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business accounting

Questions and Answers of Business Accounting

A photocopier costs £23,000. It will be kept for four years, and then traded-in for £4,000. Show the calculations of the figures for depreciation for each year using (a) The straight line
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
A printer costs £800. It will be kept for five years and then scrapped. Show your calculations of the amount of depreciation each year if (a) The reducing balance method at a rate of 60 per
A bus is bought for £56,000. It will be used for four years, and then sold back to the supplier for £18,000. Show the depreciation calculations for each year using (a) The reducing balance
Ivor Innes has supplied you with the following information:During the year to 31 March 20X8, Ivor withdrew £11,400 from the business for private purposes. In November 1996, Ivor received a legacy of
A motor vehicle which cost £12,000 was bought on credit from Trucks Ltd on 1 January 20X6. Financial statements are prepared annually to 31 December and depreciation of vehicles is provided at 25
On 10 August 20X3 Joblot, a computer software retailer, bought a fixed asset which cost £100,000. It had an anticipated life of four years and an estimated residual value of £20,000. Due to
A company starts in business on 1 January 20X5. You are to write up the vans account and the provision for depreciation account for the year ended 31 December 20X5 from the information given below.
A company starts in business on 1 January 20X3, 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
Black and Blue Ltd depreciates its forklift trucks using a reducing balance rate of 30 percent. Its accounting year end is 30 September. On 30 September 20X6, it owned four forklift trucks:(A)
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 15% per annum, and fixtures at the
A company maintains its fixed assets at cost. Depreciation provision accounts for each asset are kept.At 31 December 20X8 the position was as follows:The following additions were made during the
Mavron plc owned the following motor vehicles as at 1 April 20X6:Mavron plc’s policy is to provide at the end of each financial year depreciation using the straight line method applied on a
A vehicle bought on 1 January 20X0 cost £16,000. Its useful economic life is estimated at 4 years and its trade-in value at that point is estimated as being £4,000. During 20X2 a review of the
(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 lorry,(iii) A 50 year
Contractors Ltd was formed on 1 January 20X6 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 business buys a fixed asset for £10,000. The business estimates that the asset will be used for 5 years. After exactly 21/2 years, however, the asset is suddenly sold for £5,000. The business
XY Ltd provides for depreciation of its machinery at 20% 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 machine cost £40,000 on 1 January 20X7. The reducing balance depreciation method is used at 25% per annum. Year end is 31 December. During 20X9, it was decided that a straight line method would be
(a) A machine was bought on credit for £15,000 from the XY Manufacturing Co Ltd, on 1 October 20X1. The estimated useful economic life of the machine was seven years and the estimated scrap value
Distance Limited owned three lorries at 1 April 20X6:A Purchased 21 May 20X2 Cost £31,200B Purchased 20 June 20X4 Cost £19,600C Purchased 1 January 20X6 Cost £48,800Depreciation is charged
(a) The following trial balance was extracted from the books of M Jackson on 30 April 20X7. From it, and the note below it, prepare his trading and profit and loss account for the year ending 30
A company maintains its fixed assets at cost. Accumulated provision for depreciation accounts are kept for each asset.At 31 December 20X8 the position was as follows:The following transactions were
The two accounts below were taken from the books of a retailer at the end of his financial year, 31 December 20X7.Required:Answers to the following questions.1. What type of account is the insurance
The financial year of T Guiness ended on 31 December 20X6. Show the ledger accounts for the following items including the balance transferred to the necessary part of the financial statements, also
The following trial balance was extracted from the books of R Giggs at the close of business on 28 February 20X7.Notes:(a) Stock 28 February 20X7 £2,400.(b) Wages and salaries accrued at 28 February
Three of the accounts in the ledger of Charlotte Williams indicated the following balances at 1 January 20X0:Insurance paid in advance £562;Wages outstanding £306;Rent receivable, received in
J Wright, a sole trader, extracted the following trial balance from his books at the close of business on 31 March 20X9:Notes:(a) Stock 31 March 20X9 £6,805.(b) Wages and salaries accrued at 31
The trial balance for a small business at 31 August 20X8 is as follows:At 31 August 20X8 there was:Stock valued at cost prices £9,100Accrued rent of £400Prepaid business rates of £300The motor
