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business
business accounting

Questions and Answers of Business Accounting

Complete the following table, to show how costs incurred during the year ended 31 March 1984 affect the expenses of that, and the subsequent, year: Details (a) Goods bought and sold during 83/84
The following list of balances was extracted from the books of Clifton, a trader, at 31 Decembe r 1984:T he following matters are to be taken into account:(i) Stock at 31.12.84, £8,500.(ii) Wages
Collect from as many different sources as possible definitions of the term 'revenue'. Consider the extent to which the definitions are in conflict, and explain what effect, if any, this conflict has
Explain carefully in your own words the conditions which must be satisfied before revenue is recognized.
The data below relate to the business of commodity dealer J. Smith:(i) Started business with capital in cash of £1,000.(ii) Bought stock for resale for cash £500.(iii) Paid expenses in cash
The following details relate to two contracts of a civil engineering contractor (year-end December):Required:(a) Identify the general principles of revenue and expense recognition and relate them to
Mr Green runs a small 'do-it-yourself business. During the year to 31 December 1984 his sales were: cash sales £10,000, credit sales £5,000.At 31 Decembe r 1984 his debtors, who totalled £800,
The following trial balance was taken from the books of Yama Co. as at 31 December 1984.The following information is also to be taken into account:(i) Stock at 31 December 1984, £6,000.(ii) Selling
Explain carefully the distinction between gross and net profit. Why is the distinction considered important? Indicate whether each of the following items incurred by a manufacturing business affect
To what extent, if any, is the distinction between gross and net profit useful in the following organizations? What alternatives can you suggest?(i) A veterinary business.(ii) A dentist's
If we combine the conservatism convention with the realization postulate, we reach the following conclusion:A current asset has been bought and is shown in the accounts at£100. If we expect it to be
What is meant by 'double entry' bookkeeping?
What is the purpose of a ledger account? Mr Jones is considering running a small sub post office which also will sell newspapers and confectionery. List the accounts you consider he should keep. What
For each of the following transactions indicated which accounts will be debited and credited:(i) Goods purchased on credit from A. Jones.(ii) Goods purchased for cash.(iii) Payment to a creditor, M.
The following are some of the accounts of P. Goodhope :At this stage, some additional information was discovered:(i) The goods debited to J. Jones (£35) had been sold to A. Jones.(ii) J. Jones had
A trial balance extracted from the books of a trader did not balance, and the following errors were discovered:(i) Sales account undercast by £20.(ii) Office wages of £180 shown on the credit side
Max, a trader, who had been in business many years, rented additional premises from 1 April 1984. The following are his payments:Max has an accounting year ending 31 December.Required:Write up (a)
The following expenditure in the year to 31 December 1984 relates to motor vans owned by Instant Delivery Ltd:On 31 December 1984 stock of tyres amount to £22.Required:Write up the motor expenses
The following balances appeared in the ledger of J. Smith at the end of the accounting year 31 March 1984:At the year end the following adjustments were necessary:(i) Closing stock was valued at
The following transactions relate to the business of Mr Smith:Required:(a) List all of the ledger accounts you consider necessary to record the above transactions.(b) Record the above transactions in
The following transactions are to be entered up in the books for June:Required:(i) Extract a trial balance as at 30 June;(ii) Prepare a trading, profit and loss account for the period ended 30 June,
Alan, Bob and Charles are in partnership sharing profits and losses in the ratio 3:2:1 respectively. The balance sheet for the partnership as at 30 June 2006 is as follows:Charles decides to retire
A, B and C are partners sharing profits and losses in the ratio 2 : 2 : 1. The balance sheet of the partnership as at 30 September 2007 was as follows:Authors’ Note: Inventory is another word for
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 2008: f Bank
From the following, draw up a bank reconciliation statement from details as on 31 December 2006: Cash at bank as per bank column of the cash book 2,910 Unpresented cheques 730 Cheques received and
Read the following and answer the questions below.On 31 December 2008 the bank column of C Tench’s cash book showed a debit balance of £1,500.The monthly bank statement written up to 31 December
The bank statement for R Hood for the month of March 2006 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 2006. 2006 Mar 1
The following is the cash book (bank columns) of F King for December 2007: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 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 creditors as on 30
After preparing its draft final accounts for the year ended 31 March 2006 and its draft balance sheet as at 31 March 2006 a business discovered that the stock lists used to compute the value of stock
If the two totals of a trial balance do not agree, the difference must be entered in(A) The profit and loss account(B) A suspense account(C) A nominal account(D) The capital account.
