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business accounting

Questions and Answers of Business Accounting

Interest of £1,000 is charged and included in a loan of £3,000. The loan has to be repaid at £750 per quarter over the next 12 months. What is the real rate of interest of the loan?
If £1,000 is invested for five years at 12 per cent compound per annum, how much interest is earned over the five years?
If the interest on the investment in question 33.4 had been compounded every six months, how much interest would have been earned over the five years?Question 33.4If £1,000 is invested for five
Shares bought on 1 January 19X2 for £2,000 were sold on 31 December 19X5 for£3,158. What was the rate of annual compound interest on the investment?
Should you accept an offer of £15,000 for your rights over the next four years to the£4,000 annual rent from shop premises you own and have leased to a local company? You could invest the £15,000
In relation to the rental income, what rate of interest does the offer made in question 33.7 represent?Question 33.7Should you accept an offer of £15,000 for your rights over the next four years to
A condition of a ten-year loan of £20,000 is that the borrower will pay equal annual amounts into a sinking fund so that it accumulates at the end of the ten years to the amount of the loan. The
If the interest on the sinking fund in question 33.9 were at 10 per cent, how much would the annual payments into it be? ;Question 33.9A condition of a ten-year loan of £20,000 is that the borrower
The following project costs have been estimated relating to the upgrading of some equipment; all the costs are being incurred solely because of the project: 19X2 January 1 One year's rent on
Assume the company in question 33.11 pays tax at 40 per cent, on 30 September each year, nine months after the end of its financial period. The company receives 25 per cent writing-down allowances on
Assuming an interest rate of 10 per cent, what is the net present value of the net of tax cash flows in question 33.12 for 19X2, 19X3, 19X4 and 19X35?Question 33.12Assume the company in question
The annual profit from a project is forecasted as:Equipment with a five-year useful economic life and no residual value will be purchased on 1 September for £30,000. £15,000 additional working
If the interest rate is 10 per cent, what is the net present value of the net cash flows arising from the project in question 33.14?Question 33.14The annual profit from a project is forecasted
If retained, a machine would be depreciated at £2,500 for the next four years, at which point it would be fully written down and scrapped. The machine could be sold at any point in the next year for
Using a discount rate of 12 per cent, what is the net present value of the project in question 33.17?Question 33.17What is the payback period on the following project cash flows? (Brackets indicate
What is the internal rate of return on the project in question 33.17?Question 33.17What is the payback period on the following project cash flows? (Brackets indicate expenditure.) Year 0 11234 Net
What is the annualised amount of the net benefits from the project in question 33.17?Question 33.17What is the payback period on the following project cash flows? (Brackets indicate expenditure.)
What is the payback on a project requiring £60,000 initial investment that has a net cash inflow of £40,000 in year 1, £25,000 in year two, and £15,000 in year three?
Using a discount rate of 10 per cert, what is the net present value of the project in question 33.21?Question 33.21What is the payback on a project requiring £60,000 initial investment that has a
What is the internal rate of return on the project in question 33.21?Question 33.21What is the payback on a project requiring £60,000 initial investment that has a net cash inflow of £40,000 in
What is the annualised amount of the net benefits from the project in question 33.21?Question 33.21What is the payback on a project requiring £60,000 initial investment that has a net cash inflow of
The annual profit from a project is forecasted as: Sales 80,000 Labour, materials, and overheads Depreciation 20,000 15,000 Net profit before tax 35,000 45,000 The project requires that a new machine
Assuming that all sales are for cash, what is the internal rate of return on the project in question 33.25?Question 33.25The annual profit from a project is forecasted as: Sales 80,000 Labour,
Which of the following two mutually exclusive alternatives should be selected if a 10 per cent interest rate is used for the calculation of net present value? Net cash flow Year 0 Net cash flow Year
Using internal rate of return, which of the two projects in question 33.27 would be preferred?Question 33.27Which of the following two mutually exclusive alternatives should be selected if a 10 per
Which of the following two mutually exclusive alternatives should be selected if a 12 per cent interest rate is used for the calculation of net present value? Net cash flow Year 0 Net cash flow Year
Using internal rate of return, which of the two projects in question 33.29 would be preferred?Question 33.29Which of the following two mutually exclusive alternatives should be selected if a 12 per
Equipment with an estimated useful economic life of five years has an NPV of £3,100 using a 10 per cent discount rate. What is the annualised equivalent of the £3,100 NPV?
