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horngrens accounting 11th canadian

Questions and Answers of Horngrens Accounting 11th Canadian

understand how VAT is treated in all purchase transactions;
write up and post the purchases day book;
write up and post the purchases returns day book;
post entries from the purchases and purchases returns day books to ledger accounts.
Worked example Based on the above you are required to write up the purchases returns book for Julian for April 2009. The following returns of goods were made by Julian during the month.6 April Julian
Self-test The following is a list of transactions of Julian for the month of July 2009.5 July Bought goods on credit from Jay & Co. for £260.8 July Bought goods on credit from T Williams for
Self-test You are required to write up the purchases and purchases returns day books of Leon to record the relevant transactions set out below. You also need to show the ledger account for purchases
Self-test You are required to write up the purchases and purchases returns day books of Norman to record all the transactions set out below. You also need to show the ledger account for purchases and
write up and post the sales day book;
write up and post the sales returns book;
understand how VAT is treated in all sales transactions;
post entries from the sales day book.
Self-test You are required to write up the sales and sales returns day books of Leon to record the relevant transactions set out below. You also need to show the ledger accounts for sales for March
Self-test You are required to write up sales and sales returns day books of Norman to record all the transactions set out below. You also need to show the ledger account for sales and the VAT
explain the meaning and use of a control account;
understand how entries to individual accounts are ‘copied’ to a control account;
write up individual debtors’ and creditors’ control accounts;
transfer amounts from debtors’ to creditors’ accounts as contra payments;
calculate ledger control balances.
Self-test The following is a list of transactions in the books of Gerta for May 2009.01 May Opening balance 6,035 31 May Sales day book 29,549 31 May Cheques from debtors 13,800 31 May Discount
Self-test The following information is available to allow you to prepare a creditors’ control account for Nicholas at 30 June 2009.1 June Opening balance 8,512 30 June Purchases 7,190 30 June
Self-test From the balances in the ledger account of Trudie, prepare the debtors’ and creditors’ control accounts at 30 June 2009.1 June Purchase ledger balance 9,843 1 June Sales ledger balances
Self-test The following is an extract from the books of Hellenco Trading for the year ended 31 March 2009.Debtors’ ledger control account balance on 1 April 2008 (debit) 22,060 Sales 153,900
Self-test The books of Katie include three ledgers comprising the nominal (general) ledger, debtors’ ledger and creditors’ ledger.The following information relates to the year ended 30 June
Self-test The books of Hilmar & Co. include three ledgers comprising the general ledger, debtors’ ledger and creditors’ ledger. The general ledger contains debtors’ ledger and creditors’
explain the meaning of accruals and prepayments;
adjust revenue and expense accounts;
write up the ledger accounts of the revenue and expense items.
Self-test(a) Bill pays his rent quarterly, in arrears, at the end of March, June, September and December. The rent in 2009 is £84,000 p.a. His financial year-end is 31 May 2009.Calculate the charge
Self-test Jay has taken out a 4-year loan of £20,000 at 7 per cent interest.The following is the ledger account for the interest payable on the loan.You are required to complete the interest payable
Self-test The electricity account for the year ending 31 December 2010 is as follows:An amount of £425 due for charges to 31 December 2010 has not yet been paid.You are required to prepare the
Self-test Insurance is paid by BB & Co. in a single payment. This is due on 1 August each year. BB & Co. has its year end on 31 December.The following is the ledger account for insurance:You are
explain how assets depreciate in value;
calculate depreciation charges using various methods;
prepare a depreciation account;
show how depreciation is recouped;
show how losses and profits on sale of fixed assets are treated.
Self-test A machine is purchased by Kay & Co. for £450,000 on 1 January 2009. The machine has an expected life of 5 years and the scrap value is expected to be £100,000.Using straight line
Self-test At 31 December 2009 Maureen’s ledger contained the following balances:Plant and machinery 50,000 Provision for depreciation on plant and machinery 22,500 During the year ended 31 December
Self-test On 19 June 2009 Wilson purchased a new machine for his factory. The following are the payments made by him relating to this purchase:Cost of machine 42,000 Less: Trade discount 4,000 38,000
Self-test Sheryl started a business on 1 March 2008.She purchased both a printer for £1,300 and a photocopier for £870 on 1 March 2008.On 28 February 2009 she traded in the printer for a new one.
explain the nature of bad debts;
create provisions for bad debts;
show the accounting entries for bad debts and provisions;
account for bad debts recovered.
Self-test Ajax Electrical decides that 5 per cent of all debtors are assumed to be doubtful debts and makes a provision accordingly. You are told that the debtors’ balances are as follows:31
Self-test At 31 December 2009 Mike’s ledger contained the following balances:Trade debtors 20,000 Provision for bad debts 3,340 The provision for bad debts consisted of a general provision of £800
Self-test Lyn commenced her business on 1 June 2008. She sells most of her goods on credit and therefore ensures that there is always an adequate provision for doubtful debts. She considers that the
explain the purpose of the journal;
identify and show how errors are rectified;
enter journal transactions and narrations.
Self-test In preparing our year-end accounts for Fleck at 30 June 2009 we are told that the following adjustments are still to be made:Electricity outstanding (no invoice yet received) 89 Telephone
Self-test Dee owes £162. She pays £102 on 31 July 2009 but makes no further payments.On 3 October 2009 she is declared bankrupt and we are informed that we will receive 20p in the pound on whatever
Self-test A Trader has the following bad debts for the year ended 30 June 2009:Smith £81 Jones £94 Blake £32 Currie £14 The debtors at 30 June 2009, before the write-off of bad debts, were
