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ise business accounting

Questions and Answers of ISE Business Accounting

List the eight headings in the cash flow statement, as required by FRS 1.
Prepare a cash flow statement for Lee Ltd for the year ended 31 December \(19 \mathrm{X} 4\) as required under FRS 1 using the direct method, together with note 1 to the statement. The profit and
A 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
The following information has been extracted from the books of Nimmo Limited for the year to 31 December 19 X9:and they attribute this mainly to the increase in trade debtors as a result of alleged
The following summarised balance sheets relate to Track Limited:Additional information 1 During the year to 30 June 19 X1 , some fixed assets originally costing \(£ 25,000\) had been sold for \(£
A You are presented with the following summarised information relating to Ward plc:2 During the year to 30 June 19 X8 , Clinic sold an asset originally costing \(£ 150,000\) for \(£ 5,000\) in
A The accountant of a private company has been able to get the use of a computer to produce the spreadsheets shown below but as yet the computer lacks a program to print out final accounts. The
You are presented with the following forecasted information relating to Baker Limited for the nine months to 30 September \(19 \times 7\).Forecasted profit and loss accounts (abridged) for the three
A The following information has been extracted from the draft financial information of \(\mathrm{V}\) Ltd:(a) You are required to prepare a cash flow statement for V Ltd for the year ended 31
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
After the profit and loss appropriation account has been prepared for the year ended 30 September 19X4, the following balances remain in the books of Belle Works plc. You are to draw up a balance
The following trial balance has been extracted from the books of Baganza plc as at 30 September \(19 X 7\) :Additional information 1 The stock at 30 September \(19 \times 7\) was valued at \(£
The trial balance of Payne Peerbrook plc as on 31 December 19X6 is as follows:(i) Stock of finished goods on 31 December 19X6 \(£ 144,081\).(ii) Motor expenses and depreciation on motors to be
You are presented with the following information relating to Plott plc for the year to 31 March 19X1:Additional information 1 The above information has been obtained after the compilation of the
A The following information has been extracted from the books of Quire plc as at 30 September \(19 \times 1\).The following additional information is to be taken into account:1 Stocks at 30 September
A The following trial balance has been extracted from the books of Patt plc as at 31 March 19X0:\section*{Additional information:}1 Following the preparation of the above trial balance, the following
From the following selected balances of Rogers plc as at 31 December \(19 \mathrm{X} 2\) draw up (i) a trading and profit and loss account for internal use, and (ii) a profit and loss account for
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 information has been extracted from the books of account of Rufford plc for the year to 31 March 19 X6:Required (a) In so far as the information permits, prepare the company's published
The following balance has been extracted from the books of Falconer plc as on 31 August \(19 \mathrm{X} 4\). From them draw up (i) a trading and profit and loss account, for internal use, for the
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 19X0:Additional
Fresno Group plc have prepared their financial statements for the year ended 31 January 19X4. However, the financial accountant of Fresno Group plc had difficulty in preparing the statements required
An extract from the draft accounts of Either Ltd at 30 November 19X5 shows the following figures before allowing for any dividend which might be proposed:Additional information includes:(i) The
On 31 March 19X6 the following was the balance sheet of Finer Textiles.The following scheme of capital reduction was sanctioned by the Court and agreed by the shareholders:(i) Preference shares were
The summarised balance sheet of Owens Ltd at 31 December \(19 \times 9\) was as follows:A capital reduction scheme has been sanctioned under which the 150,000 preference shares are to be reduced to
In preparing its accounts for the year to 31 May \(19 \times 7\), Whiting plc had been faced with a number of accounting problems, the details of which were as follows:(i) The company had closed down
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
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.(i) A significant number of employees have been made
With reference to SSAP 17 (Accounting for post-balance sheet events) and FRS 12 (Provisions, contingent liabilities and contingent assets):(a) define the following terms:(i) post-balance sheet
Long Acre Ltd has just finished its first year of trading to 31 December 19X3. Corporation tax throughout was 35 per cent and income tax 25 per cent. You are given the following information:(i) Net
Corporation tax for financial years \(19 \mathrm{X} 1,19 \mathrm{X} 2\), and \(19 \mathrm{X} 3\) was 35 per cent and income tax for each year was 25 per cent.(A) Barnet Ltd's draft profit and loss
A 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 account for the
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.(a) The standard rate of
The following figures appeared in W Ltd's balance sheet at 31 March 19X2:During the year ended 31 March 19 X3 , W Ltd made a payment of \(£ 520,000\) to the Collector of Taxes in settlement of the
A Debentures of \(£ 30,000\) are issued on 1 January 19 X3. Redemption is to take place, on equal terms, four years later. The company decides to put aside an equal amount to be invested at 5 per
Some years ago M plc had issued \(£ 375,000\) of 10 per cent debentures \(19 \times 6 / 19 \mathrm{X} 0\) at par. The terms of the issue allow the company the right to repurchase these debentures
A The following information relates to White Rabbit Trading plc:On 1 February \(19 \mathrm{X} 7\) the company closed the list of applications for 400,000 ordinary shares at a premium of \(50
During the year to 30 September 19 X9, Popham plc issued \(100,000 £ 1\) ordinary shares. The terms of the offer were as follows:Applications were received for 200,000 shares. The directors decided