Two mutually exclusive alternatives are available. Project A will require initial investment of £3,000 and run for two years at a cost of £500 per annum. Project B will require initial investment
What is the implied interest rate if equipment can be leased for four years at £20,000 per annum and the cash price is £64,800?
A machine with a five-year useful life could be purchased for £60,000. It would have zero residual value at the end of the five years. Alternatively, the machine could be rented at£14,633 per annum
The annual rental payments on a six-year lease are £4,000. If the rate of interest payable on borrowing for this purpose is 16 per cent, what is the capital value of the lease?
Roadwheelers Ltd were considering buying an additional lorry but the company had not yet decided which particular lorry to purchase. The lorries had broadly similar technical specifications and each
Hirwaun Pig Iron Co. operate a single blast furnace producing pig iron. The present blast furnace is obsolete and the company is considering its replacement.The alternatives the company is
Moray Ferries Ltd own a single ship which provides a short sea ferry service for passengers, private vehicles and commercial traffic. The present ship is nearing the end of its useful life and the
The Rovers Football Club are languishing in the middle of the Premier Division of the Football League. The Club have suffered a loss of £200,000 in their last financial year and whilst receipts from
The following balance sheets of P Ltd and S Ltd were drawn up as at 31 December 19X4. Draw up the consolidated balance sheet as at that date.*The balance of £11,000 is after deducting the proposed
The following are the summarised balance sheets of P Ltd and S$ Ltd at 31 December 19X6.Required:Prepare a consolidated balance sheet for P Limited and its subsidiary $ Limited at 31 December 19X6.
X plc acquired 80 per cent of the ordinary share capital of Y plc on 1 January 19X6 for £300,000.The lists of balances of the two companies at 31 December 19X6 were as follows:Required:Prepare a
From the following balance sheets and supplementary information you are to draw up a consolidated balance sheet as at 31 December 19XS.During the year P sold a fixed asset to S. It had cost P £3,000
P Balance Sheet as at 31 December 19XS5When P Ltd took control of $ Ltd it valued the fixed assets at 31.12.19X4 at £50,000 instead of £40,000 as shown.Draw up the consolidated balance sheet as at
From the following balance sheets you are to draft a consolidated balance sheet for the group of P, S1 and 82. P Balance Sheet as at 31 December 19X7 Investment in S1: 9,000 shares bought
From the following balance sheets prepare a consolidated balance sheet for the group of P, S1 and 82. P Balance Sheet as at 31 December 19X9 Investment in S1: 16,000 shares bought 31.12.19X8 39,000
On 1 April 19X1 Machinery Limited bought 80 per cent of the ordinary share capital of Components Limited and on 1 April 19X3 Machinery Limited was itself taken over by Sales Limited who purchased 75
The following information relates to the Brodick group of companies for the year to 30 April 19X7:Required:In so far as the information permits, prepare the Brodick group of companies’ consolidated
You are presented with the following summarised information for Norbreck plc and its subsidiary, Bispham Ltd:Required:Prepare Bispham plc’s consolidated profit and loss account for the year to 30
The following figures for the year to 30 April 19X6 have been extracted from the books and records of three companies which form a group:Required:A consolidated profit and loss account for Old ple
Large plc, a manufacturer and wholesaler, purchased 600,000 of the 800,000 issued ordinary shares of a smaller company, Small Ltd, on 1 January 19X5 when the retained earnings account of Small Ltd
Huge ple acquired a holding of 600,000 of the 800,000 ordinary £1 shares of Large plc on 1 October 19X5 when the revenue reserves of Large stood at £320,000.On 1 October 19X6, the directors of
You are to draw up a consolidated balance sheet from the following details as at 31 December 19X9. P Balance Sheet as at 31 December 19X9 Investment in subsidiary: 1,000 shares bought 31.12.19X8
You are presented with the following information from the Seneley group of companies for the year to 30 September 19X6:Required:Prepare the Seneley group’s consolidated balance sheet as at 30
The following summarised information relates to the Pagg group of companies.Required: Balance Sheet at 31 March 19X0 Pagg plc 000 Ragg Ltd 000 Tagg Ltd 000 Tangible fixed assets at net book value
You are presented with the following summarised information relating to Block plc for the year to 30 September 19X8:Required:Prepare the Block plc group of companies’ consolidated balance sheet as
List the five headings in the cash flow statement, as required by FRS 1.
