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

Enter up the relevant accounts in the purchases and general ledgers from the columnar purchases day book you completed for Question 18.4A.Question 18.4Enter up a columnar purchases day book with
T Penketh is an accountant with a salary of £2,000 per month plus bonus, which for May 2006 was £400. He pays superannuation contributions of 5% of gross pay, and these are allowed as reliefs
(a) Distinguish between capital and revenue expenditure.(b) Napa Ltd took delivery of a PC and printer on 1 July 2006, the beginning of its financial year.The list price of the equipment was £4,999
At the beginning of the financial year on 1 April 2005, 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 is
John Boggis saw a computer for sale in a local store for £1,499. This was much cheaper than he’d seen it for sale elsewhere. He needed five of these PCs and also needed the cabling to network
In a new business during the year ended 31 December 2006 the following debts are found to be bad, and are written off on the dates shown:On 31 December 2006 the schedule of remaining debtors
A business had always made a provision for doubtful debts at the rate of 4% of debtors. On 1 January 2008 the amount, brought forward from the previous year was £320.During the year to 31 December
A business started trading on 1 January 2007. During the two years ended 31 December 2007 and 2008 the following debts were written off to the bad debts account on the dates stated:On 31 December
A business, which started trading on 1 January 2007, adjusted its doubtful debt provision at the end of each year on a percentage basis, but each year the percentage rate is adjusted in accordance
A business which prepares its financial statements annually to 31 December suffered bad debts which were written off:The business had a balance of £300 on the provision for doubtful debts account on
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
Redraft each of the accounts given in your answer to 5.1 in three-column ledger style accounts.Question 5.1 Enter the following items in the appropriate debtors’ accounts (i.e. your customers’
Redraft each of the accounts given in your answer to 5.2 in three-column ledger style accounts.Question 5.2Enter the following in the appropriate creditors’ accounts (i.e. your suppliers’
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
Redraft each of the accounts given in your answer to 5.6 in three-column style accounts.Question 5.6Enter the following transactions in personal accounts only. Bring down the balances at the end of
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 2008.2008 March 1 Started in business with £10,000 in the bank.2 Bought goods on
Record the following details relating to a carpet retailer for the month of November 2007 and extract a trial balance as at 30 November 2007:2007 Nov 1 Started in business with £15,000 in the
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 2008:2008 Jan 1 Started in
Which of the following are correct?(A) (i), (ii) and (iii) only (B) (ii), (iii) and (iv) only (C) (i), (ii) and (iv) only (D) (i) and (iv) only (i) Bought office furniture for cash (ii) A debtor, P
Which of the following are incorrect?(A) (ii) and (iv) only (B) (iii) and (iv) only (C) (ii) and (iii) only (D) (i) and (iii) only (i) Sold van for cash (ii) Returned some of Office Equipment to
Which of the following are correct?(A) (i) and (ii) only (B) (i), (ii) and (iii) only (C) (ii), (iii) and (iv) only (D) (i), (ii) and (iv) only (i) Received commission by cheque (ii) Paid rates by
What would have been the balance on the account of C De Freitas on 19 May 2008?(A) A debit balance of £265(B) A credit balance of £95(C) A credit balance of £445(D) A credit balance of £265
From the following trial balance of A Moore, extracted after one year’s trading, prepare a trading and profit and loss account for the year ending 31 December 2008. A balance sheet is not
From the following trial balance of E Es after her first year’s trading, you are required to draw up a trading and profit and loss account for the year ending 30 April 2005. A balance sheet is not
From the following trial balance of B Morse drawn-up on conclusion of his first year in business, draw up a trading and profit and loss account for the year ending 31 December 2008.A balance sheet is