What should happen if the balance on a suspense account is of a material amount?(A) Should be written off to the balance sheet(B) Carry forward the balance to the next period(C) Find the error(s)
G Flynn is a trader who sells all of his goods at 20% above cost. His books give the following information at 31 December 2007:You are required to:(a) Ascertain cost of goods sold.(b) Show the value
R Jack gives you the following information as at 31 March 2005:Jack’s mark-up is 40% on ‘cost of goods sold’. His average stock during the year was £17,000. Draw up a trading and profit and
The following trading account is extracted from the trading and profit and loss account for the year ending 31 December 2008 and is given to you by the owner of the business, M Pole:Pole says that
Arthur deals in bicycles. His business position at 1 October was as follows:Capital £3,369 Stock £306 (3 x Model A bicycles @ £54 and 3 x Model B @ £48)Balance at bank £3,063 Having established
The following information is available for the years 2007, 2008, and 2009:The stock valuations used above at the end of 2007 and at the end of 2008 were inaccurate. The stock at 31 December 2007 had
F Lee started in business on 1 January 2002 with £35,000 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
Ivor Clue is a magician. He has conjured up the following results from his non-existent accounting records.Fees are equal to five times his direct costs. (This term is explained in Section 35.3.)At
B Barnes is a dealer who has not kept proper books of account. At 31 October 2003 his state of affairs was as follows:During the year to 31 October 2004 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 2008 is as follows:Records of
A summary of the Downline Rugby 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
The following trial balance of the Shire Golf Club was extracted from the books as on 31 December 2003:Notes:(i) Bar purchases and sales were on a cash basis. Bar stocks at 31 December 2003 were
Read the following and answer the questions below.On 1 January 2008 the Happy Haddock Angling Club had the following assets:During the year to 31 December 2008 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 2004:Notes:(i) Refreshment stocks were valued: 31 December 2003
The following is a summary of the receipts and payments of the Miniville Rotary Club during the year ended 31 July 2009.Required:(a) Calculate the value of the accumulated fund of the Miniville
A business both buys loose tools and also makes some itself. The following data is available concerning the years ending 31 December 2007, 2008 and 2009.You are to draw up the loose tools account for
Using whichever of the following figures are required, prepare a manufacturing account and a trading account for 2003. The manufacturing account should show clearly the prime cost of manufacture and
Prepare the manufacturing, trading and profit and loss accounts from the following balances of W Miller for the year ending 31 December 2003.Rent is to be apportioned: Factory 3 /4; Office 1 /4.
From the following information, draw up the manufacturing and trading accounts for the six months ending 30 September 2005. You should show clearly:(a) Cost of raw materials consumed.(b) Prime cost
From the following you are to draw up a departmental trading account for Fine’s Department Store for the year ending 30 June 2006. Stocks: 1.7.2005 30.6.2006 f Carpet Department 16,100 18,410
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:Department A Paintings
From the following list of balances you are required to prepare a departmental trading and profit and loss account for the year ending 31 March 2005, in respect of the business carried on under the
The balance sheets of F Black, a sole trader, for two successive years are shown below. Youare required to draw up a cash flow statement for the year ending 31 December 2006 using theFRS 1 layout.
From the following details you are to draft a cash flow statement for D Duncan for the yearending 31 December 2005: using the FRS 1 layout. D Duncan Profit and Loss Account for the year ending 31
You are required to draw up a cash flow statement for K Rock for the year ending30 June 2009 from the following information using the FRS 1 layout. K Rock Profit and Loss Account for the year ending
Stanley and Barclay enter a joint venture to share profits or losses equally resulting from dealings in second-hand digital TVs. Both parties take an active part in the business, each recording his
Draw up a profit and loss appropriation account for the year ending 31 December 2007 and balance sheet extract at that date, from the following:(i) Net profits £111,100.(ii) Interest to be charged
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
A company starts in business on 1 January 2006. You are to write up the vans account and the provision for depreciation account for the year ended 31 December 2006 from the information given below.