Give an example of the information to be included under each of the headings in the cash flow statement and indicate why this information might be useful.
Prepare a cash flow statement for Lee Ltd for the year ended 31 December 19X4 as required under FRS 1 using the direct method, together with note 1 to the statement. The profit and loss account,
The balance sheets and additional information relating to Pennylane Ltd are given below. Prepare a cash flow statement for Pennylane Ltd for the year ended 31 December 19X3 as required under FRS 1
Stannard and Sykes Ltd are contractors for the construction of a pier for the Seafront Development Corporation. The value of the contract is £300,000, and payment is by engineer’s certificate
You are required to prepare the contract account for the year ended 31 December 19X0, and show the calculation of the sum to be credited to the profit and loss account for that year.On 1 April 19X0
A The following information relates to the Plus Factors Group ple for the years to 30 September 19X8 and 19X9.Required:(a) Prepare a statement of value added for the year to 30 September 19X9 and
In what ways did FRS 2 change the ways in which consolidated financial statements should be drawn up?
The following balances remained in the books of Owen Ltd on 31 December 19X1, after the profit and loss account and appropriation account had been drawn up. You are to draft the balance sheet as at
The following trial balance has been extracted from the books of Baganza plc as at 30 September 19X7:Required:Insofar as the information permits, prepare Baganza plc’s profit and loss account for
The trial balance of Payne Peerbrook plc as on 31 December 19X6 is as follows: Dr Cr Preference share capital: 1 shares 50,000 Ordinary share capital: 50p shares 60,000 General reserve 45,000
You are presented with the following information relating to Plott plc for the year to 31 March 19X1:Required:Insofar as the information permits, prepare Plott plc’s balance sheet as at 31 March
The following information has been extracted from the books of Quire plc as at 30 September 19X1.The following additional information is to be taken into account:1 Stocks at 30 September 19X1 were
The following trial balance has been extracted from the books of Patt ple as at 31 March 19X0:Additional information:1 Following the preparation of the above trial balance, the following additional
The following trial balance of X Limited, a non-listed company, has been extracted from the books after the preparation of the profit and loss and appropriation accounts for the year ended 31 March
The following information has been extracted from the books of account of Billinge plc as at 30 June 19X6:Required Insofar as the information permits, prepare Billinge plc’s profit and loss account
The following trial balance has been extracted from the books of Arran plc as at 31 March 19X7:Required:Insofar as the information permits, prepare the company’s profit and loss account for the
The following trial balance has been extracted from the books of account of Greet plc as at 31 March 19X8:Required:Insofar as the information permits, prepare the company’s published profit and
The accountant of Scampion plc, a retailing company listed on the London Stock Exchange, has produced the following draft financial statements for the company for the year to 31 May 19X7.You discover
On 31 March 19X6 the following was the balance sheet of Finer Textiles. Balance Sheet Fixed assets Goodwill and trade marks as valued Plant and machinery (at cost less depreciation) Furniture and
The directors are preparing the published accounts of Dorman plc for the year to 31 October 19X5. The following information is provided for certain of the items which are to be included in the final
In preparing the published financial statements of a company, briefly state the significant accounting/disclosure requirements you would have in mind in ensuring that the financial statements comply
Oldfield Enterprises Limited was formed on 1 January 19X5 to manufacture and sell a new type of lawn mower. The bookkeeping staff of the company have produced monthly figures for the first ten months
The accountant of Hook, Line and Sinker, a partnership of seven people, has asked your advice in dealing with the following items in the partnership accounts for the year to 31 May
The chief accountant of Uncertain Ltd is not sure of the appropriate accounting treatment for a number of events occurring during the year 19X5/6.Required:(a) Write a report to the chief accountant