Extract a trading and profit and loss account for the year ending 30 June 2008 for G Graham. The trial balance as at 30 June 2008 after his first year of trading was as follows:Stock at 30 June 2008
Henry York is a sole trader who keeps records of his cash and bank transactions. His transactions for the month of March were as follows:March 1 Cash in hand £100, Cash at bank £5,672 4 York
A Manny started in business on 1 January 2007, with £74,000 capital in cash. During the first year he kept very few records of his transactions.The assets and liabilities of the business at 31
The following information relates to A Trader’s business:During the year, Trader had sold private investments for £4,000 which he paid into the business bank account, and he had drawn out £200
From the following information, draw up the trading account section of the trading and profit and loss account of J Bell for the year ending 31 December 2007, which was his first year in business:
The following information is available for the year ending 31 March 2008. Draw up the trading account section of the trading and profit and loss account of P Frank for that year. Stocks: 31 March
From the following trial balance of O Veneto, draw up a trading and profit and loss account for the year ending 30 April 2006, and a balance sheet as at that date. Dr Cr Stock: 1 May 2005 80,000
The following trial balance was extracted from the books of F Sorley on 30 April 2007. From it, and the note about stock, prepare his trading and profit and loss account for the year ending 30 April
The following is the trial balance of T Owen as at 31 March 2009. Draw up a set of financial statements for the year ended 31 March 2009. Dr Cr f Stock: 1 April 2008 52,800 Sales 276,400 Purchases
F Brown drew up the following trial balance as at 30 September 2008. You are to draft the trading and profit and loss account for the year ending 30 September 2008 and a balance sheet 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 balance sheet at 31 May.May 1 Started
Ms Porter’s business position at 1 July was as follows:Required:(a) Open ledger accounts (including capital) at 1 July (b) Record all transactions (c) Prepare a trial balance (d) Prepare a trading
From the following trial balance of Kingfire, extracted after one year of operations, prepare a trading and profit and loss account for the year ending 30 June 2008, together with a balance sheet as
Which of these best describes fixed assets?(A) Items bought to be used in the business(B) Items which will not wear out quickly(C) Expensive items bought for the business(D) Items of long life that
If you want to make sure that your money will be safe if cheques sent are lost in the post, you should(A) Not use the postal service(B) Always pay by cash(C) Always take the money in person(D) Cross
When depositing money in your current account you can use(A) A cheque book(B) A paying-in slip(C) A cash book(D) A general ledger.
Complete the following table:(a) Goods bought on credit from J Reid.(b) Goods sold on credit to B Perkins.(c) Vans bought on credit from H Thomas.(d) Goods sold, a cheque being received
Complete the following table:(a) Goods bought on credit from T Morgan.(b) Goods returned to us by J Thomas.(c) Machinery returned to L Jones Ltd.(d) Goods bought for cash.(e) Van bought on credit
You are to write up the following in the books:2008 July 1 Started in business with £2,400 cash.3 Bought goods for cash £630.7 Bought goods on credit £980 from T Joop.10 Sold goods for cash
You are to write up the following in the books:2008 July 1 Started in business with £2,400 cash.3 Bought goods for cash £630.7 Bought goods on credit £980 from T Joop.10 Sold goods for cash
Enter the following transactions in the accounts of L Linda:2007 July 1 Started in business with £20,000 in the bank.2 R Hughes lent us £5,000 in cash.3 Bought goods on credit from B Brown £1,530
Enter the following transactions in the accounts:2009 May 1 Started in business with £18,000 in the bank.2 Bought goods on credit from B Hind £1,455.3 Bought goods on credit from G Smart £472.5
Enter the following transactions, completing the double entry in the books for the month of May 2007:2007 May 1 Started in business with £9,000 in the bank and £1,000 in cash.2 Purchased goods
Write up the following transactions in the books of J Brown:2008 March 1 Started in business with cash £9,600.2 Bought goods on credit from J Harper £310.3 Paid rent by cash £650.4 Paid £3,000