Self-test Raymond starts up a new business on 11 May 2009, having purchased certain assets and liabilities from the previous owner.The following is the list of assets and liabilities purchased:Land
describe the nature and purpose of a trial balance;
prepare a trial balance from a set of ledger account balances;
account for year-end adjustments such as accruals, prepayments, depreciation and bad debts.
Self-test The following balances were extracted from the books of A Jones at 31 December 2009:Motor vehicles at cost 5,600 Fixtures and fittings at cost 4,200 Land and buildings at cost 5,600 Loan
Self-test Using the balances that you prepared in self-test
you are required to draw up the trial balance.
Self-test Prepare a trial balance from the information you prepared in self-test 2.6.3.
Self-test Using the balances from self test
you are now required to prepare a trial balance to prove the accuracy of your postings.
Self-test Jillian is the owner of an electrical repair business. After the first year of operations she presented the following trial balance which was not balanced because a number of accounts were
Self-test Nigel prepares a trial balance from his records. In doing so he places some debit and credit balances on the incorrect side of the trial balance. As a result the trial balance does not
Self-test You are given the following list of balances for W Thom at 30 September 2009.From this list of balances prepare the trial balance.Advertising 9,600 Postage and telephone 3,280 Lighting and
Self-test On 30 June 2009, Final Trading Co. extracted a list of balances from their ledger.Office expenses 11,880 Postage and stationery 3,900 Rent and rates 7,500 Insurance 1,095 Lighting and
Self-test Using the information for A Jones, given in section 15.1.1, you are required to amend your trial balance at 31 December 2009 by incorporating the following additional items prior to
Self-test The following adjustments are to be made to the trial balance of W Thom that you prepared in self-test 15.3.2.(i) At 30 September 2009 depreciation on fixtures and fittings of £4,928 had
Self-test Prepare a trial balance from the following list of ledger balances at 30 June 2010.Office expenses 3,880 Lighting and heating 2,570 Motor expenses 5,820 Salaries and wages 4,650 Sales
Self-test Prepare a trial balance from the following list of ledger balances at 31 December 2010.Purchases 103,400 Insurance 2,880 Office expenses 12,145 Salaries and wages 23,400 Drawings 34,600
Self-test When Mimi prepared her trial balance she incorrectly listed the balances in the wrong columns. As a result she was unable to balance her trial balance.You are required to redo the trial
Self-test Max prepared a list of balances from his ledger accounts. You are required to prepare the trial balance from this list.Max & Co. Balances at 30 June 2009 Postage and stationery 1,300 Rent
describe the nature of the additional errors affecting a trial balance;
prepare a suspense account and the adjustments to that account;
journalise all trial balance adjustments;
prepare a balanced trial balance.
Self-test L Green cannot balance her trial balance at 31 December 2009 and opens a suspense account for the difference. This account shows a debit of £140. After checking the books she discovers the
Self-test You are required to draw up the necessary journal entries in the books of Merle to correct the following:2009 20 May Machine repairs for £111 were posted to the plant and machinery
Self-test During the year, the following events occurred:(i) On 1 January 2008, Heinz buys fittings for £8,600 on credit from Joe.(ii) On 31 March he sells the old fittings to Fritz for £600, the
Self-test At 31 December 2009, C Whyte prepared his trial balance for the year. It did not balance and he entered the difference into a suspense account. Thereafter he prepared his accounts and the
Self-test In preparing the trial balance for Jay & Co., a difference of £222 was entered as a credit to a suspense account in order to balance the trial balance.Sometime later, after examining the
Self-test Alex prepares a trial balance on 30 June 2009. As it does not balance, he opens a suspense account with a credit balance of £101. He subsequently checks his books and discovers the
Self-test Roger extracts a list of balances and presents the following trial balance at 31 July 2009.Capital 22,350 Drawings 9,000 Stock 1 August 2008 7,500 Trade debtors 8,850 Trade creditors 8,052
prepare a trial balance incorporating adjustments;
adjust a suspense account and correct errors;
calculate any additional adjustments required.
Self-test You are presented with a trial balance at 31 October 2009.Idea & Co. trial balance at 31 October 2009 Packing expenses 525 General expenses 490 Electricity expenses 2,416 Insurance 205 Rent
Self-test NuVenture prepares a trial balance for the year.Trial balance at 31 March 2009 Purchases 89,185 Stock 1 April 2008 18,160 Sales 122,340 Carriage inwards 520 Carriage outwards 1,470 Returns
Self-test The following is the list of balances extracted from the books of Wilmot Trading at 31 December 2009.List of balances at 31 December 2009 Creditors 19,832 Returns inwards 390 Electricity
Self-test Howard Graham is the owner of HG Electricals. His business is VAT registered and all sales are standard rated at 171/2 per cent.Sales are divided between fitting and servicing electrical
Self-test Catena prepares a bank reconciliation at the end of each month.The bank statement for May 2007 is as follows:Bank statement Mellor Bank plc Park St Sheet 1 Lower Gornal 1 May 2007–West
Self-test Knowles started in business as a landscape gardener on 1 April 2006. Knowles has recorded all his transactions in a cashbook and the following extracts have been obtained from the
Self-test You have been supplied with the following information from the accounts of Louise Phillips for the year ended 31 March 2009:Balances b/d 1 April 2008:– debtors control 7,400– creditors
understand how opening and closing stock is valued;
calculate the value of stock using LIFO, FIFO and AVCO methods;
explain the use of net realisable value instead of cost.
Self-test You are required to answer this question by the use of the different methods of stock valuation.(i) A buys 200 units of product ZZ at £1.20 each in April 2009.(ii) A buys a further 400
Self-test Nat purchases 60 boxes of towels in February 2009 for £22 per box. He also buys an additional 30 boxes in April 2009 at £26 per box.In July 2009 he sells 80 boxes for £68 per box.You are

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