Questions and Answers of ISE Business Accounting

A Rowland has the following purchases for the month of June 19X9:Required:(a) Enter up the purchases journal for the month.(b) Post the items to the suppliers’ accounts.(c) Transfer the total to
C Phillips, a sole trader, has the following purchases and sales for March 19X9:Required:(a) Prepare the purchases and sales journals of C Phillips from the above.(b) Post the items to the personal
A Henriques has the following purchases and sales for May 19X6:Required:(a) Write up sales and purchases journals.(b) Post the items to the personal accounts.(c) Post the totals of the journals to
You are to enter up the purchases journal and the returns outwards journal from the following details, then to post the items to the relevant accounts in the purchases ledger and to show the
Enter up the sales journal and the returns inwards journal from the following details. Then post to the customer’s accounts and show the transfers to the general ledger. 19X8 June 1 33 35 " " " 6
You are to enter up the sales, purchases and the returns inwards and returns outwards journals from the following details, then to post the items to the relevant accounts in the sales and purchase
You are to enter the following items in the books, post to personal*accounts, and show transfers to the general ledger. 19X9 July 1 35 35 3 " 35 29 33 99 99 3 Credit purchases from: K Hill 380; M
You are to open the books of K Mullings, 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
You are to show the journal entries necessary to record the following items: (a) 19X8 May 1 Bought a motor vehicle on credit from Kingston Garage for 6,790. (b) 19X8 May 3 A debt of 34 owing from H
On 31 December 19X4 S Ltd had share capital of \(£ 40,000\) ordinary \(£ 1\) shares and reserves of \(£ 24,000\). Two years later the share capital has not altered but the reserves have risen to
A On 31 December 19 X6, S Ltd had share capital of \(£ 400,000\) ordinary \(£ 1\) shares and reserves of \(£ 260,000\). Three years later the share capital is unchanged but the reserves have risen
P Ltd bought 50,000 of the 80,000 issued ordinary \(£ 1\) shares of S Ltd for \(£ 158,000\) on 31 August 19X8. S Ltd accounts are drawn up annually to 31 December. The balance sheet of S Ltd on 31
A On 1 January \(19 \times 1\) S Ltd had a share capital of \(£ 300,000\), a profit and loss account balance of \(£ 28,000\) and a general reserve of \(£ 20,000\). During the year ended 31
Write up a two-column cash book from the following details, and balance off as at the end of the month: 19X8 May 1 35 39 95 2 3 4 5 Started business with capital in cash 100. Paid rent by cash 10. F
Write up a two-column cash book from the following: 19X9 Nov 1 Balance brought forward from last month: Cash 105; Bank 2,164. 2 Cash sales 605. 55 3 55 35 35 23 35 2 25 " " " " 4 5 6 7 Took 500 out
A three-column cash book is to be written up from the following details, balanced off, and the relevant discount accounts in the general ledger shown. 19X8 Mar 1 2 35 4 95 33 35 Balances brought
Enter the following in three-column cash book. Balance off the cash Pook at the end of the month and show the discount accounts in the general ledger. 19X8 June 1 Balances brought forward: Cash 97;
Enter the following items in the necessary debtors accounts only; do not write up other accounts. Then balance down each personal account at the end of the month. 19X6 May 1 33 " " " 9 4 10 18 20 24
. Enter the following in the personal accounts only. Do not write up the other accounts. Then balance down each personal account at the end of the month. 19X8 June 1 Purchases on credit from J Young
Enter the following in the personal accounts only. Do not write up the other accounts.Balance down each personal account at the end of the month. After completing this, state which of the balances
Enter the following, personal accounts only. Bring down balances at end of the month. After completing this state which of the balances represent debtors and those which are creditors. 19X7 May 1 "
You are to enter up the necessary amounts for the month of May from the following details, and then balance off the accounts and extract a trial balance as at 31 May 19X6. Started firm with capital
Enter up the books from the following details for the month of March, and extract a trial balance as at 31 March 19X6. 33 2 19X6 March 1 Started business with 800 in the bank. Bought goods on credit
Record the following details for the month of November 19X7 and extract a trial balance as at 30 November: 19X7 Nov 1 Started with 5,000 in the bank. 3 Bought goods on credit from: T Henriques 160; J
Record the following for the month of January, balance off all the accounts, and then extract a trial balance as at 31 January 19X8: 19X8 Jan 1 Started business with 3,500 cash. 2 Put 2,800 of the
From the following trial balance of B Webb, extracted after one year’s trading, prepare a trading and profit and loss account for the year ended 31 December 19X6. A balance sheet is not required.