Prepare the double entries (not the T-accounts) for the following transactions using the format:Date Account name Account nameJuly 1 Started in business with £5,000 in the bank and £1,000 cash.2
Write up the following transactions in the T-accounts of F Fernandes:Feb 1 Started in business with £11,000 in the bank and £1,600 cash.2 Bought goods on credit: J Biggs £830; D Martin £610; P
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. That is,
The following table shows the cumulative effects of a succession of separate transactions on the assets and liabilities of a business. The first column of data gives the opening
Which of the items in the following list are liabilities and which of them are assets?(a) Loan to C Shirley(b) Bank overdraft(c) Fixtures and fittings(d) Printers(e) We owe a supplier for goods(f)
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 (i)
Draw up G Putty’s balance sheet from the following information as at 31 December 2008: Capital Debtors Van 7,200 1,200 3,800 Creditors 4,100 Fixtures 1,800 Stock of goods 4,200 Cash at bank 300
Draw up M Kelly’s balance sheet as at 30 June 2006 from the following items: f Capital Equipment 10,200 3,400 Creditors 4,100 Stock of goods 3,600 Debtors 4,500 Cash at bank 2,800
Complete the columns to show the effects of the following transactions:(a) We pay a creditor £340 in cash.(b) Bought PC £430 paying by cheque.(c) Bought goods on credit £1,300.(d) The proprietor
Complete the columns to show the effects of the following transactions;(a) Bought a van on credit £8,700.(b) Repaid by cash a loan owed to F Duff £10,000.(c) Bought goods for £1,400 paying by
E Silva has the following items in her balance sheet as on 7 April 2005: Capital £18,370;Creditors £2,100; Fixtures £2,800; Car £6,650; Stock of goods £3,180; Debtors £2,780; Bank £4,150;Cash
Complete the following table:(a) Bought office machinery on credit from D Isaacs Ltd.(b) The proprietor paid a creditor, C Jones, from his private funds.(c) A debtor, N Fox, paid us in cash.(d)
Complete the following table:(a) Bought lorry for cash.(b) Paid creditor, T Lake, by cheque.(c) Repaid P Logan’s loan by cash.(d) Sold lorry for cash.(e) Bought office machinery on credit from
Write up the asset and liability and capital accounts to record the following transactions in the records of J Beanie:2007 July1 Started business with £25,000 in the bank.2 Bought office furniture
You are required to open the asset and liability and capital accounts and record the following transactions for June 2008 in the records of P Bernard:2008 June 1 Started business with £12,000 in
Write up the asset, capital and liability accounts in the books of D Gough to record the following transactions:2009 June 1 Started business with £16,000 in the bank.2 Bought van paying by cheque
Write up the accounts to record the following transactions:2007 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
The balance sheet of Seafield Ltd at 31 December 19X4 shows the following balances: 31 December 19X4 31 December 19X3 Trade debtors 35,000 30,000 Trade creditors 25,000 23,000 The relevant price
The balance sheet for Cremore Ltd at 31 December 19X3 is given below: Plant and machinery Cost Depreciation Current assets Stock Debtors Cash 19X3 19X2 000 000 000 000 800 800 320 160 480 640 210 130
If you wished to assess the efficiency of a company, which of the following ratios would you use:
You are to study the following financial statements for two similar types of retail store and then answer the questions which follow.Required: Summary of Financial Statements Trading and Profit and
Study the following accounts of two companies and then answer the questions which follow. Both companies are stores selling textile goods.Required: Trading and Profit and Loss Accounts R Ltd T Ltd
Adrian Frampton was considering the purchase of one of two businesses. However, Frampton had only been provided with limited information about the businesses, as follows:Required: Summarised
Three companies have the capital structures shown below. Company Ordinary shares 12% debentures A B C 000 000 000 600 400 50 200 550 600 600 600 The return on capital employed was 20 per cent for
Martha is the accountant of a trading business. During the past year she produced interim accounts for the six months ended 30 November 19X5, and draft final accounts for the year ended 31 May 19X6,
The following are extracts from the balance sheets as at 31 March 19X4 and 31 March 19XS5 of Glebe Ltd:Required: 31 March 19X4 31 March 19X5 Current assets Stocks 20,000 25,000 Trade debtors