The following information relates to Grigg plc:1 On 1 April 19 X8 the company had \(£ 100,00010\) per cent debentures in issue. The interest on these debentures is paid on 30 September and 31
Checkers Ltd was incorporated on 1 April 19X5 and took over the business of Black and White, partners, as from 1 January 19 X5. It was agreed that all profits made from 1 January should belong to the
On 31 December 19X6 Breeze Ltd acquired all the assets, except the investments, of Blow Ltd.The following are the summaries of the profit and loss account of Blow Ltd for the years 19X4, \(19 \times
CJK Ltd was incorporated on 15 December 19 X9 with an authorised capital of 200,000 ordinary shares of \(£0.20\) each to acquire as at 31 December \(19 \times 9\) the business of \(\mathrm{CK}\), a
The balance sheet of Hubble Ltd as at 31 May \(19 \times 0\) is shown below.Hubble Ltd agreed to purchase at this date the freehold premises, plant and machinery and stock of A Bubble at agreed
A From the following information you are required to prepare a statement apportioning the unappropriated profit between the pre-incorporation and post-incorporation periods, showing the basis of
A Rowlock Ltd was incorporated on 1 October \(19 \mathrm{X} 8\) to acquire Rowlock's mail order business, with effect from 1 June 19 X8.The purchase consideration was agreed at \(£ 35,000\) to be
A limited company has a nominal capital of \(£ 120,000\) divided into 120,000 ordinary shares of \(£ 1\) each. The whole of the capital was issued at par on the following terms:Applications were
Badger Ltd has an authorised capital of \(£ 100,000\) divided into 20,000 ordinary shares of \(£ 5\) each. The whole of the shares were issued at par, payments being made as follows:Applications
The authorised and issued share capital of Cosy Fires Itd was \(£ 75,000\) divided into 75,000 ordinary shares of \(£ 1\) each, fully paid. On 2 January 19 X 7 , the authorised capital was
A During the year to 30 September \(19 \times 7\), Kammer plc made a new offer of shares. The details of the offer were as follows:1100,000 ordinary shares of \(£ 1\) each were issued payable in
M Limited has an authorised share capital of \(£ 1,500,000\) divided into \(1,500,000\) ordinary shares of \(£ 1\) each. The issued share capital at 31 March \(1917\) was \(£ 500,000\) which was
An engineering concern purchased machines on the HP system over a period of three years, paying \(£ 846\) on 1 January 19 X3 , and further annual payments of \(£ 2,000\) due on 31 December \(19
A On 1 January 19 X3 J Donkins bought a machine (cash price \(£ 2,092\) ) from CD \& Co. Ltd on the following hire purchase terms. Donkins was to make an immediate payment of \(£ 600\) and three
A J York was acquiring two cars under hire purchase agreements, details of which are as follows: Registration number Date of purchase Cash price Deposit Interest (deemed to accrue evenly over the
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 19X5 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 \(£ 60\)
RJ commenced business on 1 January \(19 \mathrm{X} 8\). He sells refrigerators, all of one standard type, on hire purchase terms. The total amount, including interest, payable for each refrigerator,
A Object Limited is a retail outlet selling word processing equipment both for cash and on hire purchase terms. The following information has been extracted from the books of account as at 31 August
A On 1 January \(19 \mathrm{X} 6\), 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
A On 1 January \(19 \times 7\), Carver bought a machine costing \(£ 20,000\) on hire purchase. He paid a deposit of \(£ 6,000\) on 1 January \(19 \mathrm{X} 7\) and he also agreed to pay two annual
Dundas Limited purchased a machine under a hire purchase agreement on 1 January \(19 \mathrm{X} 8\). The agreement provided for an immediate payment of \(£ 2,000\), followed by five equal
D Clark's manufactures are sold in boxes which are returnable. They are charged out to customers at \(£ 8\) each and credit of \(£ 6\) is given for each box returned within two months. For the
A company makes a charge to its customers for cases in which the product is delivered. If they are returned in good condition within two months a refund is made.At the start of the year there were
S Limited delivers its product to customers in returnable containers. These are invoiced to the customer at \(£ 20\) each and, if returned in good condition within six months, are credited in full.
Lagg Ltd sells its goods in cases. These cases are purchased by the company at \(£ 6\) per case, but each case is written down to a standard book value (SBV) of \(£ 5\) per case immediately it is
A KRR Ltd sells goods in containers which are charged to customers at \(£2.00\) each. Customers are credited with \(£1.25\) for each container returned within four months.On 31 December 19X7, there
A The G Company supplies gas in expensive containers which are returnable after use. These containers cost \(£ 20\) each and are charged out to customers on sale or return within six months at \(£
Octopus Ltd, whose head office is at Cardiff, operates a branch at Swansea. All goods are purchased by head office and invoiced to and sold by the branch at cost plus \(331 / 3\) per cent.Other than
A Co Ltd has a branch in Everton at which a full set of books are kept. At the end of the year the following is a summary of the transactions between the branch and the head office as recorded in the
RST Limited is a family-controlled company which operates a chain of retail outlets specialising in motor spares and accessories.Branch stocks are purchased by a centralised purchasing function in
A Paper Products has a head office in London and a branch in Bristol. The following information has been extracted from the head office books of account as at 31 March 19X6:Required (a) Write up the
Packer and Stringer were in partnership as retail traders sharing profits and losses: Packer three-quarters, Stringer one-quarter. The partners were credited annually with interest at the rate of 6
A L R, a trader, commenced business on 1 January 19X9, with a head office and one branch.All goods were purchased by the head office and goods sent to the branch were invoiced at a fixed selling
OTL Ltd commenced business on 1 January 19X0. The head office is in London and there is a branch in Highland. The currency unit of Highland is the Crown.The following are the trial balances of the

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