From the following trial balance of C Worth after his first year’s trading, you are required to draw up a trading and profit and loss account for the year ended 30 June 19X8. A balance sheet is not
From the following trial balance of F Chaplin drawn up on conclusion of his first year in business, draw up a trading and profit and loss account for the year ended 31 December 19X8. A balance
Extract a trading and profit and loss account for the year ended 30 June 19X8 for F Kidd.The trial balance as at 30 June 19X8 after his first year of trading was as follows: Dr Cr Rent 1,560
From the following details draw up the trading account of T Clarke for the year ended 31 December 19X7, which was his first year in business: Carriage inwards Returns outwards Returns inwards Sales
The following details for the year ended 31 March 19X8 are available. Draw up the trading account of K Taylor for that year. Stocks: 31 March 19X8 18,504 Returns inwards 1,372 Returns outwards 2,896
From the following trial balance of R Graham draw up a trading and profit and loss account for the year ended 30 September 19X9, and a balance sheet as at that date. Dr Cr Stock 1 October 19X8
The following trial balance was extracted from the books of B Jackson on 30 April 19X7.From it, and the note re stock, prepare his trading and profit and loss account for the year ended 30 April
The following is the trial balance of J Smailes as at 31 March 19X9. Draw up a set of final accounts for the year ended 31 March 19X9. Dr Cr Stock 1 April 19X8 18,160 Sales 92,340 Purchases
L Stokes drew up the following trial balance as at 30 September 19X8. You are to draft the trading and profit and loss account for the year to 30 September 19X8 and a balance sheet as at that date.
You are to draw up a consolidated balance sheet from the following details as at 31 December 19X9.During the year P had sold goods which had cost \(£ 150\) to S for \(£ 240\). None of these goods
Draw up a consolidated balance sheet as at 31 December \(19 \mathrm{X} 4\) from the following: P Balance Sheet as at 31 December 19X4 Investment in subsidiary: 6,000 shares bought 31.12.19X3 Fixed
Draw up a consolidated balance sheet from the following details as at 31 December 19 X8.At the balance sheet date S2 owed S1 \(£ 500\) and P owed S2 \(£ 900\).During the year P had sold goods
A You are presented with the following information from the Seneley group of companies for the year to 30 September \(19 X 6\) :\section*{Additional information:}(a) The authorised, issued and fully
A You are to draw up a consolidated balance sheet as at 31 December \(19 \times 3\) from the following:At the balance sheet date S1 owed P \(£ 2,000\) and S2 \(£ 500\), and P owed S2 \(£ 1,800\).P
The following summarised information relates to the Pagg group of companies.\section*{Additional information:}1 Pagg acquired its shareholding in Ragg Ltd on 1 April 19X5. Ragg's profit and loss
A You are presented with the following summarised information relating to Block plc for the year to 30 September \(19 X 8\) :\section*{Additional information:}1 Block purchased 80 per cent. of the
P Ltd buys 100 per cent of the shares of S Ltd on 31 December 19X5. The balance sheets of the two companies on 31 December \(19 \mathrm{X} 6\) are as shown. You are to draw up a consolidated balance
P Ltd buys 70 per cent of the shares of \(S\) Ltd on 31 December 19X8. The balance sheets of the two companies on 31 December 19 X9 are as follows. You are to draw up a consolidated balance sheet as
A P Ltd bought 55 per cent of the shares in S Ltd on 31 December 19X6. From the following balance sheets you are to draw up the consolidated balance sheet as at 31 December 19X7. P Balance Sheet as
\(\mathrm{P}\) buys shares in \(\mathrm{S} 1\) and \(\mathrm{S} 2\) on 31 December 19X4. You are to draft the consolidated balance sheet as at 31 December \(19 \times 5\) from the following:
A P Ltd bought 40,000 shares in S1 Ltd and 27,000 shares in S2 Ltd on 31 December 19X2. The following balance sheets were drafted as at 31 December 19X3. You are to draw up a consolidated balance
A The following information relates to Heather Limited and its subsidiary, Thistle Limited.1 Heather Limited Retained profits as at 31 March \(19 \times 8 £ 700,000\).80,000 ordinary shares were
You are to enter the following transactions, completing the double entry in the books for the month of May 19X7. 19X7 May 1 Started business with 2,000 in the bank. " 2 Purchased goods 175 on credit
Write up the following transactions in the books of L Thompson: 19X8 March 1 Started business with cash 1,500. " 2 59 3 Bought goods on credit from A Hanson 296. Paid rent by cash 28. 4 53 " 13 " 55
Enter the following transactions in double entry: July 1 39 Started business with 8,000 in the bank. Bought stationery by cheque 30. 3 15 39 35 2 4 5 7 ,, 8 10 ,, 11 14 ,, 17 Bought goods on credit
Write up the following transactions in the records of D DaSilva: Feb 1 Started business with 3,000 in the bank and 500 cash. Bought goods on credit: T Small 250; C Todd 190; V Ryan 180. Bought goods
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 monies outside the firm.c) A debtor, N Fox, paid
Complete the following table showing which accounts are to be debited and which to be credited: (a) Bought motor lorry for cash. (b) Paid creditor, T Lake, by cheque. (c) Repaid P Logan's loan by
Write up the asset and liability and capital accounts to record the following transactions in the records of G Powell. 19X7 July 1 Started business with 2,500 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 19X8 in the records of C Williams. 19X8 June Started business with 2,000 in cash.
