation
Jon Hazel is the owner-manager of Hazelwood Products Ltd that makes 10 traditionally crafted bookcases per week. The costs for week ending 7 January are as follows:The business has no direct expenses
Using the same layout as before, construct a statement showing the total cost per unit (in this case, one bookcase). As this is a very simple business, you can apportion the overheads by dividing
Describe the main stages in controlling direct materials.
Compare and contrast the advantages and disadvantages of the FIFO and CWA methods.
Janet’s wages are based on piecework and she is paid £5 per piecework hour. Calculate her pay for a 36-hour week in which she produces the following units: Product Number of units A B C 12 Time
Perfect Pans Ltd manufactures cooking pans. On 1 December the inventory records show 500 kg of metal alloy, which is valued at £2.00 per kg. The goods received notes and materials requisitions show
The following records show the movement of inventory for beans, the main ingredient used by Baked Bean PLC in its canned products, for the month of September:Required (a) Prepare the inventory
Jon Hazel employs Chris, Mike and Adam in the workshop of Hazelwood Products Ltd. As Chris and Mike are apprentices, they are paid £5 per hour, but Adam has qualifications and experience and is paid
Compare the FIFO cost and CWA cost methods by drawing up lists of the advantages and disadvantages of each.

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