This question also relates to extended trial balances (see Exhibit 28.2) From the following trial balance of John Brown, store owner, prepare a trading account and profit and loss account for the
The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader.The following additional information as at 31 May 20X6 is available:(a) Rent is accrued by £210.(b) Rates
From the following figures calculate the closing stock in trade that would be shown using (i) FIFO, (ii) LIFO, (iii) AVCO methods. March September Bought 100 at £16 each 220 at £19
For question 29.1 draw up the trading account for the year showing the gross profits that would have been reported using (i) FIFO, (ii) LIFO, (iii) AVCO methods.Data from question
From the following figures calculate the closing stock-in-trade that would be shown using (i) FIFO, (ii) LIFO, (iii) AVCO methods on a perpetual inventory basis.
Draw up trading accounts using each of the three methods from the details in question 29.3A.Data from question 29.3:From the following figures calculate the closing stock-in-trade that would be shown
The sixth formers at the Broadway School run a tuck shop business. They began trading on 1 December 20X9 and sell two types of chocolate bar, ‘Break’ and ‘Brunch’.Their starting capital was a
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,
Mary Smith commenced trading on 1 September 20X9 as a distributor of the Straight Cut garden lawn mower, a relatively new product which is now becoming increasingly popular. Upon commencing trading,
From the following draw up a bank reconciliation statement from details as on 31 December 20X6: Cash at bank as per bank column of the cash book Unpresented cheques Cheques received and paid into the
‘The idea that stock should be included in accounts at the lower of historical cost and net realisable value follows the prudence convention but not the consistency convention.’Required:(a) Do
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 20X9: Cash at bank as per bank
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 20X9, and(b) Draw
The bank columns in the cash book for June 20X7 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 account,
The bank statement for R Hood for the month of March 20X6 is:The cash book for March 20X6 is:You are required to:(a) Write the cash book up to date, and(b) Draw up a bank reconciliation statement as
The following is the cash book (bank columns) of F King for December 20X7:The bank statement for the month is:You are required to:(a) Write the cash book up to date to take the necessary items into
Read the following and answer the questions below. On 31 December 20X8 the bank column of C Tench’s cash book showed a debit balance of £1,500. The monthly bank statement written up to 31
In the draft accounts for the year ended 31 October 20X9 of Thomas P Lee, garage proprietor, the balance at bank according to the cash book was £894.68 in hand. Subsequently the following
The following is a summary of a cash book as presented by George Ltd for the month of October:All receipts are banked and all payments are made by chequeOn investigation you discover:(1) Bank charges
You are required to prepare a sales ledger control account from the following for the month of November: 20X7 Nov Nov 1 Sales ledger balances Totals for November: Sales journal Returns inwards
You are required to prepare a purchases ledger control account from the following for the month of April. The balance of the account is to be taken as the amount of creditors as on 30 April.
From the following figures, compile debtors ledger and creditors ledger control accounts for the month, and ascertain what the net balances of the respective ledgers should be on 31 January 20X0.
Prepare a sales ledger control account from the following information for October 20X6, carrying down the balance at 31 October: 20X6 Oct Oct Sales ledger balances 31 Sales journal 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
During the half year, debit balances in the sales ledger, amounting to £438, were transferred to the purchases ledger.Required:Prepare the sales ledger control account and the purchases ledger
The following extracts have been taken from the subsidiary books of the business owned by D Jenkinson for the month of April 20X0.It should be noted that the balances in the accounts of D
The financial year of The Better Trading Company ended on 30 November 20X7. You have been asked to prepare a Total Debtors Account and a Total Creditors Account in order to produce end-of-year
(a) Why are many accounting systems designed with a purchases ledger (creditors ledger) control account, as well as with a purchases ledger (creditors ledger)?(b) The following errors have been
Control Accounts are used mainly for debtors and creditors. Explain:(a) Why it may be appropriate to use control accounts.(b) The advantages of using them.
Explain the concept of prudence in relation to the recognition of profits and losses.
The balance sheet as at 31 May 20X7 of Forest Traders Limited included a provision for doubtful debts of £2,300. The company’s accounts for the year ended 31 May 20X8 are now being prepared. The

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