Write up the asset, capital and liability accounts in the books of G Walsh to record the following transactions: 19X9 June 1 99 35 39 99 25 2 5 8 12 15 ,, 19 95 39 " 21 25 30 Started business with
Complete the following table showing which accounts are to be credited and which are to be debited: (a) Goods bought on credit from J Reid. (b) Goods sold on credit to B Perkins. (c) Motor vans
You are to enter the following in the accounts needed: 19X6 Aug 1 22 " " 59 99 39 2 4 5 7 10 12 19 22 24 29 31 Started business with 1,000 cash. Paid 900 of the opening cash into the bank. Bought
Enter up the following transactions in the records of E Sangster: 19X7 July 1 Started business with 10,000 in the bank. 2 T Cooper lent us 400 in cash. 29 3 4 6 35 15 25 25 95 99 35 95 55 35 39 95 25
Enter up the following transactions in the records: 19X9 May 1 39 Started business with 2,000 in the bank. 2 Bought goods on credit from C Shaw 900. 3 Bought goods on credit from F Hughes 250. 5 Sold
. Distinguish from the following list the items that are liabilities from those that are assets: (a) Office machinery (d) Motor vehicles (b) Loan from C Shirley (e) We owe for goods (c) Fixtures and
State which of the following are shown under the wrong classification for J White’s business: Assets Loan from C Smith Cash in hand Machinery Creditors Premises Motor vehicles Liabilities Stock of
A Smart sets up a new business. Before he actually sells anything, he has bought motor vehicle £2,000, premises £5,000, stock of goods £1,000. He did not pay in full for his stock of goods and
T Charles starts a business. Before he actually starts to sell anything, he has bought fixtures£2,000, motor vehicle £5,000 and a stock of goods £3,500. Although he has paid in full for the
Draw up A Foster’s balance sheet from the following as at 31 December 19X8: Capital 23,750 Debtors 4,950 Motor vehicles 5,700 Creditors 2,450 Fixtures 5,500 Stock of goods 8,800 Cash at bank 1,250
Draw up M Kelly’s balance sheet as at 30 June 19X6 from the following items: Capital 15,000 Office machinery 9,000 Creditors 900 Stock of goods 1,550 Debtors 275 Cash at bank 5,075
Complete the columns to show the effects of the following transactions:(a) Bought a motor van on credit £500.(b) Repaid by cash a loan owed to P Smith £1,000.(c) Bought goods for £150 paying by
C Sangster has the following items in his balance sheet as on 30 April 19X8:Capital £20,900; Creditors £1,600; Fixtures £3,500; Motor vehicle £4,200; Stock of goods £4,950;Debtors £3,280; Cash
F Dale has the following assets and liabilities as on 30 November 19X9:Creditors £3,950; Equipment £11,500; Motor vehicle £6,290; Stock of goods £6,150; Debtors£5,770; Cash at bank £7,280; Cash
You are to draw up a consolidated balance sheet from the following balance sheets of P Ltd and S Ltd which were drawn up immediately P Ltd had acquired the shares in S Ltd. Investment in S Ltd: 3,000
Draw up a consolidated balance sheet from the following balance sheets which were drawn up as soon as P Ltd had acquired control of S Ltd. Investment in S Ltd: 60,000 shares Fixed assets Stock
A P Ltd acquires all the shares in § Ltd and then the following balance sheets are drawn up.You are to draw up a consolidated balance sheet. Investment in S Ltd Fixed assets Stock Debtors Bank Share
A Draw up a consolidated balance sheet from the balance sheets of P Ltd and S Ltd that were drafted immediately the shares in S Ltd were acquired by P Ltd. P Balance Sheet Investment in S Ltd:
P Ltd acquires 60 per cent of the shares in S Ltd. Balance sheets are then drafted immediately. You are to draw up the consolidated balance sheet. Investment in S Ltd: 1,200 shares Fixed assets Stock
P Ltd acquires 95 per cent of the shares of \(S\) Ltd. The following balance sheets are then drafted. You are to draw up the consolidated balance sheet. Investment in S: 2,850 shares Fixed assets
A P Ltd buys \(662 / 3\) per cent of the shares in S Ltd. You are to draw up the consolidated balance sheet from the following balance sheets constructed immediately control had been achieved.