A company starts in business on 1 January 2008, 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 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 vehicle bought on 1 January 2010 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 2012 a review of the
(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) 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
Mavron plc owned the following motor vehicles as at 1 April 2006:Mavron plc’s policy is to provide at the end of each financial year depreciation using the straight line method applied on a
Contractors Ltd was formed on 1 January 2006 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
Distance Limited owned three lorries at 1 April 2006:A Purchased 21 May 2002 Cost £31,200 B Purchased 20 June 2004 Cost £19,600 C Purchased 1 January 2006 Cost £48,800 Depreciation is charged
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
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 fixed assets which are in
(a) The following trial balance was extracted from the books of M Jackson on 30 April 2007. From it, and the note below it, prepare his trading and profit and loss account for the year ending 30
On 1 April 2006 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
On 1 January 2001 a business purchased a laser printer for £1,800. The printer has an estimated life of 4 years after which it will have no residual value.It is expected that the output from the
The financial year of L Pacioli ended on 31 December 2007. Show the ledger accounts for the following items including the balance transferred to the necessary part of the financial statements, also
W Hope’s year ended on 30 June 2008. 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) Stationery:
On 1 January 2009 the following balances, among others, stood in the books of G Pierce, a sole trader:(a) Business rates, £340 (Dr);(b) Packing materials, £610 (Dr).During the year ended 31
On 1 January 2009 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 2009 the
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 regards
The following trial balance was extracted from the books of R Giggs at the close of business on 28 February 2007.(a) Stock 28 February 2007 £2,400.(b) Wages and salaries accrued at 28 February 2007
The trial balance for a small business at 31 August 2008 is as follows:At 31 August 2008 there was:• Stock valued at cost prices £9,100 • Accrued rent of £400 • Prepaid business rates of
J Wright, a sole trader, extracted the following trial balance from his books at the close of business on 31 March 2009: Dr Cr Purchases and sales Stock 1 April 2008 Capital 1 April 2008 Bank
This question also relates to extended trial balances (see Exhibit 26.2)From the following trial balance of John Brown, store owner, prepare a trading account and profit and loss account for the year
For Question 27.1 draw up the trading account section of the trading and profit and loss account for the year showing the gross profits that would have been reported using (i) FIFO,(ii) LIFO, (iii)
A Gill, purchased a notebook PC for £1,211. It has an estimated life of three years and a scrap value of £50.She is not certain whether she should use the straight line or the reducing balance
Ivor Innes has supplied you with the following information:During the year to 31 March 2008, Ivor withdrew £11,400 from the business for private purposes. In November 2008, Ivor received a legacy of
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 2006, it owned four forklift trucks:(A)
Write up a two-column cash book for a small furniture shop from the following details, and balance it off as at the end of the month:2008 May 1 Started in business with capital of £1,000 in cash and
On 1 September, V Duckworth, a bar manager and entrepreneur, has the following financial position relating to her activities as a corporate function organiser:During September the following events
At 1 September the financial position of Sara Young’s business was:During September:1 The three debtors settled their accounts by cheque subject to a cash discount of 4%.2 A cheque for £100 was
B Gray has the following purchases for the month of May 2008:2008 May 1 From M Day: 4 DVD players at £36 each, 3 mini hi-fi units at £122 each. Less 20 per cent trade discount.3 From L Hope: 2
J Glen has the following purchases for the month of June 2009:2009 June 2 From F Day: 2 sets golf clubs at £800 each, 5 footballs at £40 each. Less 25 per cent trade discount.11 From G Smith: 6
A Henriques has the following purchases and sales for May 2006:2006 May 1 Sold to M Marshall: brass goods £24, bronze items £36. Less 25 per cent trade discount.7 Sold to R Richards: tin goods
A Jones has the following credit purchases and credit sales for May:May 1 Sold to M Marshall: brass goods £24, bronze items £36. All less 25 per cent trade discount Sold to R Richards: tin goods
You are to enter up the purchases day book and the returns outwards day book from the following details, then to post the items to the relevant accounts in the purchases ledger and to show the
You are to enter the following items in the books, post to personal accounts, and show the transfers to the general ledger.2009 July 1 Credit purchases from: K Hill £380; M Norman £500; N Senior
You are to show the journal entries necessary to record the following items which occurred in 2008:(a) March 1 Bought a van on credit from Fring’s Wheels for £7,200.(b) March 3 A debt of £90
Show the journal entries necessary to record the following items:2007 Apr 1 Bought fixtures on credit from Bell and Co £1,153.4 We take goods costing £340 out of the business stock 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
Louise Baldwin commenced business as a wholesaler on 1 March 2009Enter the above information in the sales day book, totalling and ruling off at the end of March 2009.(b) Make the necessary postings
B Ready, 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 March 2007.The VAT

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