With reference to SSAP 17 (Accounting for post balance sheet events) and SSAP 18(Accounting for contingencies): (a) define the following terms: (i) post-balance sheet events; (ii) adjusting events;
You are given the following selected balances of Federal plc as at 31 December 19X4.From them draw up (i) a trading and profit and loss account for the year ended 31 December 19X4 for internal use
The following balance has been extracted from the books of Falconer plc as on 31 August 19X4. From them draw up (i) a trading and profit and loss account, for internal use, for the year ended 31
From the following balance of Danielle plc you are to draw up (i) a trading and profit and loss account for the year ended 31 December 19X6, for internal use, and (ii) a profit and loss account for
Bunker plc is a trading company; it does not carry out any manufacturing operations.The following information has been extracted from the books of account for the year to 31 March
Fresno Group plc have prepared their financial statements for the year ended 31 January 19X4. However, the financial accountant of Fresno Group ple had difficulty in preparing the statements required
During the year to 30 September 19X7, Kammer plc made a new offer of shares. The details of the offer were as follows:Required:Record the above transactions in the following ledger accounts: On
Exercises (a) to (e) inclusive are based on the following commencing balance sheet. Net assets (except bank) Bank Preference share capital Ordinary share capital Share premium Profit and loss RSV Ltd
Checkers Ltd was incorporated on 1 April 19X5 and took over the business of Black and White, partners, as from 1 January 19XS5. It was agreed that all profits made from 1 January should belong to the
Long Acre Ltd has just finished its first year of trading to 31 December 19X3.Corporation tax throughout was 35 per cent, the ACT rate was 20 per cent and income tax 25 per cent. You are given the
Long Acre Ltd has just finished its second year of trading to 31 December 19X4.Balances per 11.1 need to be brought forward into this question. Tax rates are the same as for 19X3.The following
Corporation tax for financial years 19X1, 19X2, and 19X3 was 35 per cent, the ACT rate was 20 per cent and income tax for each year was 25 per cent.You are required to enter up the following accounts
KK Ltd has a trading profit, before dealing with any of the undermentioned items, for the year ended 31 December 19X9 of £200,000. You are to complete the profit and loss and appropriation account
BG Ltd has a trading profit for the year ended 31 December 19X7, before dealing with the following items, of £50,000. You are to complete the profit and loss account and appropriation account. (a)
The following information relates to Kemp plc for the year to 31 March 19X0:Required: 1 Dividends Proposed final ordinary dividend for the year to 31 March 19X9 paid on 31 August 19X9 nterim ordinary
Star Stores has its head office and main store in Crewe, and a branch store in Leek. All goods are purchased by the head office. Goods are invoiced to the branch at cost price plus a profit loading
EG Company Limited, a manufacturing business, exports some of its products through an Overseas branch whose currency is ‘florins’, which carries out the final assembly operations before selling
J York was acquiring two cars under hire purchase agreements, details of which are as follows:Both agreements provided for payment to be made in 24 monthly instalments commencing on the last day of
On 30 September 19X7, B Wright, who prepares final accounts annually to 30 September, bought a motor lorry on hire purchase from the Vehicles and Finance Co. Ltd.The cash price of the lorry was
S Craven started business on 1 October 19XS5 selling machines of one standard type on hire purchase terms. During the year to 30 September 19X6 he purchased machines at a uniform price of £60 and
On 1 January 19X6, F Limited commenced business selling goods on hire purchase.Under the terms of the agreements, an initial deposit of 20 per cent is payable on delivery, followed by four equal
On 1 January 19X7, Carver bought a machine costing £20,000 on hire purchase. He paid a deposit of £6,000 on 1 January 19X7 and he also agreed to pay two annual instalments of £5,828 on 31 December

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