A After P Ltd acquired 75 per cent of the shares of S Ltd the following balance sheets are drawn up. You are to draw up the consolidated balance sheet. Investments in S Ltd: 1,200 shares Fixed assets
Immediately after P Ltd had acquired control of S1 Ltd and S2 Ltd the following balance sheets were drawn up. You are to draw up a consolidated balance sheet. Investments in subsidiaries: S1 Ltd
Immediately after P Ltd had acquired control of S1 Ltd and S2 Ltd the following balance sheets were drawn up. You are to draw up a consolidated balance sheet. Investment in subsidiaries: S1 Ltd
A Immediately after P Ltd had achieved control of S1 Ltd and S2 Ltd the following balance sheets are drawn up. You are to draw up the consolidated balance shieet. Investments in subsidiaries: S1 Ltd
A The following balance sheets of P Ltd, S1 Ltd and S2 Ltd were drawn up as soon as P Ltd had acquired the shares in both subsidiaries. You are to draw up a consolidated balance sheet. Investments in
Manvers Ltd includes with its financial statements each year a statement of value added. The draft value added statement for the year ended 31 May \(19 \mathrm{X} 6\) is as follows:Discussion among
.A The following information relates to the Plus Factors Group plc for the years to 30 September 19X8 and 19X9.Notes (1 £ 300,000\) of debentures were redeemed at par on 31 March 19X9 and \(£
The following transactions of Trust Ltd took place during the year ended 30 June 19X7:19 X6 1 July Purchased \(£ 12,0004\) per cent Consolidated Loan (interest payable 1 February and 1 August) at
On 31 March 19X5 the investments held by Jowetts of Mayfair Ltd included 6,000 ordinary shares of \(£ 1\) each fully paid in Composite Interest Ltd, such shares appearing in the books at \(£
Stag Ltd is an investment company making up its accounts to 31 December in each year. The following transactions have been extracted from the company's records for \(19 \mathrm{X} 9\).1 January
HM Ltd bought \(£ 10,000\) nominal of Peatshire 6 per cent loan stock at \(92 \mathrm{cum}\) div on 30 April 19 X8. Interest on the stock is paid half-yearly on 30 June and 31 December. \(£ 4,000\)
On 1 April 19X7, FRY Ltd purchased 10,000 ordinary shares of \(£ 1\) each, fully paid, in TLS Ltd at a cost of \(£ 20,500\).- On 1 September 19X7, TLS Ltd declared and paid a dividend of 15 per
The final accounts of Diggers Ltd are made up to 31 December in each year. Work on a certain contract was commenced on 1 April 19X5 and was completed on 31 October 19X6. The total contract price was
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
Cantilever Ltd was awarded a contract to build an office block in London and work commenced at the site on 1 May 19XS.During the period to 28 February 19X6, the expenditure on the contract was as
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
General information on the Lytax group of companies Lytax Ltd is a company in the building construction industry.It has three regional offices, North Borders, Midlands and South Downs which are
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:Additional information 1 The company was incorporated in 19X0.2 The stock at 30 June 19 X6
A Cosnett Ltd is a company principally involved in the manufacture of aluminium accessories for camping enthusiasts. Its trial balance at 30 September \(19 \times 5\) was:You are provided with the
A The following trial balance has been extracted from the books of Arran plc as at 31 March 19 times 7:Additional information 1 Stocks at 31 March 19 X7 were valued at \(£ 150,000\).2 Depreciation
A The following trial balance has been extracted from the books of account of Greet plc as at 31 March 19X8:Additional information:1 Stock at 31 March 19 X8 was valued at \(£ 150,000\).2 The
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 \(19 \times

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