Colin Black is considering investing a substantial sum in the ordinary shares of Jacks Ltd. Having some accounting knowledge he has extracted the following information from the accounts for the last
The following information has been extracted from the accounts of Witton Way Ltd:Additional information:During the year to 30 April 19X6, the company tried to stimulate sales by reducing the selling
You are presented with the following information for three quite separate and independent companies:Additional information:Required: Summarised Balance Sheets at 31 March 19X7 Total assets less
The chairman of a family business has been examining the following summary of the accounts of the company since it began three years ago.The company’s products are popular in the locality and in
The following information is provided for Bessemer Ltd which operates in an industry subject to marked variations in consumer demand.Required:(a) The forecast profit and loss appropriation accounts
The following are the financial statements of D Limited, a wholesaling company, for the year ended 31 December:1 You may assume that:(i) The range of products sold by D Limited remained unchanged
G ple isang holding company with subsidiaries that have diversified interests. G plc’s board of directors is interested in the group acquiring a subsidiary in the machine tool manufacturing sector.
J plc supplies and fits car tyres, exhaust pipes and other components. The company has branches throughout the country. Roughly 60 per cent of sales are for cash (retail sales).The remainder are
Relevant balance sheets as at 31 March 19X4 are set out below:You have recently been appointed chief accountant of Jasmin (Holdings) plc and are about to prepare the group balance sheet at 31 March
What would the production levels have to be for each month if the following data was available: Units 19X5 Jan Feb Mar Apr May Jun (a) Stocks levels wanted at the end of each month 690 780 1,100
For the year ended 31 December 19X9 the sales of units are expected to be:Required:(a) What will production be per month if an even production flow is required and stock levels during the year could
(a) For each of the following, state three reasons why a firm may wish to keep:(i) a minimum stock level of finished goods, and(ii) an even level of production in the face of fluctuating demand.(b)
Ukridge comes to see you in April 19X3. He is full of enthusiasm for a new product that he is about to launch on to the market. Unfortunately his financial recklessness in the past has led him into
Draw up a cash budget for N Morris showing the balance at the end of each month, from the following information for the six months ended 31 December 19X2:(a) Opening cash (including bank) balance
Richard Toms has agreed to purchase the business of Norman Soul with effect from 1 August 19X7. Soul’s budgeted working capital at 1 August 19X7 is as follows:In addition to paying Soul for the
lan Spiro, formerly a taxi-driver, decided to establish a car-hire business after inheriting £50,000.His business year would be divided into budget periods each being four weeks.He commenced
A company’s estimated pattern of costs and revenues for the first four months of 19X7 is as follows:1 One-quarter of the materials are paid for in the month of production and the remainder two
D Smith is to open a retail shop on 1 January 19X4. He will put in £25,000 cash as capital. His plans are as follows:You are required to:(a) Draw up a cash budget for the six months ended 30 June
The summarised balance sheet of Newland Traders at 30 May 19X7 was as follows:Required:(a) Sales and purchases budgets and budgeted trading and profit and loss accounts for the six months ended 30
The balance sheet of Gregg Ltd at 30 June, 19X6 was expected to be as follows: Fixed assets Land and buildings Plant and machinery Motor vehicles Office fixtures Current assets Balance Sheet 30 June
Len Auck and Brian Land trade as partners in Auckland Manufacturing Company making components for minicomputers. To cope with increasing demand the partners intend to extend their manufacturing
(a) If you were lent £12,000 for 56 days at 9 per cent, how much interest would you pay?(b) If a debt factor offered to discount a £6,000 bill of exchange at 15 per cent, and if the bill had an

Showing 700 - 800 of 2360

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
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